3 Key Ingredients to Starting a New Business

So you have a great desire to create some wealth for yourself and start your own business. This article will outline 3 key ingredients that will increase your chances of succeeding in your new business.

These ingredients apply, no matter what business you are going into, whether it is a coffee shop, building / renovation business, setting up as an internet marketing consultant or any type of retailer, your success will come down to 3 really simple things you need.

You need to have some “experience” in that business, the drive and persistence to cope with the ups and downs of any business or simply “the motivation” and you to create a simple business plan on what I call the 5 W’s of a business (who, what, why, when and where to set up and manage the business).

1. Experience

Before starting any business it is essential to have some knowledge of that business. Learn from other peoples experience (good and bad) in any business, starting a business from scratch with no experience will drastically reduce the odds of you succeeding.

There is a basic principle in most of the very successful businessmen, they have “modelled” their success on other successful business or people.

Go and get any job in the type of business you are targeting – even as the kitchen hand or mailroom boy you will learn more form this experience than years of studying the books on how to run a business.

2. Motivation

You need the passion, desire and motivation to become a business owner.

Imagine everything you have ever accomplished in life already. Whether it’s graduating from university; or passing an examination at school; getting your driver’s permit; getting married or maybe purchasing your very first car, you have needed some passion desire and motivation to achieve any of these life changing events. Going into business is no different.

What ever that is, you need to have a good deal of motivation as well as perseverance. There will always be the ups and downs, others hard times and also some challenging days. I call them speed bumps.

However it will be worth while journey if you find something you love, something you are good at and there are customers who need what you provide. All these things with high level of motivation will be one of the essential ingredients to a successful business.

3. Step By Step Plan – Basic Business Knowledge

You will need to establish a basic business plan (see my previous article on this – “Plan for Success and Start the Year With a Quick Business Review Plan”) In the business plan you will need to answer the 5 W’s – who, what, why when and where. You will then need to outline the steps you need to take to implement that business plan. I always use lists and set out the priorities of what needs to happen first.

Set up a separate note book with these lists so you can refer to the actions you need to take and mark them off as you go. Using these techniques you will establish the step by step plan on establishing your business. Setting up your business will always be easier if you have the motivation, desire and a step by step plan.

For me these are the 3 basic things you will need to start your own business. Yes you will need money, you will probably need staff, you will probably need some business premises and many other things, however without these 3 ingredients your chances of succeeding in any business will be greatly reduced.

George Birdsall provides project management and client advisory services to clients ranging from home owners to multinational corporations. He has been involved in the building industry for over 35 years and uses his experience and wisdom to plan and manage these projects to SAVE TIME and MONEY for his clients.

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