There is no one-size-fits-all approach to implementing every business idea and setting up a business requires more than just guts and the will to do. It requires meticulous planning to transition from being a salary earner to a product or service provider.
However, being successful in a few businesses, some things are consistent with most ideas and business implementation in general. These things have been proven to work every time, hence why you should pay attention to them.
Once you get these consistencies right, you are on course to establishing the thriving business of your dreams.
Today, business expert Joe Jedlowski, former President and Owner of Milestone Retirement Communities, LLC and current Chairman and Chief Executive Officer of Distinctive Living, is sharing his indispensable knowledge on what every business owner should know before founding their first venture:
- Get familiar with your product or service market, know more about the people that would need your product or services and identify the trends in the niche. This will give you the needed insight on the things to do differently which will give you an angle to stay on top of the competition and offer what is really needed when you finally set up.
- Set up a detailed business plan. This should be as a result of the first step above. The knowledge you gained should guide you in writing a well-structured business plan that covers all the business areas, from the initial set-up to getting the products or services available to the target market.
Related: Executive Talk: Entrepreneur Joseph Jedlowski Shares Strategies On Starting Your Dream Business
3. Startup capital would undoubtedly be one of your most significant worries and accessing funds from the right source could be what would set your business up for success. One might think of using their savings as a startup capital, and Joe Jedloswki won’t categorically tell you if it’s right or wrong. As he stated earlier, cases are unique.
Startup capital is what would pay for your market research, the cost of renting a place, setting up an inventory and paying for the initial hires, so it has to be ready before you can take any concrete steps. You may or may not need to do all the things listed above.
Whatever the case is, frugal financial management is essential when you are starting out as it is essential during your business, avoid wastefulness and pay only for the necessary things.
4. Look out for competence and passion when you are hiring. While you may have the passion and the drive to ensure your business is successful, a hired hand is a different case, and most won’t have as much passion as you.
So, while you are looking out for qualifications, experience and competence, Joe Jedlowski suggests making sure passion is on the list as well. This is to add another fuel to your drive to succeed. Reward performance when due to ensure the passion is constantly ignited is also a must.
5. Joe Jedlowski also urges business owners to only take calculated risks. It has been constantly shown that only the people who dare to take risks gets the best shot at success.
Examples abound around you, let them motivate you to evaluate situations and take necessary risks, they may not all work out, but in such cases, you get to learn. Do not count it as a failure but an opportunity to learn to do things differently.