Starting up your own business – business basics

Dreaming up a good idea and using it as the basis for starting up your own business is a risky act of speculation that likely to end in tears and financial ruin unless you follow six (6) simple steps.

The basics of business are simple:

1.  Work to a plan

2.  Focus on customer demand

3.  Systematically convert shoppers into buyers

4.  Build relationships, trust and repeat buying

5.  Do whatever else is necessary to support growth and profitability

6.  Paint it all with enthusiasm and imagination

It really is a simple formula but it is astounding how many business owners focus on none of these.  Business is a connecting process, not an insular one.

The problem for most owners of small to medium businesses is that they try to do everything and, as a result, do nothing well.   It is rare that a good business planner is also a good sales person.  It is rare that a technician is also a good at admin.

It is also rare that people whose role it is to manage actually focus on steps 2, 3, 4 & 6 above.  It is more common that they focus on step 5 and if permitted, on what other people are doing.

That is why, in the execution of the six steps above, having a blueprint, working to a plan, delegating and outsourcing to people who have the appropriate expertise are so important.   After that, the owner-manager should be managing the profit process, not the admin process.

So many owner-managers default to the admin process and communication from a back room because it eliminates the obligation to talk to customers.  Somehow talking to numbers creates a more fulfilling life.

If you need good advice when starting up your own business contact me at gary@garyweigh.com

Until next time!

Gary