As is expected and logical, when setting up your new business, you are likely to hear a lot of different advice. Let’s assume that, overall, these pieces of advice are well-intentioned. Unfortunately, however, as a rule, this advice comes from people who are not familiar with the subject matter and often not even with the process of setting up a new business. Here are five simple steps to help you get your business off the ground and on the road to success.

1.CREATE A DETAILED BUSINESS PLAN

Describe the facts about the business environment and the elements that distinguish your business from the competition. Note the strengths and weaknesses of your own elements as well as those of your business, and consider in particular ways to improve your weak characteristics. Write down your goals and create a timeline that defines how you will achieve them. What you should be aware of, is that the most significant factor in the success or failure of a business is usually the unpredictable factor. Therefore, as you have decided to enter the business arena, you should be ready for any challenge. You should be prepared to completely revise your business plan to cope with any difficulties that may arise during its implementation.

2.LET THE NUMBERS SPEAK

List all the possible and unlikely expenses you need to cover by the time your business starts earning. This unpleasant but useful process is called investment cost.

Since it’s certain that you might overlook several necessary things, when you reach the final sum, add an additional 30% of funds that you will spend until your business starts operating. Then, create possible revenue scenarios and, of course, corresponding expense scenarios.

For the same reason as above, it’s better to subtract 20% from the revenue and add 20% to the expenses. If you do this, you will be ready to face any unforeseen circumstances or setbacks.
Of course, in these calculations, the sign of the subtraction (potential revenue – expenses = profits) should be positive. If indeed this amount aligns with the goal you had set when envisioning your new business, then you should probably proceed without fear but with a lot – a lot of passion. However, if you find it difficult to draft the Business Plan, perhaps you should consider seeking assistance from specialized business consultants.

3.BUSINESS IDEA – CONCEPT

Consumers don’t want to read your brochures or your texts on the internet. They are bored and in a hurry. Consumers don’t want to read your brochures or your texts on the internet. They are bored and in a hurry. Every day, we all receive endless messages and advertisements from thousands of businesses. For all these reasons and even more, there should be consistency in your business idea. In simpler terms, everything should be cohesive. Everything should support your idea. The decor, the products, the staff, the brochures, the communication. Everything. What will happen next? People you targeted from the moment you started developing your idea, will come right from the start. If you support it properly, then you have a great chance of success.

4. CUSTOMERS

The customer today wants everything and quickly. Some surveys show that an honest offer (value for money) is not enough for him. Today, the customer needs to come out as a winner. To take advantage of you. We are sorry to say this, but this is the most serious advice for a new business today. This is customer’s need. So find a way for them to feel that way. In the end, you will come out as the winner.

5. PEOPLE

World leaders started from a very small business and most of them without much money. They began with a business idea, a lot of passion, and a big vision. Without exception, when they finally grow and achieve success, they declare that they would not have accomplished anything without the help of the people in their business. Their partners. The greatest asset that any business creates, especially in its early stages, is its team. Your team should fit, embrace your vision, and value you. Choose the right ones, honor your word and agreements, and invest in their training and development. The benefits will be enormous from the first steps of your business.