7 things to do to start a business successfully

Starting a business is quite an adventure. It is the dream of many, but the successful history of just a few, and most of it has to do with how you do it and why you do it.

Following these advises you can avoid some of the most common mistakes that entrepreneurs make during their first ventures.

Here is a list of 6 things you should do to start a business successfully:

1. Make sure you are passionate about it.
Sometimes people start a new business just because it sounds like a lucrative activity. Nevertheless, we have learned from people like Steve Jobs, Warren Buffett or Bill Gates, that greed should not be the fuel that drives your business idea, it is your passion what should move you to grow a business. So make sure you love what you are planning to do. Your potential customers and investors will notice your passion and will be encouraged by it.

2. Do your homework.
Having an idea might be the starting point of any business, but it is not the idea who pays the bills, it is your customers!
Before you put yourself to work, make sure there is someone out there with the intention or desire to buy your product or service. Don’t just guesstimate, put yourself in the end-consumer’s position, do some ground work, ask questions, read reports and meet with a business consultant that can guide you through the process of researching your potential market to make sure there’s an audience out there with enough interest (and money) to make your idea a sustainable one.

3. Set a clear vision.
There are many questions to answer in order to start off a business on the right foot. One of them is Where do I want this to be in 5 to 10 years? Having a clear vision is crucial to stay within a concise path during the many stages and changes you will experience in your business journey. This vision will serve as the main boundary that will keep you from deviating from what you want to accomplish. A business consultant can help you write a vision statement to fulfill this purpose, incorporating measurable goals that will remind you after a few years how much you are progressing.

4. Ask yourself, what is so special about this?
If you can’t answer this, I can answer it for you: probably nothing. If you can’t figure out what makes your product or service different from others, you will not be able to exploit everything out of it. Define your competitive advantages. If there are none, you need to re-think your idea or the way you are delivering it. There are many people out there with great ideas but those that strive are the ones that understand and communicate effectively which are the main advantages they posses. You can hire a consultant to help you identify and enhance your competitive advantages to make yourself more appealing to your target audience.

5. Count your troops.
It is very important to know which are your available resources by the time you start a business. How much money you are actually willing to invest? Do you have a partner? Should you incorporate one? Do you need to hire people? How are you going to pay for your ongoing personal expenses? Counting the cost is essential. After you do it, you will have a different perspective and you might have to work some details to keep yourself and the business sustainable during the first years of operations.

6. Surround yourself with pros.
One of the best investments you can make when you decide to pursue a business idea is to hire seasoned professionals that can help do things correctly since the beginning. A good lawyer, accountant, marketing strategist and business consultant are among those key figures you should keep around at all times to get good advices about how to move forward from where you are with what you currently have. Don’t underestimate the power of experience, it might seem like an expensive element but it will prove itself as a profitable decision over time.

7. Keep an eye on your fixed costs.
Startups are very sensitive to demand shifts and customer loss. Since revenue base is still under construction it is very important to keep overhead costs down to a minimum and avoid discretionary expenses that are not essential to the core business strategy. This will reduce the business’ risks and exposure to sudden sales drops that might affect its sustainability.

Here at BluPrint Consultants we believe in the potential of your business idea and we want to help reach your goals by providing accurate advice to increase your chances of building a great company!

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