A Roadmap to Starting a Successful Business
In Doug Hall’s book, Jump Start Your Business Brain, Doug mentions that too many people get involved in business without doing their due diligence. This due diligence gives them the best chances for success. In fact, Doug says that many people get involved in businesses when the odds are stacked against them. He says that you have a better chance of winning in a casino than succeeding in some business models. If you are going to gamble, he says that roulette offers your best bet, with odds at 47%.
I believe that if you follow these 20 suggestions (which I have developed over the years as a result of both my business success and setbacks), your chances of success are far better than 47%. If you skip over these, you might as well just go to a casino, where you may have better odds.
20 Suggestions to Start a Successful Business
1) – Pursue your most marketable passions
I believe it’s virtually impossible to become successful building something in which you lack belief. If you are passionate about something, chances are you’ll stick with it through good times and bad. The best way to do this is to turn your hobbies into your business. Inventory your hobbies and ask yourself which could make money if you position your hobby as a business. Next, take the necessary steps to transition your hobby into your business.
2) – Get emotional support from spouse (family)
It is vitally important to receive support from your spouse or significant other early on in your business, because you will have to work long hours and, at the beginning, you may also have to spend more money than you make. With your spouses blessing, you can work together towards achieving your vision. However, getting that blessing may be harder than you think, as there are a lot of cynics out there who do not believe it is possible to succeed in business. I recommend that you show your spouse examples of other people who have succeeded in business. In doing this, your spouse may come to realize that eventually he or she may be able to work out of choice, as opposed to out of need – thanks to your business success.
3) – Perform a feasibility study
This is what you do prior to launching your business to ensure your success before getting started. It includes writing a business plan and creating a marketing plan (which are two different things). In your feasibility study, you will uncover the true costs of launching your business. Knowing this information from the beginning will increase your chances of success. This is one of the most important steps and should not be skipped.
4) – Know your target market
It is extremely important to properly identify who exactly is going to purchase your product or service so that you can uncover their needs and use your solution to improve their life in one way or another. If you miss this step, you are almost certainly setting yourself up for failure. The very best way to conduct market research is to interview potential buyers – ask people what they want and find out if they can get it. If they can’t, perhaps your product or service can ease their pain.
5) – Take advantage of all tax deductions
The free enterprise system in the United States is ideally suited for business owners, but many overlook the many available tax deductions due to a lack of knowledge. For example, the following expenses are partially deductible for home-based business owners: Mortgage payment, business expenses, computer expenses, mileage or vehicle usage, phone, utilities, internet and travel expenses.
In article #2 of this series we’ll discuss suggestions #6 – #10, all of which have to do with money.
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.