"How Do I Start This Dream?"
As a business consultant and educator, I have heard this question hundreds of times in the last 11 years “How do I start this thing?” Often, they want to know how to register their business or get a business license. The truth is that it is easy to officially “start” a business that follows a checklist. Registering on the Secretary of State’s website or obtaining a sales tax license is not hard. There are defined rules and processes.
The issue is learning how to “design and execute a financially viable business model?” Successful business planning requires 3 key elements Passion + Preparation + Execution. Unfortunately, our Passion often causes us to skip Preparation and jump straight to Execution. Passion requires that we believe. In most cases, believing is not enough to create a successful business.
Design and Execute A Viable Business Model
Creating a financially viable business model means something different to everyone. If you want to generate $100,000 to you as the owner every year, you must design a model that can do that. Otherwise, you may have inadvertently designed an expensive hobby. Designing and implementing a successful model requires different moving parts. It does not have an easy, step-by-step answer.
Think of it as a big essay question. To complete that essay question, you must do many things. First, your mindset often has to undergo a notable change. Most of us were educated to work for others. Our educational system was designed to supply workers for the business owners.
Then you create a business model and evaluate it before you invest your money. This requires research, time, and effort. You are the first investor in your business, make sure it is a wise investment. Base your financial projections on real data. Be willing to adapt and change. Become a continuous learner. Understand your numbers. Find your best customer. Find a mentor. Walk into this with your eyes wide open.
Do It Right the First Time
Over the years, I have seen people do amazing things, often with not a lot of money. I Also saw others waste serious amounts of money because they had no plan.
Do It Right The First Time: Plan First and then Execute.