There are a lot of factors to consider when starting a business. Primary among these factors are what has commonly been referred to as the three “P”s – Plan, Prepare, Persist. As the business owner you are responsible for eveything that happens in that new business and all decisions are yours to make, so it follows that you must utilize every tool, strategy and resource that will enhance your ability to operate the business efficiently and effectively with an eye towards ultimate success.
The first of three ‘Ps’ to utilize is Plan.
After you have selected some ideas from your brainstorming to base your business around, the next step is to create a plan of attack. List all that you think you’ll need before your business starts.
What will your ongoing expenses be? Factors may include rent, utilities, permits, licensing, legal fees, inventory, staff, design, marketing collateral, mailing lists, software, advertising and more. Get as much as you can down on paper and set deadlines to get things accomplished. In every business there is goal-setting (or should be) and every realistic goal has a deadline. This will allow you to evaluate your pace.
The second of three ‘Ps’ to utilize is Prepare
Once you have a plan, you must implement it by working in accordance with the steps set forth in that plan. Preparing to start a business can be a lot of work. Tasks may include getting an identity designed (or logo), creating business cards, brochures, web sites and other marketing material, consulting with CPA’s, lawyers, and HR professionals, in some cases finding and renting or buying a storefront or office, furnishing the business space, getting utilities in place, receiving and organizing inventory, getting a database for your customers and leads and any number of other tasks.
By running a home business, some of these steps will already be taken care of, yet opening a business of any kind can be an enormous task. While planning your business make sure to leave plenty of time to get it up and running. Better to plan your setup time too long than too short and finding yourself running out of money.
The third of three ‘Ps’ to utilize is Persist
This is the most important step of running a business. Without persistence, you won’t even be able to finish your business plan. Hang on like a pit-bull. When the going gets tough, get tougher. Have worst case scenario plans to fall back on, as well as best case scenario plans.
Some businesses become over-night successes, while others take a year or two develop. Along the way there will be occurrences and events that will have an effect on your business. If it’s based offline (brick and mortar), you may experience power-outs, acts of God (hurricanes, floods, snow storms, etc.), acts of the local municipality (tax increases, license rate changes, highway construction & repair, etc.), and a host of other changes that could cause you to lose momentum, if not money.
But the one thing you must have is focus on your goals. If you plan, prepare and persist, you’ve got a very good chance of business success, because you would have a foundation upon which to build.