Uncategorized

Starting And Growing A Successful Business

Starting, growing, improving and maintaining a business requires effort and dedication. It is a long process that is only good for the hard-hearted considering that business is a mix of sunning and rainy days. You will need to be a strong person to remain positive even during the stormy times of the business. A strategy and a plan for the business will also play an important role in just how good and successful the business will be. Apart from personal characteristics, you will also need to make crucial business decisions and come up with campaigns that gain the best for the business.

Time management, business model, advertising, branding, financial management, employee wellness and using technology to your advantage are a few of the huge list of things that you will need to do with a business to make it successful. The truth is that failing on one aspect of prospering the business can drag you behind and even make you fail in doing what you initially had in mind. Sometimes, you will need insight from experts to find your way through the millions of business paths that pop up on your way to success. As a business grows, more needs come up and without proper directions and management, it can be easy to lose focus. Fortunately, there are expert business coaches who can help you out.

Best Business Coaches – Meir Ezra

One good example of a business coach who can guide you into personal and business prosperity is Meir Ezra. He is a business coach and a mentor for many as well as a successful businessman who knows it all when it comes to handling it in the right way. This coach successfully runs a total of 24 companies in 27 different countries. He is therefore without a doubt one of the best people that you can have as business mentors to kick start your business or boost it pushing it to its full potential. He holds business seminars which are very resourceful to businessmen. Those who have attended some of the seminars come out oozing business ideas and strategies which work once they hit their market again.

From the seminars, you will learn some of the best ways through which you can improve at a personal level, making you a better manager of the business and ways through which you can make your business soar. It is a fact that simple mistakes done in dealing with different issues can determine the success of the business. The Meir Ezra seminars will help you in avoiding the common mistakes most businessmen make in running a business. With his years of experience in different business fields, he understands the business world too well and he will help to open your business eyes to greater opportunities through planned and worked out strategies. Whether you are starting or already in business, you will draw a lot of insight from this coach. The best thing is that you will go home with practical business solutions and products that you can use for your prosperity.

 

Choosing a Business Name to Make Your Business Successful

Creating a Unique Name to Brand Your Business

One of the most important steps in business planning is choosing a name in which to operate under. The challenges with choosing a name can be difficult to overcome, such as deciding on a unique name, finding a name that reflects the business and its purpose well, as well as choosing a name that will easily transition to online use and social media. Once these challenges have been conquered, the most important step in the naming process is registering it with the proper department of local government as well as copyrighting or trademarking the name in order to protect the branding of the business long-term.

Important Considerations to Make When Choosing a Business Name

More often than not, small businesses start out as an individual’s freelancing or solo efforts. When this is the case, using the individual’s personal name is acceptable and does not need to be registered with the government. But, when these small operations begin to grow and working under a personal name is no longer feasible, it is time to consider creating a name and having the business branch off from the owner’s personal name. Giving a business any old name is usually not the best option – there are many things an owner should consider when choosing a proper name for his or her organization.

Some of the main points that business owners should consider when choosing an acceptable name are choosing a name that reflects the business and its offerings well, how the name will look both in print and on the Web, what feelings the name may evoke in consumers and business partners, as well as if the name has already been trademarked or claimed by another organization – violating trademarks can lead to huge legal ramifications for small businesses. Being able to meet these points with confidence will help an owner choose the appropriate name and build the business’s branding overall.

Importance of Registering a Business’s Name with Local and State Government

Once the business’s new name has been created, it may be pertinent to register the name with local and state government agencies. Registering the business under a new name alerts the government that business is being done under what is known as a “Doing Business As” or DBA name. After this registration process is complete, some business owners choose to also trademark the business’s name. Trademarking protects the business’s “Doing Business As” name and branding, guaranteeing that another organization will not use the same name and helping to keep the image of the business clear.

Is Your Business’s Name Web Ready?

Just as the business’s name is important in print, it is also important for branding on the Web and through social media. When considering a name, do research to determine if the same domain name is available. Also, search social media such as Facebook and Twitter to see if there is another organization with the same or similar name. If the proposed business name is available on social media, claim the name early in the naming process – even if the name changes down the line, many social media sites will allow business owners to edit and change the name of the business at any point.

 

For Couples Running a Business Together: 7 Tips

Maybe you are thinking about starting a business with your spouse or maybe you are already running a business together, either way running a business is stressful.

Having a small business with your spouse is often a romantic conversation couples have when they are first falling in love. But the reality is that if you want to achieve business success together, then planning and learning to juggle your business and life is work.

Here are 7 tips to help you achieve success together:

1) Make sure you are on the same page: Most couples have figured out their strengths together. However, they may not have the same business acumen or no business skills at all. Learning to run a business together means both of you having the same basic business intelligence. This will help you both have discernment when making business decisions.

You don’t need to have an MBA from Wharton or Harvard, but strong basic business intelligence makes you stronger together and helps you grow your business together.

2) Be respectful and kind to each other: The minute emotional cruelty comes into your business environment, you will begin to have power struggle. Blaming, demeaning or disrespect of any kind lowers your partner’s enthusiasm as well as their creativity, productivity and willingness to work with you.

It also stops others from wanting to work in your business. If you want to keep your top talent, you must create a good working environment. Power Couples are respectful of their spouses and partners. You will become stronger together and more successful when you both really work at being respectful, supportive and kind to each other.

3) Don’t argue or make disagreements public: A public disagreement creates low productivity and office tension. There is a level of decorum that any successful business has as part of its best practices. The best companies have good working environments. When you argue at work, you create a hostile environment to work in. Your business will not grow in this environment. If you bring your disagreement public you lose the respect of the persons listening to you fight and complain.

Instead, have a place you can go to in order to work through a disagreement and have agreements about how you will treat each other at your place of business. Even if it is in your home office public disagreements creates low productivity.

4) Remember why you started a business together: This will be important when times are stressful. If you’re in the startup phase of your business, your life together will most likely be out of balance for a while and this can be stressful. However, just remember that you didn’t go into business to make your life worse.

You went into business so that you could have an overall better life but this happens over time, not overnight. It takes systems, planning and leadership over time and your business will help you both achieve success long-term.

5) Be prepared for the long haul: Don’t expect to be an overnight sensation. The “If you build it they will come,” is only for baseball in cornfields. Too often business opportunities are sold as get rich quick schemes, meaning a 1 to 2 year plan to become millionaires. Sure this could happen. However, it is not the standard. A very small percentage of couples are an overnight sensation in their business. If you expect this you will add unneeded stress on yourselves. Be prepared for the long haul and know that if you plan and are consistent over time, you can achieve success together.

6) Choose the final decision maker: If you are at odds on a decision, you need to know, ahead of time, which of you will get to make the final decision. If you don’t, you will have unnecessary arguing and keep going round and round on the topic. You will lose valuable time and lower productivity. Instead one of you must make a choice and get back to business.

As the decision maker, it will be important to take into consideration what your spouse has to say. If you don’t, you may have a resentful spouse on your hands. Before making your decision, sit with your spouse and say, “I have taken your position into consideration and I understand that you think or feel as if we should move in this direction. It’s been a tough decision for me because your points are valid, however, as the final decision maker, I am moving in this direction because I think it is our best course of action.”

You will become stronger together if you both understand ahead of time who will be the final decision maker.

7) Define your values: If you do not want to own a business that you do not align with, you need to state it up front. If you don’t want to have a liquor store or porn websites, make that known to your partner. It’s great if you have wonderful skill sets, but it’s empowering when you have great skill sets and a business that aligns with your values.

Running a business with your spouse can be stressful however, it can be rewarding in ways that most couples never get to experience. Just remember that if you apply these 7 tips, you can achieve success together.

 

An Evolved Economy Business Makes It Simple to Make Money

There’s a tried and true maxim in business – to make more money you have to 1) find more customers – ie make more sales 2) retain more customers – because the cost to acquire a new customer is usually higher than the cost to keep an existing customer 3) increase your margins – in other words, raise your prices so that the gap between what something costs you and what you sell it to your customer for is greater and 4) control expenses – ie, spend less. Only these 4 things can save your bottom line in a traditional business.

The problem is, most businesses don’t survive long enough to prove out the maxim. In fact a recent study, by S. Ghosh – a Senior Harvard Lecturer, published in the WSJ states that 95% of start-ups fail when failure is defined as failing to see the projected return on investment-say, a specific revenue growth rate or date to break even on cash flow.

The WSJ article was looking more at venture-backed companies and start-ups taking outside capital. But even considering traditional small businesses, doubtless you have heard the oft-cited statistics that 80% fail within the first five years – and it’s usually because of a lack of capital. In other words, they run out of money.

Now I want you to picture your first five years owning your own business using a different business model – that of the Evolved Economy. We know that for a franchise you might invest $20k up to $1 million or more to get started. We know if you attend college or university you could spend between $5000 to more than $50,000 per year for 4+ years. In the model based on the Evolved Economy, you can expect to invest just $1200 to start (and for those who are currently facing really tough times, it is possible to start for half as much!), pay as little as $75/week in overhead, be able to earn money in your first 24 hours, have an in-demand high-quality and consumable product, hit close to break-even in your first 30 days in operation, pass break-even and speed into profitability in as little as 2-5 months, and within 5 years enjoy unparalleled earnings opportunity. It’s like receiving a model airplane with a set of instructions to put it together. Only this is describing a particular method of doing business. The business plan is written for you and you follow it precisely.

Not only that but as a business owner and investor generating residual income, you can sustain this business for as many decades as you live and pass it on as a legacy to your children or grandchildren because you will have built a financial wall around your family – something they will thank you for during unsettled and challenging economic times. And you do this regardless of your education, experience, background, race, religion, or geographic location.

How is that possible, you ask? How can it be so simple to make money in an Evolved Economy business? And is it guaranteed?

Well, let me walk you through the exact path to wealth with the company I have partnered with, keeping in mind that the system is in place to pay you but you alone are responsible for your results. As a business owner, only you are accountable for the hours you put in and the efficiency and effectiveness that yield results. When you follow the system, you get rewarded.

Because I am a business owner using the model of the Evolved Economy, I can comment based on my own business experience. For instance, using this model you could partner with a global company whose product just happens to be super nutrition and skincare targeting weight loss, healthy aging, and energy & performance – a 12 year old company (that’s important – they have survived and thrived way beyond the 5-year mark!) that is in so much momentum they created 19 millionaires in the first 8 months of 2014.

 

An Evolved Economy Business Is Simple to Start!

Starting a business, according to the Small Business Administration, involves planning, making key financial decisions and completing a series of legal activities. Therefore they recommend the following ten steps to help you plan, prepare, start, and manage your business (from their website sba.gov):

Step 1: Write a Business Plan. This written guide will help you map out how you will start and run your business successfully. (If you’ve never written one before, this can be daunting, especially when it comes to financial projections.)

Step 2: Get Business Assistance and Training so you can prepare a business plan and secure financing, expand or relocate a business. (Those each sound like some pretty big hurdles to DO.)

Step 3: Choose a Business Location. Get advice on how to select a customer-friendly location and comply with zoning laws. (How much do you trust the advice? What happens if you get locked into the wrong location?)

Step 4: Finance Your Business. Find government-backed loans, venture capital and research grants to help you get started. (How solid is your credit and do you have collateral for a loan? Do you have intellectual property in place and significant revenue coming in already? If not, then venture capital isn’t interested in you. Have you written research grants before, are you prepared to hire the team to write the grant and do the research, and can you fund yourself without it? Success rates for grant funding typically are less than 15%. Can you afford to wait 6-12 months to find out if you received the grant or be in the 85% that doesn’t receive funding? )

Step 5: Determine the Legal Structure of Your Business. Decide which form of ownership is best for you: sole proprietorship, partnership, Limited Liability Company (LLC), corporation, S corporation, nonprofit or cooperative. (Don’t forget to set aside fees to pay an attorney.)

Step 6: Register a Business Name (“Doing Business As”). Register your business name with your state government. (Be certain to have researched the name so you don’t end up receiving a “cease and desist” letter!)

Step 7: Get a Tax Identification Number. Learn which tax identification number you’ll need to obtain from the IRS and your state revenue agency. (Yet another learning curve.)

Step 8: Register for State and Local Taxes. Register with your state to obtain a tax identification number, workers’ compensation, unemployment and disability insurance. (Yikes!)

Step 9: Obtain Business Licenses and Permits. Get a list of federal, state and local licenses and permits required for your business. (What if you miss something? How much have you set aside to pay for all these licenses and permits?)

Step 10: Understand Employer Responsibilities. Learn the legal steps you need to take to hire employees. (And be prepared for headaches and potential lawsuits.)

I don’t know about you but those ten steps sound pretty daunting, sound like they could take months if not years to complete, sound like they’ll cost a lot, and that’s just to get started! That doesn’t even take you through the first 1-5 years of running the business until you break even, hit profitability, and survive.

What do you need to do to launch a high-tech, scalable start-up that has intellectual property and requires investments from angel investors or venture capital funds? That’s a pretty different ballgame from a small business funded by bank loans. You still need to write a business plan. You need to hire and put together a top-notch management team that has a track record of successful ventures – and hope you trust them and stay friends with them. You need to attract a stellar Board of Directors or Advisors and typically they will want to get paid. You will need to have “skin in the game” and work for “sweat equity” – translated, that means you will fund a LOT out of your own pocket and forego a paycheck for a very long time. You will probably work 20-hour days and work 7 days a week and not take a vacation for a few years and become a road warrior who rarely sees friends or family. You will need to have intellectual property, which means you have a lawyer and you’ve paid to file one or more patents. You need to have created something that has a very big market, you need to understand your competition, you need to be conservative with your valuation, and you need to settle on your term sheet… in other words, you will own less than you want of your company in order to get the money you need from your investors. And you will have to continue to dilute your ownership, which means losing control of your company, every time you go back for another round of funding. Oh, and you need to continually look for funding while you are building a company and finding customers to produce the revenue to prove to potential investors that your idea is viable. And finally? You need to sell your company – your baby, your idea – so that your investors make lots of money! Having been there and done that, this is not a route for the faint of heart and it is TOUGH on friendships, bank accounts, dreams, and families. Does it offer the potential for huge reward? Sure. But so does becoming a box office hit or a pro athlete. It is the exception rather than the rule and many more don’t make it than make it.

 

Business Consultants and Business Plan Writer Benefits

Business ventures, in their startup have a considerable amount of fear. The fear is of failing the venture and hence a considerable amount of capital, and in extreme cases, of going bankrupt. Business consultants have a very important duty of saving businesses from going bust right at the beginning. Since there is a lot attached with doing business than just money, there are employments and credibility too; hence business consultants help new startups passing through the rough.

Business consultants have the education and background to help entrepreneurs with creating professional strategic business plans.. Before anything moves forward, there is a substantial amount of paper work that helps entrepreneurs. First one being that they are able to clearly see their path and the second one is that when applying for business loan or equity they are asked to present a clear picture as to what they plan to do. Business consultants make such plans for a living; their expertise of having done this so many times at commercial level is very useful for startups.

Another reason why business consultants are useful is that they do not own the business and have no personal involvement. Hence they do not hold a bias towards it or against it as they are not its competitors either. That way, whilst making suggestions they can also present the business owners with useful critical information as to where they are lacking; or better yet, if the venture should even be worked on. Business plan writers bring both upsides and downsides in account.

Choosing a tier 1 visa business plan director, businesses ensure that they get in depth guidance about how to perform their business activities in a long run and on day-to-day basis. Simpler business plans might just contain detailed information about processes. But only a tier 1 visa business plan writer explains the roles and duties. This gives useful information about what kind of a person is suitable for what job. Here again, internal bias towards a person in a certain role gets eliminated as there is a chance a new businessman would incorporate a dead weight into the business due to relation.

Companies can make use of customer and public data available with business consultants. While there are some who would conduct a full market research for their customer businesses for a premium, there are some consultancies that simply use their experience for that matter and provide realistic insights to how ground realities work. A persuasive business plan requires plenty of home work to be done and business consultancies if chosen wisely can make a business huge success. A persuasive business plan helps startups getting funds either from banks or from share holders. Some companies employ business consultants on a long term and ongoing basis. The god thing in that is that they can amend their plans and documents on “as needed” basis. Business consultancies also help getting through legal hindrances.

 

3 Big Reasons People Fail Building Business Credit

There are three main reasons many people fail building business credit. The 1st BIG reason people fail, is that their business isn’t setup credibly in the lender’s eyes. The perception lenders, vendors, and creditors have of your business is critical. Before applying for business credit a business must insure it meets or exceeds all lender credibility standards. There are over 20 credibility points that are necessary for a business to have a strong, credible foundation.

To insure you are seen credibly, it is very important that you use your exact business legal name. Your full business name should include any recorded DBA filing you will be using. Insure your business name is exactly the same on your corporation papers, licenses, and bank statements.

Whether you have employees or not your business entity must have a Federal Tax ID Number (EIN) to start getting business credit. Just like you have a Social Security Number, your business has an EIN. Your Tax ID number is used to open your bank account and to build your business credit profile. Take the time to verify that all agencies, banks, and trade credit vendors have your business listed with the same Tax ID number.

Your business address must be a real brick-and-mortar building, deliverable physical address. It cannot be a home address, cannot be a PO Box and cannot be a UPS address. Some lenders will not approve and fund unless this criteria is met. There are Business Address Solutions available at companies like Regus including address only where you receive mail and packages at your dedicated business address.

You must have a dedicated business phone number that is listed with 411 directory assistance, under the business name, to successfully obtain business credit. Lenders, vendors, creditors, and even insurance providers will verify that your business is listed with 411. A toll-free number will give your business credibility, but you must have a LOCAL business number for the listing with 411.

Lenders perceive 800 number or toll-free phone numbers as a sign of business credibility. Even if you’re a single owner with a home-based business, a toll-free number provides the perception that you are an even bigger company. It’s incredibly easy and inexpensive to setup a virtual local phone number or a toll-free 800 number.

A cell or home phone number as your main business line could get you “flagged” as an un-established business that is too high of a risk. DON’T give a personal cell phone or residential phone as the business phone number. You can forward a virtual number to any cell or landline phone number.

Credit providers will research your company on the internet. It is best if they learned everything directly from your company website. Not having a company website will severely hurt their chances of obtaining business credit. There are many places online that offer affordable business websites so you can have an internet presence that displays an overview of your company’s services and contact information.

It is important to get a company email address for your business. It’s not only professional, but greatly helps your chances of getting the thumbs up from a credit provider. Setting up a business email address is just too easy and inexpensive to neglect.

The 2nd BIG reason people fail building business credit is that they apply using their social security number. Always apply first without using your social security number. Some vendors will request it and some will even tell you on the phone they need to have it, but submit first without it. Many don’t even know you can get approved without it.

When you apply using your SSN you almost always are giving a personal guarantee. One easy way to know if you have business credit already is if you obtained credit without signing for it and providing your SSN. TRUE business credit doesn’t require an SSN in most cases to qualify.

Business credit is using your EIN to qualify for credit. When you have enough credit built for your EIN, you can then get approved without providing your SSN. If you provide an SSN, your personal credit WILL be pulled in most cases. That personal credit will then be used for the approval decision.

Most credit issuers will approve you without your SSN if your EIN credit is strong enough. If your EIN credit is not good enough, you might be declined and they then might ask for your SSN. No matter what ANY credit representatives tell you, credit CAN be obtained based on your EIN only.

The 3rd BIG reason people fail building business credit is that they apply for credit in the WRONG ORDER. A business credit report can be started much the same way as a consumer report commonly is, with small credit cards. The business can be approved for small credit cards to help them build an initial credit profile. These types of initial cards in the business world are commonly referred to as “vendor credit”.

 

 

Why You Need A Business Credit Card

A lot of small to medium-sized business owners use credit cards in the course of business. The problem is, many make the mistake of using their personal cards. There are a couple of major problems with this:

First, if you use your personal credit cards for your business you are blurring the line between business and personal finances. The better separation you can achieve between your business finances and personal finances, the better off you will be. For this reason, a credit card in your business name is the best route.

Second, using your personal cards for your business puts your personal credit at risk. If the debt belongs to the business, shouldn’t it be on the business’ credit?

Most people don’t think this is a big deal until they run into problems and no longer have their personal credit to fall back on.

In one example, a couple in business together racked up over $100,000 of unsecured debt on their personal credit for their business. When the business’s income dropped, even though the business was at first able to stay afloat, the couple was forced to file for bankruptcy.

With their personal credit destroyed, they could no longer get credit to support the business–and the business went through some serious struggles as a result. The stress took a toll, and the couple is now divorced. Perhaps things might have gone differently if they had depended on business credit rather than their personal credit.

Maybe you’re thinking that your company won’t struggle, or that you don’t use credit cards much anyway. What’s the point, then?

Using a business credit card in your business does offer some real advantages aside from the two that were already mentioned. For example:

1. Streamline operations and automate expense tracking. Paying expenses can be much easier to manage with a business card, and reports can be generated monthly or annually in many cases to help categorize and analyze expenses.

2. Business cards have “rewards” programs too! If you have a lot of regular monthly expenses for your company that can be paid with a rewards card, you could easily get $500 to $1000 per year (or more) in cash rewards, or even free airline tickets if you use a travel rewards card.

3. Manage employee spending. Business credit cards can be set up to have spending limits for employees, which can aid in managing expenses for in-the-field employees.

4. Using a business card helps you build credit for your BUSINESS, which is of utmost importance in today’s economy.

As you can see, there are several big advantages to using an actual business credit card for your business.

A helpful hint for those wishing to establish business credit: Try to get approved based on your business’s creditworthiness rather than your personal creditworthiness.

This means avoid providing your social security number on credit applications for your business credit card. If you don’t get approved based on your business credit alone, then you can try applying and include your personal credit information as necessary.

 

The Roots of the Business of Coaching

The roots give trees their sustenance to survive. They also are responsible in anchoring them to be able to stand firmly to withstand storms and the challenges of the environment. Just as trees have roots, the business of coaching has its foundation too.

To better understand the business of coaching, let us understand what business is and what coaching means. Just to get a grasp of what business is, let’s consider one definition of business which is “the practice of making one’s living by engaging in commerce”. This is according to the definition by Google. On the other hand, coaching is a “training or development process via which an individual is supported while achieving a specific personal or professional competence result or goal”. This is according to Wikipedia. Coaching started and was very useful in the sports industry. Coaching made athletes better in performance and result better outcomes in achieving victory. Just as athletes benefit much in coaching, business and coaching are now interconnected. Business coaching started as a way of guiding leaders in fixing things that they cannot do themselves. In the end, the leaders develop good business leadership through the experiences and advice the business coach provide.

Currently, almost all individuals capable and skillful enough to provide business coaching are given the chance to coach. Business coaches may include ex-chief executive officers, managers, or those in line with the science of psychology. Given their field of expertise, they offer different approaches in guiding their customers. There are plans of standardizing the business coaching qualifications as of the moment but these steps are still far from being realized. It has been over two decades that the private and public sectors of businesses benefit from the business of coaching and researches are made to prove its effectiveness and advantages for the clients.

Having the roots of business coaching dug up, let us tune things in fast pace and see the excellent results brought by the business of coaching. First is the increment in employee productivity. It encompasses leadership management and retains high-potential employees which has good effects in business improvement.

Business coaching is currently gaining revenues in many countries. It is undeniable that it really plays a vital part in the business world. And so it is worthy to know where it is deeply rooted. The business of coaching is characterized by management and positive reinforcement and a touch of psychology. It also features collaboration, emotional intelligence and interpersonal relationships. Business coaches are then expected to fill in gaps in the skills of new leaders.

In as much as business coaching gets famous and credits nowadays, the topics regarding its standard processes are elusive. Very few business coaches document their ways of coaching a business leader. Some speculate that when the time comes that they finally collect their thoughts, the business of coaching will meet standardization. The business of coaching has many effects to many leaders. It has positive effects and promotes change in behavior of leaders. Due to these claims, efforts are made to be able to evaluate how business coaching improves business performance. The roots are now bringing up its fruits for the advancement of business.

 

How to Start a Plumbing Business

So, you want to start a plumbing business. This could be a terrific decision, or, it could be the worst idea ever. Starting a plumbing business, or any business really, involves a certain amount of structured thinking to put everything in place, and making sure that you have thought of everything. By following this strategy planning process, you will have covered all the important aspects of getting your planning and strategy in the right place, and this will make the starting of your own plumbing business some 450% more successful.

The Strategy Required to Start Any Business

Starting a plumbing business, a bakery, or a high-tech company all requires the same basic thinking strategy. To remember it best, use the EASI acronym. In this case, E stands for emotion, A for achieving a win, S for simple and straightforward and I for the implementation.

Everybody wanting to start a business should be aware that it is going to involve plenty of challenges, hardships, stress, worry, and a multitude of other issues. The process of starting a business has often been likened to jumping off a cliff, and building an aeroplane on the way down. It will mean sleepless nights, long working hours and the unwavering support of family and friends around you. This is real, and the reason so many start-up businesses fail.

The first step, therefore, is to examine the reasons that you want to start the business in the first place. This involves an examination of the emotions, or feeling behind the rationale of starting your own plumbing business. Everyone will have their own reasons for wanting to start their business. It may be as a last resort as they are unable to find employment in the field, it may be that they hate having a boss, it may be that they want to become extraordinarily wealthy. Whatever the reason, it is essential that the owners of the business, if there are more than one, are aware of the strength of their emotions regarding the venture. This will determine the power of the motivation, the real forces behind the venture, and, with the aid of a skilled consultant, allow the prospective business owners to determine if their vessel will survive the storms on the ocean, or if there needs to be some additional emotional management included.

The second item speaks to the vision, or goal of the organisation. A prospective plumbing business may have as its goal to be a loss leader and therefore a tax write-off. It may be that achieving a win with the business would be familial survival, or putting children through school. Either way, all the owners need to be able, collaboratively, to understand what the goal is and to have a combined vision of the business that everyone can buy into. Without this shared vision, any subsequent planning and strategizing will ultimately be negated and sporadic, with everyone involved having different goals and aims, instead of pulling together in the right direction.

Keep Things Simple and Straightforward

It does not take any real skill to make things more complex. The real genius in any situation is to make things more simple. This line of thinking is propagated by all the top entrepreneurs such as Richard Branson, Bill Gates, and Elon Musk. Albert Einstein often used to say that if you couldn’t explain a thing to a six-year-old, you didn’t understand it yourself. In light of this strategic thinking, the next piece of advice is to keep all your plans and strategies simple and straightforward. Set a goal that everyone involved, all the stakeholders, can buy into. See where you currently are, and plan a way to get to that goal that all concerned can understand, appreciate, and take ownership of.

The final step in setting up a new plumbing business is to implement the strategy. Without a rigorous implementation strategy and plan, all the goal-setting and personal examination of business vision and motivation will just become a distant wish. Implementation plans fall into five basic categories; overall business strategy, financial planning, human resources and communications, sales and marketing, and project management. All businesses must be able to conduct planning with respect to these five regions of business expertise in order to be successful.

Implementing Your Plumbing Business Strategy

The first step in initiating the plan within all the five sectors that need examination is to complete a real, practical, and genuine business plan. Having gone through the initial strategic thinking process as outlined above, compiling an overall business plan should be relatively easy. Nevertheless, failing to spend sufficient time aligning a business plan to the strategy will mean that the business is also likely to fail, because one of the well-known factors in determining business success is that more than 80% of successful businesses have determined their overall strategy in detail, aligned the business plan, gone into each aspect of the business plan in detail, and repeat this strategic thinking process regularly amongst all the stakeholders.

Once the business plan has been compiled in detail, with all the necessary inputs being not only realistic but pragmatic as well, then the detailed considerations in each of the five business aspects can begin. This should dovetail with the business plan, but expand on the details simply stated in the plan to some extent. In the case of a plumbing business as we are considering here, some of the parameters in these five aspects of the business will be examined. Not in an attempt to intimidate any prospective plumbing entrepreneurs, but rather in an attempt to illustrate the importance of this strategic thinking process, and the reasons why it should be conducted in detail, and why utilising effective and experienced business consultants will not only increase the chances of success, but probably save substantial money in the medium to long term.