Having a successful business requires you to have set a solid foundation from the initial set up of your business. Unfortunately, a lot of entrepreneurs miss the core fundamentals when it comes to the initial stages of the business set up. They jump straight from idea to launch, without really understanding and implementing the stages in-between.
So, let’s get into what is in-between those stages of idea and launch because these are the keys to setting that solid foundation you need to really start a successful business.
Successful Business Tip #1 – Knowing your WHY
There are many reasons why you may want to start your own business. It could be for financial independence, creative license, personal growth, etc, but whatever the reason, they all have one thing in common at the core, they all are about freedom.
You need to know what inspires you to take action because that is what will help drive and sustain your business through the ups and downs to come during your entrepreneurial journey.
Simon Sinek’s book Start With Why pretty much boils it down to this, in everything you do, you should have a fundamental reason for why you are doing it.
It isn’t Money
If you are thinking that money is your WHY then think again. Yes, it may motivate you, but when you really look at it, it is not your WHY, because your WHY:
- helps you stand out from the crowd;
- will act as a filter for many of the decisions and choices you will make in your business;
- is also what inspires others to take action, spread your ideas, or buy your products/services.
So, your WHY Statement should be:
- simple and clear;
- focused on how you will contribute to others.
Google: To organize the world’s information and make it universally accessible and useful.
PayPal: To build the Web’s most convenient, secure, cost-effective payment solution.
Facebook: To give people the power to share and make the world more open and connected.
Successful Business Tip #2 – Don’t just do what you love
When you want to start a new business, you might find that you have a few ideas you want to do either because you have seen other people do it and think to yourself “oh, I can do that”, or think because you love doing a particular activity, that you want to turn that into a business so you can start making money from it.
You hear this time and time again, “do what you love”, but the truth is that there are a lot of people out there who may love doing things that they could start a business in, but they are not very good at it. For example, I love singing but I am not very good at it, so you won’t find me starting a business giving singing lessons.
Skill up or Let it go
Don’t get me wrong, I am all for doing what you love, but if you are not particularly good at it and you want that to be the basis upon which you build a business, then you either leave it as a hobby and find something else or you go out and attain the skills you need to get better at it.
So, instead of just doing what you love and basing your whole business on that, you actually need to find out what you love doing (your passion), what you are good at (your skills set), and finally, what people would actually pay you for.
Successful Business Tip #3 – Validate your idea
In business these days, a lot of people either completely miss or just ignore this part of starting a business. It’s like they just jump from idea straight into sales, social media, and marketing. Please let me make this clear, learning and applying the fundamentals of starting a business is what will keep you in business for years to come. The aesthetics will only get you so far in the beginning.
So, now that you have a great business idea, the next step is to validate your business idea.
In order to validate your business idea, you have to do market research. Sorry bosses, there really is no escaping it and sometimes, this means checking out the competition.
Now, I find that a lot of new entrepreneurs tend to find that part very intimidating, you know, ‘checking out the competition’, because the majority of new entrepreneurs compare and then start questioning if they can really start a business.
So, thoughts like “the market is too saturated” or “I can’t compete with that” are not uncommon at this stage. But believe me, we all go through this.
Competition isn’t the enemy
However, having competition isn’t all bad. The truth is that they have already done some of the work in validating your idea already. Your competitors are proof that there is in fact a market for your business.
What you need to do next is to conduct an analysis of the market and you do this by asking yourself questions like:
- what are your competitor’s offering (can you do better);
- where are they based (is location hindering their success, and how can you take advantage of it);
- who is their target market (are they missing a particular segment of their market);
- what are their current weaknesses (can you turn that into a strength for your business)
So, if you want to learn more about what else you really should have in place in order to start a successful business in 2021 then you have to check out my free webinar on the 7 Steps to Confidently Launch Your Online Business, and bosses, it’s only 30minutes because I know how precious your time is 😁. So make sure you go check it out.
Also, if you want to get to grips about the financial habits you really need to stop having so you don’t slowly sabotage your own business from the start, then you need to go check out my blog post 3 Bad Financial Habits You Need To Stop Doing Right Now As An Entrepreneur
I do hope this post on how to really start a successful business in 2021 has been helpful.
If you’d like to get more tips and training about business strategies, then you need to join my private Facebook Group where I help you get clear and confident about your business and provide you with more free tips and strategies on how to grow your business.
In the meantime, make sure to comment below and let me know what your biggest takeaway has been from this post. I look forward to reading your feedback and hopefully answering some of your questions.