Modern Business Magazine February 2016 | Page 12

MODERN BUSINESS 7 Steps To Creating A Kickass Business By Justin Fankhauser Q uitting your day job to start up your own business venture can be a scary – and daunting – process. Statistics show that 50% of all new businesses fail within the first five years and only 3% of those remaining ever make it to the 10 year mark. Given these statistics, the odds are stacked against you, for sure – whether you realize it or not. I get asked all the time how to get a strong start in business. People want to know what the secret is. They need that magic bullet of absolution that their business won’t be the next to fold. The truth is, there is no secret. There is no magic bullet. The reason that the vast majority of businesses fail is due to simple lack of planning. Now, I’ll be the first to tell you, there are many, MANY details, steps and stages that go in to getting a business off the ground. There is no ‘one size fits all’ approach to getting it done. What worked for someone else may not help you at all. However, I’ve created a proven strategy to help new entrepreneurs avoid common pitfalls associated with failed business ventures and put them on the right track to 12 ModernBusiness February 2016 starting a kickass business of their own. 1. Have a detailed business plan. A wide man once said, “Failing to plan is planning to fail.” When it comes to starting a business, this statement is golden. Even if you have no experience owning a business, do not go into it blind. Read everything you can on the subject – books, blogs, articles. Talk to business owners you admire and ask them for advice. Then, take what you’ve learned and outline a solid plan that incorporates all your goals into a concise strategy. Businesses plans are as varied as the businesses themselves, but should always include the same basic information, such as: • Business Overview • Goals • Budget • Operating Strategy • Target Market and Marketing Strategy 2. Start part-time What? But the idea is to leave your day job and become self-sufficient with a business of your own, not just make some sort of part-time hobby out of it, right? Exactly – but you have to work up to that point. There are so many things you can’t be sure of when you first start a business and the biggest uncertainty is whether you’ll generate any income at all. Quitting your main source of income before your business takes off puts you in the fast lane on the road to ruin. Not only do you have no income to