An Introduction to How to Start Your Business in 7 Days
How many times have you thought about starting your own business? You are not the only one. In the US alone, approximately 540,000 new people start a business each month. Unfortunately, according to statistics, only 50% of these businesses make it through the first month. This is because starting a business requires time to plan, to conduct market research, and to make sure you are offering a unique product or service that will keep your business afloat.
Staying at your current job pays the bills, and you get a few key benefits along the way too. But you keep thinking to yourself that there must be a better way to get you through the struggles of life while working for something you are truly passionate about.
In this article, I want to give you a few tips on how to successfully start your business in 7 days, directly from one of my latest audiobooks – that you can find at this link (insert link to audiobook landing page).
Set your goals
Successful entrepreneurs focus on the outcome and cut out the irrelevant: let’s take a closer look together at the essentials of starting a business.
When deciding to launch a business or pitch an innovative idea, you first and foremost need to be able to assess whether there’s market potential or not. One way of doing that is to set a specific framework to pace your efforts and structure the key decisions related to launching your business. Successful companies set goals. Without them, they have no defined purpose and nothing to strive for; consequently, they stagnate and struggle for meaningful accomplishments.
In my audiobook, I use 7 days as a successful example to kickstart this process and put your ideas into action. In marketing and many other fields, goals are an essential component of a valuable strategy, as they set the direction for the actions you need to take and what needs to happen for your business to do well.
Put together the right team
After you have determined whether your idea has got the potential to thrive in the current market or not, you might want to start thinking about how to put together an efficient team.
Generally speaking, one person cannot be the ideas genius, the financial wizard and the salesman rolled into one: successful businesses are built on hard-working, motivated teams of people from different backgrounds and with different expertise.
As our bodies only work due to the common effort of all our organs together, so does a business. Since the early years of my career as an entrepreneur, I have surrounded myself with brilliant, trustworthy and passionate colleagues. Perhaps the most important figure you need to actively start searching for as soon as you have a solid, viable business idea is a “financial wizard”. A great percentage of newly founded businesses fails because they lack an effective financial management system.
Moreover, setting goals is not only a successful strategy to follow during the initial stages of your business, it should become a regular practice. Goals are stepping stones towards the end result and they can act as powerful incentives for your team. You could perhaps set goals for individuals and departments throughout the company, to give each team a timeline and objectives to achieve.
Define your business plan
Another key element to ensure your business is successful and gets the attention of the right investors, is to prepare a business plan that shows you know what you are doing. If you are asking a bank, an angel investor or anyone else for funding, I can assure you that they will want to see proof that there is a market for the problem your idea is solving and a few key financial predictions for the near future.
You don’t need to spend months on this, all you have to do is be confident in your idea and present viable projections that will inspire investors to put their money into the development of your business idea. Your business plan should make it simple for potential partners to understand your business model and financials.
In the first stages of business, there will be so much you don’t know and that you need to learn with experience – about your customers, your competitors, how to actually run a business and so on.
As an entrepreneur myself, I can tell you uncertainty is a big factor when it comes to business strategy, but there are many ways to go to help you reduce risk. Crafting an accurate business plan can help you assess your weaknesses and strengths, while also ensuring precious investment opportunities.
These are only some of the essential tips to successfully develop an idea and launch your business, you can read more about how to start a business in 7 days in my audiobook at this link (put link) or by directly pitching your idea to me on MyVintro, the one platform for entrepreneurs to access international leaders just with one click.
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