As a Midas Legacy reader, I think it’s fair to say that you’re likely an entrepreneurial spirit. And every single entrepreneurial spirit in the history of the world will, at one point or another, have an idea for a new business.
What separates the successes from the failures will be nothing more than the mentality to go for it and the right plan of action.
With that in mind, here are the 5 things you must have in order to turn the dream of owning your own business into a reality…
1. The idea
The big misconception a lot of people have about this aspect of starting a business is that the idea for it has to be something brand new. That’s simply not true.
While an innovative concept will surely be a great start, you could also use someone else’s idea by either getting permission to sell it outright or by giving it your own twist/improvement.
Find something that works, whether it’s yours or not.
2. The market
Even if you have the best idea in the world, it will mean nothing if you don’t have the market to sell it to. This is every bit as important as the idea. And understand what that market is willing to pay for the product or service you can provide.
The main point here is that there’s a large audience to reach, and that they’re willing to spend their money.
3. Test, test, and test
Testing has been the backbone of any business I’ve ever been involved with. Without this vital component, you’ll be flying blind…and wasting your money while you do so.
Test every aspect of business that you can. Test the name of the product, the price it costs, the packaging, the way you deliver it, and anything else you possibly can.
This will both fine tune your model AND help you ensure you’re not wasting money.
4. Find your model
No matter what business you start, there’s almost certainly going to be a trial and error process going on. What you’re looking for is the first path that leads to making you more money than you’re spending.
That’s what it’s all about. And when you find that moneymaking model, you should dedicate all your resources to enhancing it as much as possible. Once you’ve found the path to bringing in more cash than is going out the door, you’ve made it.
5. Support
So you’ve obtained the idea, you’ve identified the right market, you’ve done your testing, and you’ve found a model that’s bringing in more money (making you a profitable business). Great, now what?
In addition to continuing to test and perfect your model, you also MUST ensure that you’re providing a high level of support. This will depend on what sort of business you’re in, but how you handle your customers will make the difference between a thriving long-term business and a deteriorating one.
Giving your customers a good experience will keep them coming back. Give out refunds with ease when the customer is within the refund period, be easy to deal with, hire enough customer support representatives to handle the growing load of customers, etc.
When you have all 5 of these must-have aspects, you have the path to financial freedom…
