Running a business can be quite challenging, especially when you possess a fervent desire and passion, eager to dive in without committing to a three-year business school program. There’s a popular saying that suggests you learn to swim when you’re tossed into the deep waters, and I genuinely believe in that. I was going to go into mindset, as this is the pinnacle over everything, but I will pop that into another blog post for another day. Let’s keep it simple.
If you’re contemplating launching your own business, consider focusing on these five fundamental pillars. I certainly did, and they significantly bolstered my business’s growth. While there’s still a wealth of knowledge to acquire, these pillars provided me with an excellent starting point on this entrepreneurial journey. Now, go get it sista!!
Clear Business Plan: Develop a business plan that outlines your business goals, target market, products or services, budget, and a strategy for growth. A well-structured plan serves as a roadmap for your business and can help secure funding if needed. We have this available for you on sheisunleashed.nz I personally found it doesn’t need to be overly in depth. Shucks, my partner has a one pager and he owns a few successful businesses!
Market Research: Thoroughly research your industry and target audience to understand market trends, customer needs, and your competition. This knowledge will inform your business decisions and help you identify opportunities and gaps in the market. Heres a tip. Download answerthepublic.com and speak to your audience. This was a game changer for me.
Financial Management: Establish sound financial practices from the beginning. Create a budget, track expenses, and manage cash flow effectively. Consider working with an accountant or financial advisor to ensure your business finances are in order. You MUST have these separate. You MUST pay yourself first (read profit first book). This is a game changer too. Make sure Tax and GST are opened with another constitution. Don’t look at it, don’t touch it until needed. This will keep you ahead, and well, sane.
Legal and Regulatory Compliance: Ensure that your business complies with all relevant laws and regulations, such as business licenses, permits, taxes, and any industry-specific requirements. Consulting with legal counsel or experts in your field can help you navigate these complexities. Also talk to a Trademark consultant. My partner (bless, i’ve used his example again – lol) learnt the hard way when he opened a business in his home town. PROTECT yourself. Understand that just because you have a name, doesn’t mean you own it in it’s entirety until you have it Trademarked.
Effective Marketing and Branding: Develop a strong brand identity and marketing strategy to reach your target audience. Utilise various marketing channels, both online and offline, to promote your business. Building a strong online presence through a website and social media is often crucial in today’s digital age. Try be unique!!
Well, I hope this kind of helps you as it’s helped me. Go build a wildly successful business! Because you can and you WILL.