Photo by Alejandro Escamilla on Unsplash
As I become a bit more popular within the small business world. I am often asked about how to start a business that will instantly be successful. I quickly tell them that you will struggle, more or less depending on a few factors:
- Lack of diversity
- No vision
- No focused market
I would be here all night explaining reasons why. So let’s look at an example:
Banking: when I was working at a bank, I saw that most banks have the marketing aspect down but over time as the audiences change but the company vision and or mission doesn’t. Meaning that their core mission or vision lacked the things above.
Knowing who you want to target, the market you want to be part of and a 5-year minimal vision will ease the worries. I always tell others that I can not help you if your vision is just to make money. You have to be invested in your goal for the long run.
No business is safe from failure. It takes one recall, lousy advertisement or even selfish CEO to turn large-cap companies flat on their back.
Instead, think of more productive questions.
- What kind of company do I want to run?
- Do I have competitors?
- What is a SWOT analysis, how will this help me?
- Do I want to form a startup or traditional company?
- Investors or no investors?
When you can answer and see above and beyond the profit margin are you ready to start. You will need ALOT of patience.