Leading your business operation is often similar to a circus performer with spinning tops. The entertainer must keep each stop spinning, running back and forth to the ones that need most energy. He must do this while entertaining the crowd and not displaying too much stress. This analogy is how small businesses owners often describe their day to day activity. You cannot be the accountant, the marketer, the lawyer, and the housekeeper. You must hire experts to do each one of these things while you must know enough to ensure they are doing what is required. Your job as a management leader is to get things done for results.
Promotion, also known as marketing, is the foundation of your growing business. If no one knows who you are and what you offer then you will have no customers. Your marketing strategy how you will stand on the rooftops and tell the world about your dream. Remember that the measure of an effective marketing strategy is that it must be profitable. If you spend 100 dollars and get 101 dollars in net profit from the effort then great! Simply scale up that effort to 1000 or even $10,000 to realize your net profit goals. If only it were that easy. The truth is that marketing is more like fishing. You cast blindly into an invisible pool, never quite knowing what is on the other end. Success is a statistical calculation of how much you cast, how long, how much effort you put forth.
Financing your business startup success is always challenging. The entrepreneur has a few choices regarding financing a new venture. You can go deeply into debt and pray you are successful enough to pay it back. That would be an unwise choice since most businesses fail within the first five years. You could ask family and friends for support but then you owe money to the people closest to you. That is an excellent way to make enemies of friends. The final and most logical choice is to finance your effort through personal means. Grow slowly. Pick up extra work and devote the funds to your business. Let your customers fund your growth.
Remember that these questions are only the beginning. This blog is meant to prime the pumps of endless questions questions and discovery that you will endure during the startup phase of a small business. Get help from qualified and non emotionally attached people who will tell you the truth, not simply what you want to hear.
The business world is filled with empty wow and rarely enough how. This is mostly because the wow touches people emotionally. It somehow convinces someone with zero web design experience to quit his day job and attempt to become a website designer. The wow is the siren song for the sinking entrepreneurial ship. Too much wow, not enough how, will lead you beached on the rocks. Stick with the practical versus the emotional and give yourself a better shot at early success.
How you turn your dreams into reality is crucial to your success. After you answer why, answering how may be the most important step you take. Here are a few points to address when asking how:
- How will you lead your business?
- How will you promote your products and services?
- How will you fund your endeavors?