STEPS TO START A BUSINESS SERVICE
Developing a successful turnkey business service often is not as complicated as it may seem. However, you need to have a number of key attributes in order to be successful…which are not dependent on having a big bank account.
- Talent – when you start your new business service, make sure it utilizes your key talents. The more you leverage your God-given talents with experience, the more successful you will be
- Passion – a successful business owner has a high level of passion for their business to the point that their business creates a sense of joy vs. doing tedious work. “Knowledge gets you into the game, passion always wins it”
- A Good Idea – The Boston Consulting Group, a management consulting firm, coined the concept of the “cash cow.” A “cash cow” business is how you want to frame your business. It has these characteristics: 1) is in a growth-directed market… 2) has good profit margins… 3) does not have an excessive amount of competition
- A Good Business & Marketing Plan – this will contain your company’s U.S.P. (Unique Selling Proposition), new business development programs, financial data, a vision for growth, and many other integrated business variables
- Execution – in order to win in your business you need to accomplish your pre-determined goals—without any excuses. Your goals need to be precise and measurable—for how can you manage that which you cannot measure? One of the key elements of your execution plan is your ability to attract and keep customers. The vast majority of businesses go out of business for only one reason…lack of customers