How to Start and Build a Successful Business: 10 Steps

10 steps to building a successful business

Building a company is not an easy task. Entrepreneurship is a roller coaster of highs and lows, and I’ve been through it twice. The two excellent firms we’ve built: Likeable Media and Likeable Local are the only things I’m most proud of. When I started our first firm in 2004, I followed these 10 easy steps, which anyone may utilise to start your own business: successful business

1.Take the time to do research.

An idea serves as the starting point for any business. The benefit of this is that if you already know what kind of business you want to establish, the first step is taken care of for your convenience. You may rest confident, but don’t take anything for granted for the time being! There’s a strong probability that the product or service you’re selling is already being offered by one of the billion other businesses in the world. As a consequence, what separates your brand, product, and business plan from the competition is important. It is critical in this situation to do more study.

successful business

It is never too early to begin investigating the feasibility of a business notion. The process of doing market research and analysing the competition is one of the most important steps in starting a new business. So, keep in mind that you must put in the time and effort required to reach your objectives. Consider what other businesses are doing, what needs they are addressing, and what requirements they are not meeting in relation to the products and services you provide. As long as you can fill the gap left by your competition, you will have an advantage over your competitors (USP for short). And after you’ve developed your unique selling proposition (USP), you may consider yourself to be in the game.

2.Find a Trustworthy Partner

In my early 20s, I worked for Radio Disney as a sales person. Before this woman came into my office, I was the number one sales person in the country. In just four months, she made me number two. When I saw how good she was, I was shocked and amazed. I knew two things right away: a) I had to marry her and b) I had to work with her.

A marketing plan helped us get married in 2007. We could not afford the big New York City wedding we both wanted, so we came up with a way to get the word out. In July 2007, Carrie and I got married at a baseball stadium in front of 200 people who knew each other and 5,000 people who didn’t. We raised $20,000 for a good cause and got $20 million in media attention for our work. “We can’t get married again, so let’s start a company.”

While not everyone can start a business with their husband or wife, having a partner who you can be #inittogether with is very important. Our product was built with help from a friend we’ve known for 30 years. For my second business, we worked together to make it. Who can you work with?

3. Create a Strategy and Singular Focus

In our first business, I would have told you, “What do you need done?” Asked me how much we charged, I would have said, “What’s your budget?,” and asked how much we charged. While this may have worked at first to help make money, it wasn’t long-term. In the end, too many businesses fail because they don’t have a good strategy and don’t keep their goals in mind.

successful business

This is the one-page strategic plan that I have been using for both of our businesses. Verne Harnish wrote it. With Verne’s tool, we can write down the entire business plan and strategy on just a single sheet of paper.

4. Write Down the Business Plan in Detail

In the past you have done your research. Is your business plan clear to you? We need to put everything together, write it down and make a plan.

As part of your business plan, you will figure out what your business will look like and what your goals are. In 5 to 10 years, where do you want to be? Write this down before you start your next task. This is where you write down in great detail all of the features and functions of your product or service, the demographic you want to reach, the unique selling points you found in the previous phases, and so on in this phase.

Next, we’ll talk about prices. How will you charge for your things? Consumers should be willing to buy from you over your competitors if your prices are good enough. It also needs to be able to make money for you. We want to find a balance between being cheap and making money. The last few sections of your business plan should be about market promotion, goals and objectives, and how you’ll do it. In the end, when you figure out how and where and when you’re going to market your product, what business goals you want to reach, and how you’re going to get there – your business plan is done!

5. Say No to What’s Off Focus

It’s easier to come up with and plan a strategy and focus than it is to keep it up. If you want to be successful, it’s not enough to say “Yes” to the right things. It’s also important to say “No” to the wrong things.

Charlie was fired as the manager of our first business. This was a big change for us. People in Queens, New York, called Charlie a Greek restaurant owner in Astoria, which is in the city. Charlie is a really nice person, and he asked us to help promote his restaurant and special events. In the end, though, Charlie could only afford to pay us $500 a month, and I knew that we couldn’t grow our business if we kept working with people like Charlie. Fired our own customer. Then we tried to find bigger clients who could help us grow more quickly than our own. You have to say no if you want to grow your small business.

6. Hire Slow. Fire Fast.

It doesn’t matter to me if the sales manager I used to work for is making a lot of money. With his team, the man is taking drugs in the bathroom.

The biggest mistakes I’ve made as an entrepreneur are when I hire the wrong people, or keep the wrong people around for longer than they should be there. In the example above, I let off the employee I talked about right after that conversation. It was probably two months after I should have let him go.

We often hire the wrong person for the wrong job because we move too quickly to hire someone. That’s when our intuition tells us to hire someone else. We don’t want to accept that, so we keep defending our decision and coaching them to success. We also move them to a new job or move them to another department. Even if you hire the wrong person at first, this can be even more bad for your business. The answer is: Hire slowly, fire quickly

7. Find a Location That Works

If you’re planning to open a physical store, do some research on the area before you decide where to put it. Getting the right permits and licences to open a store in a certain place may be more expensive than in other places. But, then, those same places could be where a lot of people in your demographic go to shop. The best way to find a cheap place that is also underused is to try and do your best.

8. Build Your Brand

When a small business wants to “act and look big,” the world of the mobile internet and social media has made it easier than ever before to do so. One of the first things we did when we started a business seven years ago was start a blog. Some time later, we had one of the most popular blogs in social media marketing. That blog didn’t just help us become more well-known; it kept giving us lots of leads.

On your blog, on Facebook, on Twitter, or in videos or whitepapers you can always be building your brand. This means that your business is more credible, more trusted, and easier for customers and prospects to find. There is no better way to build your brand than with social media. You have a better chance than ever to make your small business brand bigger than ever.

9. It’s the People, Stupid

Without the help of our employees, partners, and advisors, Likeable Media and Likeable Local would not be able to grow. Five of the nine steps above are done by people. There are three things you need to do as a business owner and leader: set the vision and strategy, make sure there’s enough money in the bank to pay your employees, and make sure the right people get the right seats on the bus. This is the truth: It all comes down to who you hire and fire, work with or don’t work with, take advice from or don’t take advice from. These people will make or break your business. From 0 to $500K: These people will help you get there. You can also go from 0 to $5 million, or from 0 to $500 million.

People are what you do. Those who work for you are what will make you successful in the long run. People are everything to you. It’s time to go out there and start the small business of your dreams with some great people.

10. Create Prototypes

Starting a new business is one of the most simple but most important things you can do. You need to know that nothing is more important than feedback. Customer feedback will let you know both what you are doing right and what you are doing wrong. But don’t worry if your product turns out to have more flaws than you thought it would. This is what the beta stage is for.

Then, before you decide on the final design of your product or service, make prototypes of it and give them to people who can test them for you. Market research is very important because it can help you find problems with your product before you spend all of your money on the final version of it. This is a very important part of the process. The feedback you get from beta testers can help you figure out what needs to be changed in your business plan and product design before you make the final decision. Chances are, this stage will not only help you find problems, but it will also help you learn about new product USPs that you didn’t know about.

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