‘That’s a brilliant idea, you should turn that into to a business”. Tell me you haven’t heard these words before?
We’ve all had that light bulb moment when we have, what we think, is a great business idea. The hardest part is then actually taking the business leap and launching it.
As Theodore Roosevelt once famously said: “Believe you can and you’re halfway there.”
It’s no secret that starting your own business is tough and generally takes time. There is a high rate of failure when starting up your own business. Fund Squire reports that in 2019, 20 per cent of businesses failed in their first year, and a staggering 60 per cent failed within the first three years.
Before you become another business statistic, here are top five tips to consider when looking at making your business dreams come true.
Have a clear understanding of what you do and ensure it is something you love
Business is a tough gig for everyone, no matter what they say. If you don’t love what you do, it’s going to be soul destroying when you hit the unavoidable challenges.
When you have a strong sense of connection with your business, you are more willing to take risks. By taking risks, this gives you courage to grow your business idea on its journey from grass roots.
If you love what you do then this will shine through to your company culture, customer and product/service. It’s time to walk the talk and show the business world that all you need is love!
Make your business stand out from the crowd
In 2020, more than 344,000 new businesses entered the Australian market. This equated to over 2.42 million businesses operating in Australia by the end of that financial year (Statista).
Given this staggering statistic, you need to make sure your business stands out from the crowd. Otherwise, how else are you going to survive in the big business pond?
For example, do you know the reason behind your business idea? It doesn’t have to be perfect, it just needs to stack up. This is critical to the success of your business.
Know who your ideal customer inside out –how old they are, where they live, what they like, what they like doing in their spare time, what they eat, drink, watch, read and so on.
Be clear why a customer would choose your product or service over a competitor. In particular, establish what value you offer your customers, why you deserve their business and what your company stands for.
Having a solid proposition statement is critical to the success of any business, regardless of the sector.
An ineffective proposition can make your ‘perfect customer’ turn to your competitors because they don’t understand that you offer what they need.
It sounds simple, but so many businesses miss the mark with their value proposition and subsequently fail.
Don’t be a statistic and make sure you have a solid business proposition before you officially launch. It’s the only way you are going to stand out from the business crowd and give you that competitive edge.
Find the right people and bring them in
You cannot survive in business without your A team. Your employees and stakeholders are one of your most important assets.
Your business world is no different to your private life. The people you surround yourself with will often determine the kind of business ride it’s going to be. Go with your gut.
It doesn’t matter how amazing your product or service or how impressive your marketing plan is, if you don’t have the right people in place you are doomed to fail from the start.
It is worth the extra effort needed to engage the right people and invest in them so that you can retain them.
You cannot possibly, and should not, do it all by yourself. You need to surround yourself with equally talented, ambitious people and make sure they complement what you are good at.
Think bigger picture – Don’t get too bogged down with the finer details
It’s too easy to over engineer anything before you get the wheels moving.
It sounds simple but you need to focus on the ‘big ticket’ items to start with, like getting the right funding. Once you get further down the line you can add in the additional, finer detail.
Thinking big from the beginning will change the way you look at your business and will influence the way you look at your competitors.
It sounds simple but this is often easily overlooked when people start a business journey.
Don’t be afraid to make mistakes
We have grown up being told that mistakes are a bad thing. Naturally this manifests itself when creating your own business.
Making mistakes is an essential part of a successful business. The only way to avoid making mistakes is to do nothing – this is not good for anything.
We need to get over the fear of failure and embrace it. Failure can be our friend, after all, without failure we cannot learn. The majority of successful business owners will be able to recount lessons they have learned along the way through mistakes they have made.
How you learn from your mistakes is the key to great success
Starting your own business is a tough ride. However, it can quickly become the most empowering, enriching thing you do. What are you waiting for? It’s time to start the ride of your life!