Have you ever noticed how a certain business location can seem to be cursed? It’s the place where businesses go to die, and then an owner comes along that thrives in the same location. What was the difference all of the others that did not survive and the one that thrived?
It’s usually ownership and their attitude towards success.
Statistics show that more than 80% of all new business today will be out of business in two years or less. Now don’t get me wrong, I’m sure everyone who starts a business “wants” to be successful, but, are they prepared for success? Don’t blame the economy either! That’s too easy and actually I see it as a convenient cop out. I hear it all the time in business coaching sessions. The attitude is everywhere, people aren’t prepared for success, they don’t analyze; they don’t change; they fail, and then they try to conveniently blame the economy… and that’s just too easy.
When I say that you must be prepared for success it is not a trick statement! It is that simple. If you’ve ever had a house built you know you don’t just go to a builder and say “Build me a house, I want to move in next week!” That won’t happen without some thought and planning, and the same thought and planning must go into starting a business.
Prepare for success by planning and planning some more. The unbreakable rule when you start a business (and I’ve started 12 of them)…NO SURPRISES! Surprises will shut you down!
So here are just a few of the things you can do to be prepared for successfully starting a business;
- Be positive, no matter what your challenges are. As a wise man once told me, “Someone is always watching.” How your attitude goes, so goes everyone around you including employees and customers.
- Write a business plan, even if no one else but you will see it! Take the time to write one and ask yourself all the questions required.
- Do three to five financial models. Running the numbers means that you’ll need to do some research on things like;
- Various rent scenarios
- Best vendor pricing on merchandise or related services
- Various advertising and marketing costs
- Insurance and utilities
- Payroll projections
And if the numbers don’t work, back off the project no matter how badly you want it.
- Capitalization: Be sure you have enough money to survive and you stick to the plan of managing the money you do have.
- Matching Skills. Clearly know if your business idea is complimentary to your talents.
- Workable time frames. Always have a reasonable time window on getting the business up and running, or have you set or are you up against unreasonable deadlines?
- And finally for this short list, always be sure your head is in the right place to start, run and endure the rigors of business ownership.
Remember that “Someone is always watching!” In any business, IT’S THE YOU THAT COUNTS. If you don’t have the right attitude, customers; employees and investors will always know it! And they have the option to shop somewhere else!