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All, business start-up

7 Steps to Start a Business from Zero

Companies, no matter their size, don’t start on their own. Someone, somewhere, someway, started something that eventually became a profitable entity. We’ve heard all the terms, like crowd funding, venture capital, angel investment, and the list goes on and on. While all these do exist, the majority of businesses are started with very little to no money. The reason people succeed isn’t because of their cash position but because those entrepreneurs had zeal, a vision, and a passion.

In fact, no amount of money guarantees success, even if a business is well-funded from its inception and follows a smart plan in a strategic way, it can still fail. The Edsel is a perfect example. Produced by one of the most successful corporations in the world, the Ford Motor Company, the Edsel rolled off the assembly line from 1958 to 1960. It was, in its day, by far, one of the most advanced private passenger vehicles. It featured such technology as the Teletouch system and had many other creature comforts, as well as plenty of functionality. However, the line failed to the tune of $350 million, an astounding $2.8 billion in today’s dollars.

Follow these 7 Steps to Start a Business with Little to No Money

Failure is a terrific teacher, if you are willing to learn from it. A good lesson to learn and accept early on in starting a business is that money, as the Edsel clearly demonstrates, doesn’t equal success. Incremental growth, accompanied by patience, tempered with realism, does wonders because such a combination requires focus. When you set aside the distant future, you necessarily put the present at the forefront.

…now is the time to have a heart-to-heart with reality. Reality of what? Well, start with yourself. Your experiences, gifts, passion, life goals and areas of weakness. Seriously. Knowing thyself is the first place to start on your trek toward your vision. —Forbes

In other words, you’ve got to use what you have now, and turn your natural talents into marketable products and services, which is the very essence of business. Richard Branson, who has dyslexia, started his entrepreneurial career breeding budgerigars at age 11 and it didn’t work. Neither did his plan to sell Christmas trees. Next, with practically no money, the future billionaire started Student Magazine, which morphed into Virgin Records. He, like many mega-successful entrepreneurs, started with little to no money, and you can do this too, by doing a few simple things:

Do your homework about the market and competition. The reason so many businesses fail is due to misunderstanding the market and not having a clear conception about the competition. Don’t worry if it seems as though the market is flooded, because you can carve-out a niche.
Take small, incremental steps and don’t dive-in. A card table, a favorite spot on the couch, a workbench, or a kitchen are all acceptable places to start a business. When you first begin, do it part time and don’t rack-up expenses. If you commit too much time and/or too much money, you’ll put a lot of undue pressure on yourself and make bad decisions.
Try to build out a niche. This bit of advice really bears repeating. If you find a smart way to separate yourself from the competition, you can build a stronger, more attractive business.
Set small, tangible money and benchmark goals. When you set high goals, you need to do a lot more to reach them and that often leads to failure. When you set small goals, you’re more likely to accomplish them and that makes for a ton of motivation and satisfaction.
Build a responsive, easy to navigate website. You need a presence on the internet, which you probably know. There are very inexpensive and easy to use platforms that will be more than sufficient to get you started.
Get out and network but don’t sell. Your website, though a necessary tool, isn’t going to be a salesperson; but you can be, if you network to become a known quantity and not to sell.

Finally, give yourself permission to make mistakes and don’t make the huge mistake of waiting for perfection to launch your business.

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Entrepreneurs, Let’s Talk Frankly About the Dreaded “S” Word

September 19, 2024 No Comments

There are many experiences entrepreneurs will thoroughly enjoy building up a business, but there are also circumstances they anxiously dread. The proverbial roller coaster ride of running a business is something that delivers a plethora of challenges and rewards alike. Still, for all the difficulties, most individuals learn to adapt and successfully transform problems into solutions by making them valuable learning lessons. Although nearly half of all new businesses fail within the first 3 to 5 years, others cannot only persevere but profit and gain an impressive track record that even exceeds their expectations. Some entrepreneurs find themselves far more successful than hoped and enjoy long and fulfilling careers. However, nothing lasts forever and this inevitability can be a very frightening reality for those who are unprepared. These individuals face a very stark set of circumstances, having to come to grips with the fact they cannot run the company forever because every entrepreneur must take on the unenviable challenge of handing the company over. Whether they want to utter the word aloud or not, all business owners must deal with the dreaded “S” word: succession. Business Succession Planning Shouldn’t be So Scary You went into business for yourself and now, it’s thriving. Earnings are up, costs are down, and you’ve got a great team around you, even better, very happy customers. At this point, it feels like everything has finally come together. You made it through the trials and tribulations, and now, you’re feeling financially secure. The future looks right, but then you realize your business won’t always be yours. Maybe you’re lucky enough to have trusted family step up and take your place. But, even family businesses aren’t immune from incompetent or lazy people who you just cannot trust to take the reins. This means crafting a clear and actionable succession plan. Creating a succession plan is crucial for business owners, yet many are apprehensive about actually doing it. So, let’s talk about why it’s important and better yet, how to overcome that hesitation. The Importance of Succession Planning A succession plan is vital for business owners as it guarantees a smooth transfer of leadership and ownership when key figures retire, leave, or pass away. It helps maintain operations without major disruptions, preserves the company’s value, and secures its long-term legacy and stability during transitional periods. Here are the reasons why having a plan in place is critical. First of all, a succession plan greatly aids business continuity. It ensures the company can continue operating smoothly in case of unexpected events like illness, death, or retirement of key leaders. Secondly, a succession plan helps to preserve value. A well-planned transition maintains the business’s value and reputation, protecting stakeholders’ interests. Third, it reduces uncertainty because it provides clarity for employees, clients, and partners about the company’s future direction. Additionally, a meaningful succession plan facilitates strategic planning by encouraging long-term thinking about the company’s goals and leadership needs. What’s more, having a well-thought-out succession plan minimizes conflicts. This is due to the fact that clearly defined succession plans can prevent disputes among potential successors or family members. 7 Effective Ways to Overcome Your Apprehension As you know, running a business isn’t just about managing employees or keeping customers happy. Often, the challenges are more personal. Many business owners find themselves sacrificing valuable family time, personal hobbies, and social activities in order to grow and sustain their company. One of the most feared challenges is handing the company over to another person to run it. This can easily lead to unnecessary and perhaps damage-inducing procrastination. While apprehension about such scenarios is natural, it’s important to take control and get over your fear by taking the following steps: Start early. Begin planning well before you intend to step down. This removes immediate pressure and allows time for careful consideration. Break it down. Tackle the process in smaller steps rather than trying to create a comprehensive plan all at once. Seek professional advice. Consult with lawyers, accountants, and business advisors who can guide you through the process and address specific concerns. An experienced business coach is an invaluable resource in these situations. Involve key stakeholders. Engage trusted employees, family members, or partners in discussions to gain different perspectives and build support. Focus on opportunities. View succession planning as a chance to secure your legacy and ensure the business thrives beyond your tenure. Also, educate yourself. Learn about successful succession stories in your industry to gain insights and inspiration. Consider multiple scenarios. Develop plans for various situations (e.g., planned retirement, unexpected illness) to feel more prepared for different outcomes. Regularly review and update. Treat the succession plan as a living document that evolves with your business, reducing the pressure to create a “perfect” plan immediately. (Be sure to periodically review and update your plan as needed so it accurately reflects the current situation and is viable for near-future use.) By taking steps to overcome apprehension, business owners can better secure their company’s future and their legacy. Although doing so may create anxiety and uncover some unpleasant realities, this is absolutely necessary to maintain the health and integrity of the company. Want to Accomplish More? Do you want your company to grow faster and earn more while you spend more time with your family doing all the things you started your business to do? We can make that dream a reality. Give us 30 minutes and we will show you how to get your life back. Skeptical? Good! Put us to the test. You can call us for your free appointment at 480-636-1720, or, if you prefer, send us an email. You can also visit us at Waters Business Consulting Group to learn more about us and the services we offer.

Entrepreneurs Avoid the Top Mistakes that Put New Companies Out of Business

March 30, 2023 No Comments

Starting a new business is an exciting venture, but it’s important to be aware of the risks involved. According to research, about 20% of new businesses fail in their first year, and about 50% fail within five years. While there are many factors that can contribute to business failure, some are more common than others. Big Mistakes New Entrepreneurs should Avoid The numbers above aren’t the only ones that are out there. Other studies reveal the new business failure rate is as high as 75% (depending on how “failure” is defined.) However, most findings agree fewer than half will survive long enough to celebrate their fifth year in business. …being an entrepreneur and founding a successful startup is difficult. It’s a long and difficult road, and you will make mistakes, regardless of how hard you try not to. In fact, there are a few common mistakes that entrepreneurs make, especially during their first time attempting to start a business. Thankfully, the key to mitigating risk from those mistakes, and hopefully avoiding them altogether, is understanding as much about them as possible. —Forbes.com What’s more, of the less than half that do make it to their fifth year, a mere 33% of those entities will go on to celebrate their tenth year in business. So, let’s take some time to explore the most common reasons new businesses go broke and how entrepreneurs can avoid failing. Lack of Market Research One of the most common reasons new businesses fail is a lack of market research. It’s important to understand the needs of your target audience, as well as the competition, in order to create a successful business. Entrepreneurs who skip this step may find that their product or service is not in demand, or that they are unable to compete with established businesses in the industry. To avoid this mistake, conduct thorough market research before launching your business. This may involve surveys, focus groups, or other methods of gathering feedback from potential customers. By understanding the needs of your target audience and the competition, you can create a business that is more likely to succeed. Poor Financial Planning Another common reason new businesses fail is poor financial planning. Entrepreneurs may underestimate the costs involved in starting and running a business or fail to secure adequate funding to cover these costs. Additionally, some entrepreneurs may overspend on non-essential items, such as fancy office spaces or unnecessary equipment. To avoid this miscalculation, create a detailed business plan that includes financial projections and a budget. This can help you estimate the costs involved in starting and running your business, as well as identify potential sources of funding. It’s also important to keep track of your expenses and income and to adjust your budget as needed. Lack of Marketing and Branding Even if your product or service is high-quality, it’s important to effectively market and brand your business. Entrepreneurs who fail to do so may find that they are unable to attract customers or establish themselves as a reputable business. To avoid this blunder, create a marketing plan that includes branding, advertising, and other promotional efforts. This may involve creating a logo and website, networking with potential customers and industry professionals, and investing in online and offline advertising. Poor Management Effective management is key to the success of any business. Entrepreneurs who lack management experience may struggle to make important decisions, delegate tasks, or create a positive company culture. Additionally, entrepreneurs who try to do everything themselves may become overwhelmed and burned out, which can negatively impact the business. To avoid these missteps, hire experienced managers and delegate tasks effectively. It’s also important to create a positive company culture that promotes productivity, teamwork, and employee satisfaction. Inflexibility Finally, entrepreneurs who are unwilling or unable to adapt to changing market conditions may struggle to keep their businesses afloat. This may involve being unwilling to pivot the business model, invest in new technologies, or adjust pricing and marketing strategies. To avoid this foil, remain open-minded and adaptable. This may involve regularly monitoring market conditions, soliciting feedback from customers, and being willing to make changes when necessary. As we all know, starting a new business is a risky endeavor, but by avoiding common mistakes and implementing effective strategies, entrepreneurs can increase their chances of success. What other mistakes would you include and warn entrepreneurs about? Please take a few brief moments to share your experiences and more so others can benefit from your input! Interested in learning more about business? Then just visit Waters Business Consulting Group.