Starting a business and running it successfully takes more than just will. The business world is not for the faint-hearted. Many have tried to start and run successful companies, but it doesn’t work out for them. Dean Aguilar is the CEO of Digital Muse, knows precisely what it takes to run a successful small business. Dean is a highly sought after public speaker in the field of sales & social media coaching. He has helped hundreds of entrepreneurs elevate their skills to reach new heights in their business. Digital Muse was one of the fastest-growing influencer marketing agencies of 2019. The company has a world-class list of clients ranging from Celebrities & NFL players to Entrepreneurs and Small Business Owners
Today, inspiring thousands to take massive action in their business and life. And that includes how you can get out of your comfort zone and start a business in just five steps.
Establish Your Niche
To start a business, you must have an idea into which industry you want to venture. The best niche to start a business in is one you have a passion for. You have to have the motivation and zeal to go into the industry. That will help when you are faced with hardships while establishing or running the startup. Experience also plays a very crucial role when selecting a niche. You need to have some expertise in the field you want to pursue.
Find out an unmet demand for a specific product or service in a field you are passionate about, and you are good to go. That will define the purpose of your business. With a clearly defined goal, your success is almost a guarantee.
Develop a Plan
To succeed in bringing what you have envisioned into life, you need to come up with a spelled-out business plan. Putting down an idea is quite easy if you know what you are doing. Start by laying out a lean strategy. At this point, you think about the problem your business will solve, the target market, and the competitors.
Moving on to the central business plan, you can now use the lean method as a summary to write it down. If you have trouble coming up with the template, there are apps made for designing business plans. You don’t have to break a sweat trying to work out those financials while planning.
The plan is laid out, and now the business is starting to come to life. Setting up a business needs money, which means you have to be very resourceful at this point. Unless you are already extremely wealthy, you will need to seek another source of funding other than yourself.
One source of money to start a business is Venture Capitalists. These are people with cash ready to invest only in high-growth companies. The only thing about venture capitalists you need to know is that they will fund you for a share of the profits the business makes after establishment. On the other hand, you can present your idea to angel investors. For most startups, angel investors are a better option since they are ready to invest in a business, even if it is not that promising.
Other sources are bank loans, crowdfunding, friend or family, asset liquidation, and bootstrapping. With the different sources of funding to choose from, select the one that will work for your business model most. Also, don’t let any rejections put you down.
Share the Risk
Involving more people means a reduction in the risk you are taking establishing the business. To minimize that risk, join with partners to bring the company to life. You can involve someone else with the same passion for the industry to co-found the business. Someone with a different set of skills in the same field is the best choice for a partner. It has to be someone who brings something to the table.
Milestones and Goals
At this point, the business is running, and the only thing left is to pursue its mission. The business plan you put down is what should guide every step you take. Update it regularly and continue comparing it against the performance of your company. Set some goals and forecasts for your business. The milestones will keep your startup on track to its success.
In conclusion, to best plan and start a business, it is crucial that you get a mentor in your industry to show you firsthand how to run a successful business. You can hire one or even offer to work for them for free to learn the ways of the company. There’s no better way to learn than from a mentor.