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Start a Successful Business Part 3

A Roadmap to Starting a Successful Business   Part 2

businessleaders-patricksnowIn part one of this series,  I covered steps 1 – 5  and in part two, I covered steps 6 – 10, of 20 suggestions (which I have developed over the years as a result of both my business success and setbacks). I believe that if you follow these steps, your chances of success are far better than 47%. If you skip over them, you might as well just go to a casino, where you may have better odds. Today, let’s cover steps 11 – 15.

20 Suggestions to Start a Successful Business (cont.)

11) – Align yourself with people more talented than you

The smartest business owners hire people even more intelligent than themselves to help grow their business. Once your team is in place, then you must delegate. Additionally, if you don’t know how to do something, then contract that work out, like your tax preparation for example. A great place to meet extremely talented people is to attend or join local networking groups. You will find that networking groups are filled with successful entrepreneurs. You may not hire them as full-time employees, but your can certainly seek their assistance to help you grow your business.

12) – Grow your business through relationships and referrals

You must develop relationships with prospects to close sales. To do so, gain trust, respect and qualify need, as I outlined in my sales success formula.

Zig Ziglar says:

“If people like you,they’ll listen to you, but if they trust you, they’ll do business with you.”

Bottom line is this: People buy from whom they like. When you make more friends, you make more sales. It’s that simple. Encourage satisfied customers to help you attract more business. Reward your clients when they give you qualified leads. Doing this, you can eventually create a complete business by referral. Brian Buffini’s referral program teaches small business owners to host “client appreciation dinners” as a way of keeping leads coming in. Buffini’s site is Buffini & Company.

13) – Create a publicity buzz

In Truett Cathy’s book, Eat More Chikin, Inspire More People, the founder discusses how his company, Chick-fil-A, spent a small amount of money on clever billboards around Atlanta Displaying images of cows painting the billboard, which read: “Eat Mor Chikin” and “Five out of Five Cows Agree, Eat Mor Chikin”. As a result, his company received millions of dollars worth of free publicity via radio, newspapers, and TV because Chick-fil-A had successfully created a publicity buzz. This is the kind of thing that gets media attention. Do something creative like this, then pitch your press releases to the media. If you need help with press releases, email Tim Polk at PolkPar72@aol.com.

14) – Determine Your Exit Strategy

retirefrombusiness-patricksnowThe goal is retirement, plain and simple. When do you want to retire and with how much money? Many people never put a time frame on this objective. I believe it is important to understand how much money you will need to be able to retire. More importantly, set a date for your retirement and walk away. Ideally, you will want your business to create a residual income that will allow you to continue to make money long after retirement.

15) – Get a coach or mentor

It is easier and more economical to learn from other people’s mistakes than to repeat them yourself. For this reason, I believe it is crucial to find people you can trust who are in business for themselves and ask them to help you as you launch your business. You will be surprised by how many people are willing to help if you only ask. Business coaches come in all flavors. I encourage you to also visit a networking group in your area where you’ll find local coaches willing to help you out. A national coaching organization worth looking into is Building Champions.

16) – Join or create a mastermind group

Napoleon Hill is the father of the mastermind concept. In his book, Law of Success, he states that a mastermind group can be created by bringing together, in the spirit of harmony, two or more minds. This “blending of the minds” creates a “third mind”, which may be appropriated and used by one or all of the individual minds. This process, or “third mind”, will provide insights or ideas that may not come to light without such a mastermind group. I am in two mastermind groups and both have been very beneficial to my growth as an entrepreneur.

In article #4 of this series, we’ll complete my 20 suggestions with #17 – #20.

This is an excerpt from my book: “Creating Your Own Destiny

As a Motivational Keynote Speaker, I can speak on this subject or adapt my subject to your audience.

Contact me the next time you need a speaker for your event.