Creating businesses and structuring business models can lead to successful careers, financial success, contentment, as well as act as a catalyst for success in other areas of life. Every step along the road to success requires balance of spending, saving, and (hopefully) making money.
At the beginning, you may need to work another job to help finance your start-up. For example, finding a side-gig as a bus driver to make money while you are in the research phase of pitching to investors. In that instance, some important considerations are:
- How much money can I make working as a bus driver part-time?
- Are there other benefits like do bus drivers get cheaper car insurance?
- Will the bus schedule leave time to meet with investors?
Some great ideas turn into successful businesses while others turn into side-hustles. Many great ideas are found in the products and services we use today. Then there are the ideas that have been tweaked by others to create similar businesses but with subtle changes that have led to other profitable niches.
Consider Microsoft, for example. They are at the forefront of brilliant ideas that paved the way for other successful similar business models currently in use today. Look at Starbucks and the number of coffee shops that have popped up worldwide based on their example.
Have you ever seen a new invention or product and thought, “Why didn’t I think of that?” You aren’t alone. We are all full of great ideas — some come in the moment, and some are for the long-term. But what separates ideas from thriving businesses is us acting on them.
As an entrepreneur and small business owner, I have started several small businesses since the mid-nineties. All have been small, but not all were successful. But they all taught me valuable lessons about business, finances, and life in general.
The biggest lesson is to always follow your passion. If you don’t live your dream, then you will never quite reach your goals and will be happy settling for less than what may be possible.
You have a great idea, but now what?
So you have a brilliant idea that will rock the world, do ya? You are certain it will make you rich and get you tons of accolades, but you aren’t sure where to begin.
You may not know how to get the idea out of your head and put into action. But the important thing is that you do! The world may be a better place because of your brilliant idea, Don’t let someone else think of it and act on it first.
Thankfully, you are not the first wanna-be business owner. Look at every business ever started, both successful ones and those that failed miserably. Consider every mom-and-pop shop that was created on a whim and a shoestring budget. Remember that everyone who has come before you was once in your shoes.
There are many steps to creating a successful business and taking your idea and turning it into a reality. The first step is creating a plan of action. You do this by talking to other CEOs, asking them what being a CEO means to them, and learning from their experience.
Best Advice for New Business
Some of the best advice from CEOs that I have ever gotten in business is to do your homework. Don’t dive in until you have tested the waters first. This means researching to see if it has been done before you and looking at other business models to see the earnings potential.
Recognize the amount of work it will take, and determine if there is a need for what you are proposing. There is no need to create a new path if one has already been paved before you.
Don’t leap without a parachute. Many CEOs will agree that hindsight is 20/20, and they wish that they had known then what they know now. Take their advice and build on it. The point is to listen to their advice, and don’t discount it as being out-dated or silly.
Ask professional business leaders about their successful habits incorporated into a business that has led to their success. Then implement them into your routine.
Take the Old and Make it New
If you are looking at successful business models with the hope of getting some guidance and direction for your new business, then you are a brilliant business owner. Again, there is no need to reinvent the wheel here.
Take an existing business model that was used to create a successful business, and tweak it to match the mission and vision of your proposed business.
Look at several successful business models, and pull ideas from each to create your business model. They don’t have to be businesses in the same field or niche; they only have to be successful.
Once you have formulated your business model, it’s time to write your business plan and get the ball rolling. This plan is one that you will present to potential investors and business partners. You will also need it when you structure your business to determine the best options.
Fill a Need with Your Business
Make sure that your business is filling a current need to ensure its success. If there are twelve different coffee shops in your small town, the likelihood that they need another one is probably zero.
Define the need your business will fill. Identify the customer need and how you will meet that need. Then figure out your target market. Find the location for the majority of your target market and consider setting up shop in that area if necessary.
Plan to take your services/products to the customer. Don’t expect the customer to come to you!
Market Your Idea
Once you have figured out the why, what, and when of starting a business, you are ready to figure out how. This is where talking and planning meets the road. It is also one of the most expensive parts of your journey into business.
You may not have a huge marketing budget to start with. But if your idea is as great as you think it is and the need is just as great, then investors will listen to your pitch. Ask for appointments, take your new business plan, couple it with your passion for your mission, and go pitch it over and over until you find someone ready and willing to help.
There will be times when you feel like it’s useless, and you want to give up. That’s normal. But keep pushing. Much of the success in business comes through the trials that carry you to the top of your game. Giving up when it gets tough will not bring you the success you want.
Robyn Flint writes for the auto insurance comparison site, 4AutoInsuranceQuote.com. She is a licensed realtor, blogger, freelance writer, and a published author. Robyn is also a founding partner of a real estate rehab company and owns two small sales businesses.