by Godfrey Heron
Small business owners and entrepreneurs are quickly
becoming the dominant business species. Small businesses create thousands of new
jobs each year, while floundering large companies lay off scores of people.
Starting a new business venture can be an
exciting yet risky project. Our survival guide details the steps to take to
ensure your business not only survives but indeed thrives.
1. Determination -
"ARE YOU INSANE?"
Implement your plans with total commitment. Don't
give up even when obstacles seem overwhelming. Starting your business will
instantly make you an outcast. People whom you love will openly question your
sanity. The anticipated competition will be the least of your worries, you'll be
fighting your friends and family to get your business going. They will sit and
wait expecting you to fail. Now that doesn't mean they don't love you, but
there's no way to prevent this, it just happens. So be forewarned.
2. Devotion - "THE LOVE
AFFAIR"
Your business should be something that you love
to do. It's this love that will sustain you when the going gets tough. And it's
the love of your product or service that will make you effective at selling it.
Don't attempt to become an affiliate or sell a product that you have not used or
assessed for its merits. At best you will be unable to answer legitimate
concerns of purchasers and the worse case scenario is that you will appear to be
a fraud.
Now this does not discount the fact that the only
business idea that will ever succeed is one that fulfills a need... preferably a
*considerable* need. Therefore if no one wants your product your business will
never get off the ground.
3. Dollars - "OOOOH SWEET
MONEY"
Getting rich should NOT be your PRIME motivating
factor. Persons who have that mindset will inevitably make short term decisions
for immediate financial gain at the expense of the long term health of their
venture. You will also have a difficulty motivating employees who don't stand to
profit as much as you do.
Invest all that you can in your business, but be
frugal with what you have at your disposal. Keep in mind that your business
could either triple in size or go belly up within six months. So it would REALLY
be wise to avoid that TEN year lease you've been considering.
If you are running an Internet based business you
may even dispense with expending money on office space. Several online
businesses are operated successfully from a spare room or basement.
4. Dedication - "100 HOUR
WEEKS?"
You will have to make some adjustments to your
life when starting up your business. You'll need to work tirelessly just to keep
up with the competition. Twelve hour days and seven day work weeks are not
uncommon when an entrepreneur is striving to get a business off the ground.
5. Doers - "THE BIG
MISCONCEPTION"
Perhaps the biggest misconception about an idea
for a new business is that the idea must be unique. Chances are that almost any
ideas you can think of also occurred to others. When Einstein was developing his
theory of relativity, another scientist, Poincare' formulated a similar theory
around the same time. History is full of examples like these.
It's not the idea which is important, they are
really a dime a dozen. What is important is the ability to take the idea,
implement it and build it successfully.
Alexander Fleming discovered penicillin by chance
but never developed it as a useful drug. TEN years later, two scientists
unearthed Flemings *mold* , SAW ITS POTENTIAL, and started treating patients in
wartime England. This was a dramatic medical advancement and saved thousands of
lives.
So don't wait around trying to develop a unique
IDEA. Instead you should identify a Unique Selling Position (USP) in order to
distinguish your product from your competitors.
6. Critical Mass - "SIZE
MATTERS"
For online businesses which operate from a
basement or from a motorhome, it certainly helps to look bigger than you really
are. There's a certain comfort in dealing with a business that seems
established.
You should try to establish 24 hour customer
service. Even if it means answering the phone at your favorite watering hole.
Just try to get away from the background noise.
Having a separate business line is critical.
Attempt to inform your family that if the business line rings it should be
answered in a professional manner. You really don't want your loved one picking
up the line in the middle of closing a deal to remind you to take out the
garbage.
Have a logo developed for your business, there
are several sites available that will create a logo for you. Or find a student
from a good graphic design school to create one. Use your logo consistently, on
all your stationery, packaging and other corporate communications.
Take advantage of any local business incubators.
These operations offer affordable, flexible leases for start ups. They will
provide anything from office furniture and equipment to business plans and high
speed Internet access. Historically, businesses in an incubator stand
significantly higher chances of surviving.
You can get free publicity for your business by
contacting local news media and selling your company as a human interest story.
There are many periodicals looking for businesses to profile.
Get your name on TV. We have all seen those
morning shows with live outside feeds. A poster board you hold up in front of
the camera may get you more publicity than a 30 second commercial.
And finally, if you have a web site, ensure you
have the ability to process credit cards. Most Internet transactions use credit
cards to complete a purchase.
Conclusion
The preceding list just scratches the surface of
an entrepreneur's "to do list". The Internet is awash with information
and you can drown yourself in web sites, magazines and secret membership sites,
and still not learn anything. Why? The Internet is a new and ever changing
phenomenon. Advice that seems fundamentally sound today can be completely wrong
the next day.
However, you can learn from both the successes
and failures of others and be guided by their experiences. Remember that no
matter what you do, you will never achieve much success unless you have happy
customers, happy workers and happy suppliers. That means you must have a company
that is perceived as friendly, especially in the area of customer service.
Take advantage of our free resources,
knowledge and experience in the