Co-founder of Lit Dealer and Kreative Hedgehog, partner at Polda Builders. Digital marketer, entrepreneur and author.
Former Business Analyst at UBS Investment Bank, 33 year-old admirer of the state of extreme exhaustion.
In case you have not noticed we just love infographics. It is perfect way to show some of the information in more graphic form. This way you can improve the understanding of the main message. This time I would like to present you with a simple guide to start a successful business that I came across when was just surfing online and looking for valuable information.
The original article was written by Matthew McCreary and can be found here. As you can see it is very thorough with loads of important information. Its nearly 4 thousands words are really impressive. Well done Matt! Plus it’s very easy to read, so please have a look for all the details.
As you can imagine it’s very difficult to add anything to something so comprehensive. Nonetheless, we took a shot 🙂 if you will feel alright, let’s crack on!Remember when in Mario kart when you thought you were in first place, but then realise you were looking at the wrong screen and actually crashing into walls? That’s #entrepreneurship! #hustle @ChrisKubby Click To Tweet
12-Step Guide to Starting a Business
- Evaluate yourself – shortly speaking be honest about what you do know and you don’t know, what are your skills, what is your passion and why you would like to start a business are all crucial questions
- Think of a business idea – the best ideas are the ones that can change the whole industry, some sort of a problem you can identify and solve within the society or business. Another great way is to “simply” create better version of existing product
- Do market research – heavily neglected. Believe it or not, but most business starters do not do market research. Before you start be sure to evaluate your competition and potential customer base. If you can’t find competition you are doing it wrong
- Get feedback – ask people what are their thought on it, let them interact with your product or service. Please note you cannot really rely on your friends and relatives, because in most cases they will not be honest with you
- Make it official – set up a company and get all the legal documents done: permits, licences, taxes, bank account, etc.
- Write your business plan – in my personal opinion grossly overestimated in its importance. Don’t get me wrong, you need to think through countless things. But most likely it will change million times and there will be always something missing. Definitely do it, but not too official and don’t overthink stuff. Execution is the game, baby!
Step-up Your Game
- Finance your business – now that’s important. How are you going to finance your business? Is it your personal savings? What’s next when this runs out? Do you have a back plan? Your family? Crowdfunding? Angel investor? Be prepared in advance
- Develop your product or service – after you created a rough prototype or MVP (Minimum Viable Product) and validated your idea with feedback you can get into the production phase. Either by manufacturing the product or by working on your app with developer
- Start building your team – you cannot do everything on your own, sooner or later you will need a smaller or larger team to cover majority of marketing, operations and development tasks. You can find more about it here
- Find a location – a little bit more on that topic can be found below
- Start getting some sales – this should actually happen a little bit earlier, even if just in interest phase where you identified your potential consumer. Now, go out there and show them what you’ve got
- Grow your business – this one also has earned itself a separate paragraph
How Location Affects the Success of the Business
Although Matt in the above article did really good job, I just felt this point right here could deserve a separate paragraph. Because one of the main factors to consider in choosing business location is what type of business you run.
Of course price, community, easy access to employees and building appearance are important factors. However, there are different recommendations when you run a pizza place and when you develop an app.
Both are great businesses, but any sort of food and drink venture needs foot traffic and consider local demographics. It is also not a bad thing if there are other places to go out. It makes people to go there and check, whereas if you are just one on your own majority of your Clients will be locals.
Meanwhile if you are producing kick-ass coffee tables much more important will be the ease of deliveries and transportation. Definitely something to think of when choosing your location.
How to Grow a Company Successfully Without Wasting Money
If I said there is no right way to do it you probably wouldn’t be surprised. The list is really endless and it’s only a matter of what will work for you and what will not. Excluding fake gurus and the people that are mining the miners you can say that most of the solutions you find online work. The important thing here is to correctly identify the right strategy.
Despite what other people might say you don’t have to be a king of social media only because everybody is doing so. Your strategy should of course include social media, because that’s where your customers are.
However, are they on every single platform? Or maybe posting only on Pinterest would do just great? Either way I believe social media is massively over-hyped right now and it’s not a solution to everything.
It’s not Only About Marketing
If you are looking for more marketing strategies in much greater details you can check out our previous post, but growing your company is not only marketing. It’s involves much more planning for the long term and building great team than anything else.
The best way to way to grow your company is to provide help and take care of your employees and customers. Your task as a boss and entrepreneur is to make everyone happy. Remember that. And here are the three quick ones:
- Keep It Simple – golden rule to everything, simplify your business by removing unprofitable products and your marketing message by being more precise
- Automate, delegate or let it go – your time is too valuable to deal with tiniest details, focus more on using it on important things and developing a vision
- Stay enthusiastic – if you are not fired up why would you expect your employees to be?
Infographic prepared based on the following article:
Hand drawn arrows come from the following source, designed by Freepik
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