6 Things You MUST Have In Place Before Starting A Business

Before you begin any business you want to be absolutely sure it has the potential to be successful, right? It doesn’t matter if it’s a big corporate business, a clothing boutique, a coffee shop or an MLM business. If you want to be sure there’s a chance for success, make sure you have six basic things in place, starting with these three:

  1. The Problem: Before you start your business, make sure there’s a problem in the area you’re servicing. I know, it sounds somewhat counter-intuitive, but the truth is, unless there’s a problem, there’s no need for your business. Selling 3 armed T-shirts is a very cool idea, but unless there are a lot of three-armed people wanting t-shirts, there isn’t really a problem that you’re solving, right? Take a few minutes right now to identify the actual problem your industry/business is solving.
  2. The Solution: How is your specific business solving this specific problem? Why do you have a coffee shop on that particular corner? What problem are you solving there that nobody else is? How is your specific vitamin line solving a specific problem that others aren’t solving? How is your solution unique and innovative? How does it make you stand out from the crowd?
  3. The Demand: Are people actually actively seeking a solution for the problem you’re trying to fix? You may have the most amazing long-distance program, but if no one is actually looking for an alternative to what they have (sometimes the bother of switching is more than the new program is worth!) there’s no demand, and you will fail.

It’s tough, when you’re all excited about your new business venture, to listen to reason and work through these questions, but if you don’t do it right from the start, you’ll find yourself wasting unbelievable amounts of time and money to get your dead horse into a race it can’t win. Make sure you have the answers, and make sure you can verify that you’re being completely objective with your answers. Run them by someone else before you commit any time or money to setting it all up.

Once you know you are solving a high-demand problem, you need to look to the next 3 business fundamentals:

  1. Stand Out: unless you are truly and amazingly unique, you must find a way to stand out from the crowd. How is your coffee shop different from the other Starbucks copy-cats out there? How are your vitamins unique?
  2. Offer Exceptional Value: If you’ve managed to stand out tell me how you’re better? What exceptional value do you add to the equation? Why would I want your insurance over my other options? Why should I shop in your boutique instead of Walmart? And remember, it’s not always about price. What is so valuable about what you’re offering that I will do whatever it takes to come to you instead of going to someone else? What makes you attractive to me?
  3. Communicate: If the first two are in place, how are you communicating that message? How is your message so strong and compelling that it drowns out your competition? How does it single me, your ideal customer, out from the crowd of advertising messages and get me to listen to you, specifically? How does your message “call my name” as it were? Can you explain what you do to someone else quickly and succinctly in a way that compels them to ask for more information?

If all six elements are in place, you are well on your way to creating a business success. If anything is missing, you need to get to work on that right away!