Why Owning a Business Is Like Building a House.
In both cases, you have to start with the foundations, which in this case is your product or service. Then you need walls and a roof (marketing), and finally you can decorate (customer service) or add on to it over time. If you don’t have a good foundation, your business won’t last. And if you don’t know how to build one, it can be difficult to make the leap from part-time entrepreneur to full-time business owner. So how do you know if your business is built on a strong foundation? The answer is simple: If you’re working a lot of hours and not making any money, your foundation needs some work.
Building the correct foundations to your business are crucial to help you grow a sustainable business. Setting up these foundations are often overlooked and should be considered an integral part of your overall business strategy. The foundation process will allow you to select the correct marketing strategies to reach your audience, establish your brand value, optimise your assets and reach new people. If you skip this step, you may find it much harder to make a good sustainable income and it may take you a lot longer to reach your desired goals and grow your business.
These following steps will help you build a strong foundation.
The first step to building a solid foundation is making a plan. You should have a good idea of what you want your business to look like and how long it will take you to get there. This isn’t just about making money—it’s about creating an environment where you can make money without working so many hours that it takes away from the things in life that are most important to you (like family and friends). You need to look at all aspects of your business from your strengths and weaknesses, your unique selling point to your goals and vision.
The second step to building a solid foundation is getting your finances in order. This doesn’t mean you have to be rich, but it does mean that you have to have enough money coming in each month to cover all of your expenses and still leave some left over. Look at your products and services and work out the volume of sales needed to meet your target income. Is this even achievable with the resources and time available that you have? For example if you're a photographer, at your current prices, how many weddings a week would you need to shoot to achieve your desired income? Then ask yourself "is this achievable?" Remember you don`t want to become a busy fool! If the answer is no then you may need to reevaluate your profit margins and look at either increasing your prices or decreasing your overheads.
The third step to building a solid foundation is creating systems. Systems are the backbone of any successful business, and they ensure that you have time to focus on what’s most important: growing your business so that it can support you. Once you know what your goals are, how much money you want to earn, and how many hours a week it will take to achieve this, the next step is creating systems. Systems allow you to get more done in less time so that you have more time for growing your business. In this step, you'll want to create systems for everything in your business. From setting up a website with an eCommerce store, to creating a branded email marketing campaign that converts sales into cash. Systems ensure that the tasks you need to do on a daily basis are streamlined and automated so that you can focus on doing what only YOU can do best—growing your business!
The fourth and final step to building a solid foundation is to get organised. No business can thrive without proper organisation, but it’s often the last priority for many small business owners. Organisation is the key to success. It helps you stay on track, allows you to easily find what you need when you need it, and ensures that your business runs smoothly all year long!
All of these steps are important, but if you don’t take the time to properly plan and organise your business, none of them will have any lasting impact.
If you’re ready to get your business off the ground and build a solid foundation that will support your success for many years to come, contact me today! I offer a wide range of services designed to meet your needs, including writing your business plan, how to market your business to the right people and stand out from your competitors to adding income streams to your business (Passive income). I`m here to help you achieve financial freedom, and much more.
If you’re ready to take your business to the next level, let me show you how!
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