Today I want to cover with you a very important topic and that is taking an idea, making it a reality and making it a success. With many people today having so many opportunities to start businesses, and more people moving into freelancing models, the use of the word startup is becoming more important.
Today we are seeing more people counting the amount of startups they have been involved with verses working for someone.
There are several phases to understand:
- Idea
- Planning
- Funding
- Establishing
- Growing
Let us look at these more deeply.
Idea
The idea is very important. What is it? What is it about? What business is it?
These are all important questions. Understanding the basics of your idea and what you will be doing is important because it helps you focus. Custom modification cars, inventing and building an air conditioner! Being a musician even is an idea. Whether you are going to make the latest smart phone, widget or gadget, app or any number of things, the idea is very important.
This is important because you can't do something until you know what you are doing! It is almost an axiom!
The idea also helps you focus in the right direction.
Next is the planning...
Planning:
A business plan is important in many ways as it helps you to understand some important process functions. How the business will run is an important consideration - again to be able to focus but also to be able to act and put your plan into action.
Planning a business can include such topics as how you will build so and so, and finding out costs and projected revenues. Now, if this is your first business, then your projections likely will be off. However, it is an important aspect that must be done.
Most people float on emotional whims however, in business you have to act constructively, and this can only happen with a base plan. Organizations are called organizations for that reason - they are organized collectives working for a common goal. Now that plan can change and will likely change an adapt. You are dealing with a world out there.
Funding:
Your next question is how will this startup be funded? Will you be funding it, will family, banks, loans, venture capital funding, today kickstarter type crowd funding methods or any other methods?
Funding rests on your business plan. When seeking outside funding then the biggest thing is your plan and how thorough you have been in constructing it.
Funding however is not all about just money. Sometimes funding can take on different ways. For example, for a musician, funding could come in the form of a manager or agent that helps you to become successful. It could also be the record label who takes you on, allowing the rest of the plan of making your or your bands music take off.
Establishing:
Once your business has its plan, has its funding then it is time to put that plan into action. Many businesses fail during the establishing stage and it is easy to understand why. Either bad planning, bad ideas or not having the right skills, discipline and stamina required to establish a business.
Let's face it, business is no way easy. You have probably heard about my times having to fix my own teeth! This is not your 9-5 full pay, benefits and evenings, weekends and holidays with friends and family. Your business literally becomes your spouse or your baby and must be nurtured right away for a long period of time.
Most people can't hack this stage. Sometimes you lucky and you off to the races. Soon as you start - you are a success. People buy in droves, they knock on your doors at 5 am - they want to buy!
Getting a business established can take 6 months to 2 years on average. The first 3-6 months can be the hardest. You may not have any money coming in during this time.
When I first started Moonhead Entertainment the adult entertainment brand, I left my job in IT. The first few months was difficult. My recommendation is don't quit your day job!
If you can work and do your business part time, then do it! At least you will have cash coming in. But if you go for funding, then remember that you will almost likely need all the time you have to pursue creating your plan and then getting the funding and that is before starting, so it is important to consider how you will survive waiting till you get customers.
Once you start getting your customers, and making traction, then you will notice that things become a little easier. The aim of business may be to create a great product used by many as an example, but an important element of measuring success is money. Plain and simple. Today we know that if you have a billion in your hands, you pretty successful and hit the nail on the head of what people need or you was very good at applying the law of attraction!
The next step is growing...
Growing:
Now that your business is established, and earning you same or slightly more than you would earn working for someone else, now you can look at really getting that success and growing.
Growing a business requires getting your target customer to know you exist and then getting them through the door. If you are looking to startup to success then you need good marketing behind you.
At Try A Million, we have been helping clients just do that! What is more, our services are used by marketing professionals who then resell our services! If you want to start up to success, let me know and let us help you start up to success. Whether you are at idea stage, planning stage, funding stage, established or growing stage, we can help you. Just reply in the comments or get in touch at http://www.TryAMillion.com
