Starting a business is complicated.
There are so many to-dos, worries, and pitfalls. But it’s been done hundreds of thousands of times over.
You’re not boarding the Nina, the Pinta, or the Santa Maria here; the map has already been drawn.
And there’s only 5 stops you need to make before making landfall on success island…
Stop 1: The Idea
The big misconception a lot of people have about this aspect of starting a business is that the idea for it must be something brand new. That’s simply not true.
While an innovative concept would 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 or improvement.
Find something that works, whether it’s yours or not.
Stop 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.
Stop 3: Test, Test, & Test
Testing is the backbone of any success business. Without this vital component, you’ll be flying blind…and wasting your money while you do so.
Test every aspect of your business 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 make sure you’re not wasting money.
Stop 4: The Model
Regardless of the 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 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.
Stop 5: Support
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). But now what?
In addition to continuing to test and perfect the model, you also MUST ensure that you’re providing a high level of support.
This’ll 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 great experience will keep them coming back.
Give out refunds promptly 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’ve made all 5 of these stops, you’ll be able to find success with ease…
