How to Start a Business

These questions will help you plan and promote a business. 

Peter Drucker recommends answering these questions: 

  1. What is our mission? 
  2. Who is our customer? 
  3. What does the customer value? 
  4. What are our results? 
  5. What is our plan? 

Use these questions to write a one-page business plan:

  1. What is my unique selling proposition? (Or what promise will I made to my target audience?)
  2. Who is my target audience? (Who do I want to serve?)
  3. How will I promote (market) my business?
  4. What are my startup costs?
  5. What is my backend offer? (higher value, higher priced service or product)

Remember:

Take responsibility:

Once you decide who you want to serve, you must take responsibility for them. You must become your clients’ trusted advisor. You must have their best interests in mind. 

For example, if you start a lawn-care business, you need to learn as much as you can about plants and landscape architecture. The more knowledge you have the more your target audience will view you as a trusted advisor.

Listen:

Listen to you target audience. Make sure you understand what they expect, need, and want. 

Provide longterm value:

To succeed in business you have to provide longterm value to your clients. If you start a coffee roasting business, you could develop information products like a newsletter that would provide health information related to coffee and other drinks. 

Start:

Pick an idea and try it out. Starting will enable you to learn and improve as a businessman or businesswoman. 

Learn from your mistakes

The greatest business leaders of all time experienced failures and made mistakes. But they learned from their mistakes. They went on to make better business decisions. 

Resource:

I recommend this book on customer experience: Excellence Wins