In the world we live in, to start a good and profitable business is everybody’s desire. I know it is a long shot to say that everyone desires to start a business and grow it into profitability but everyone desires some form of business or career success.
The question now becomes: how can I start and grow a good and profitable business? What are the important things I need to know before putting my first foot out?
So many people often ask us how they can make giant strides in their businesses from lead generation to closing deals and building profitable email lists, the variables abound.
However, there are a few things a business needs to get off to a great start, so in this rather unusual article, we would look at some of the most important, yet ignored things you should know and take care of before starting if you want your business to charge towards profitability.
1. Gain Clarity On What You Want To Achieve As You Start A Profitable Business
It is rather a stark disillusion to start a business because you fancy the idea of starting a business. Starting your own business can be overwhelming if you do not clearly figure out what you really want to achieve with this new venture.
As of 2019, there were over 30.7 Million small businesses in the U.S.A (businesses that have fewer than 500 employees) with 1.5 million new jobs created annually. Of the number of small businesses in the U.S.A, 55% of the business owners opened their businesses so they can become their own bosses.
What is noteworthy, however, is that about 85% of them are solving relevant problems that regular Americans are facing daily.
Gaining clarity on what success would mean for your business and how to measure said success would make a big difference for your new business.
It helps a lot to decide what the Key Performance Indicators (KPI) would be for you early on. Would it be when your business hits a certain amount of return? Would it be when they build a community of a certain number of people? What would it be for you? What would you achieve and agree that you have achieved success?
Placing money ALONE as the only KPI may not necessarily be a good idea since it would tempt you to neglect the solution you are bringing to people’s challenges through your business.
2. Figure Out The Right Problem To Solve
Having figured out or decided what you would like to achieve with the business you intend to start, it is important that you look ahead and figure out what problem you intend to solve.
There are so many challenges facing humanity and it is intriguing that people are always on the lookout for solutions to those problems.
What problem would you like to solve through your new business?
One of the surest ways to figure this out is to study your environment and ask the right questions. There are tons of questions to ask to help you narrow down the problem your big idea intends to solve.
What is so regular in your environment? Can you challenge the regular with better efficiency and precision? You have a business idea!
What is not going well in your society? What business is providing a solution to a challenge in a shallow way? Can you do better? You have a brand new business idea.
These over 600 questions to ask before starting a business can help you make the right choice when you answer them correctly.
The intriguing thing about asking and answering the right questions before starting, selling or investing in a business is that it clarifies things for you and helps you channel your energy to the right places.
Right under your noses, there are businesses doing just fine in solving the same or similar problem you want to solve with your business – study them and model them.
There is this magic that happens when you study and model a successful brand.
Every successful business or brand has gone through a metamorphosis that was powered by challenges and doggedness. Study them, figure out how their business model works, and twist (or refine) them to accommodate your new ideas that would make your business more preferred.
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3. Have An Executable Plan
Effective planning is everything!
Take great care to create an actionable plan. This is where most failed businesses got it wrong. It is not enough to whip up a plan. Be sure to break those plans into little chunks of actionable steps.
Outside putting together a business plan, there should be a PLAN OF ACTION that helps keep you on track as you execute everything you have set out to do.
Some of those plans may include where and how to source for finance or how and when to execute some fundamental administrative duties that ensure a strong business foundation.
4. Get To Work To Start A Profitable Business
This is by far the most difficult part if you intend to start a profitable business.
Get to work! There is no shortcut to it.
Execute all your plans in a timely manner and reach those milestones you desire to reach.
It is usually easier said than done but push yourself to the brim, there is no limit to what you can achieve.
You’ll probably feel like you are the only person facing your unique challenges at some point, you may feel stuck and lonely or even close to giving up but it is part of the process. Stick to it and remember that you are in business to provide a solution to people in a better and more efficient way.
This is an unusual article. Don’t you think so?