Idea. Logo. Website. SHAZAM! The majority of new business owner, who do not require outside funding to launch, that I talk to have the same thought process, once they solidify their idea they want to create a logo, build a website and then expect the magic to happen. Fast forward six, twelve, or eighteen months and although their business has experienced some small successes results are overall mediocre. The business owner is frustrated, feeling stuck and starting to question whether or not their business has a chance at real success.
The problem, in most cases, isn’t the viability of the business it’s that the owner doesn’t know what they don’t know and therefore hasn’t put in the work to build a solid foundation for their business to grow upon. Because they are working hard, in many cases TOO HARD, they feel like they have tried everything.
One advantage that businesses who require startup funding have over small businesses who don’t is the work that goes into the business planning process. The process of defining their strategy, really refining their audience, the work that goes into building a business model is truly the difference between success and failure.
If you know you haven’t done the work to create a winning strategy here are 10 key questions to answer:
- What is your vision?
- What will you achieve?
- Who will you serve?
- What critical issue/need do you solve/fulfill?
- What is your competitive advantage?
- How will you make money actively? Passively?
- Who is on your team? What are their responsibilities for executing the plan?
- What systems and processes do you need to execute your plan?
- How will you attract customers?
- What is your sales process from interest to sell?
If you need direction, information, and ideas we are happy to help! Schedule a complimentary 30-minute discovery session to see what consulting services are right for you.
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