If you enjoy taking charge, becoming a manager and getting things done, the New Year may mean a new you. 2017 will bring a variety of new people that dream of being their own boss, taking the leap and starting their own business.
When you make the decision to venture out on your own, you’re bound to hear a lot of different advice. While raw excitement, passion and determination are all great traits to have, you need to make sure you enter this process having conducted ample research. Following a few simple steps now can help you start your business on the right foot, avoiding the common pitfalls that lead to so many start-up failures.
Here, we outline the five basic tips you should follow in order to start a successful business in 2017:
1. Develop a detailed plan of attack
Before you begin, this one is a must. Develop an in-depth, detailed plan that fully outlines how you’re planning to tackle the challenge that lay ahead. Your plan should include a SWOT analysis, clearly identifying your strengths, weaknesses, opportunities and threats, as well as clearly stating your mission, establishing SMART goals, describing your targets and setting achievable deadlines for yourself along the way.
With this being said, while having a plan is extremely important, it is equally important to be flexible enough to pivot where necessary. Starting a business has no clear instruction manual; things are bound to change along the way. Smart business owners don’t sweat the small stuff and take every opportunity in their stride to learn and grow from.
As any successful business owner will tell you, it’s not what you know; it’s who you know. Professional networking is one of the most important facets of any thriving business. Until you’re completely established, you will need to generate your own word of mouth. As soon as you’re up and running, be your biggest advocate. Tell everyone you meet about your new venture, being your own brand ambassador to anyone that could help you, no matter how big or small the capacity.
Don’t just rely on physical networking either. Online forums and groups exist that can connect you with like-minded professionals. These initial relationships can lead to mentorships, future relationships, prospects and partners in which can help you to elevate your business during the early stages.
3. Stay ahead of the curve
Focusing on the day-to-day can be detrimental to your business’ potential growth. If you have a vision for success, it’s crucial to keep one eye focussed on the future. You should be aware of all movement in the industry, ready to anticipate trends and what is next for your consumer. Staying on top can help you to adapt and evolve, remaining current to what your customers need and want. It will also help you to predict in which way your competition might move, giving you the best foot forward when it comes to staying on top.
4. Create a great team
The people who you align yourself with are the people that will determine your business’ success or failure. Build your staff with smart, talented and driven employees that share your vision and passion. The right people can accelerate your business growth, transforming the culture into one that encourages collaboration and teamwork. With you at the forefront of this team, you should be creating an environment in which everyone’s strengths thrive. This will cement everyone’s place in the organisation, creating a place full of happy employees, where everyone is working hard towards the business’ success.
5. Don’t be afraid to seek help
Business help can come in all shapes and sizes. Networks, business contacts, friends and family can be your greatest resource. Seek a variety of professional and general advice, approaching established business’ to learn from the experiences of others.
If you’re a first time business owner, it can also be valuable to seek help elsewhere. Refreshing your management skills may be the thing that sets you out from the pack. Going back to TAFE or a similar education institution can set the foundation for a variety of crucial and integral skills, teaching effective leadership, strategic planning, risk management and general business acumen. This will only elevate your business’ presence, preparing you to undertake this exciting but challenging next step in your life.
Kangan Institute has fast become the provider of choice, the Advanced Diploma of Leadership and Management offers you the opportunity to really make a difference!
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