5 Building Blocks For A Successful Startup Enterprise Business

startup busOne of the first things you should know before starting any business is whether or not there’s an interest in your idea. Without any interest in your idea, it will likely be very hard for you to succeed. This is why many enterprises start small with an idea for a new product and/or service.

Always keep in mind that once you’ve generated some interest in your idea, then the fun begins and this is precisely why researching and finding out whether your idea has already been in the market for some time may well save you a lot of grief later on. It’s also during that initial research period that you uncover competitors, mentors and others who have worked on similar ideas.

Online groups and organisations offer a wide variety of services to help launch your business and don’t forget that financial concerns should of course be included in your initial research. You should focus in on accessibility, usability and promotion. So, let’s break this down:

Initial Strategy – Formulating Your Idea

During this phase you’re basically brainstorming how your idea fits in with what’s already out there either on the Internet or physically out in the world. Your strategy is to focus in on what your product/service will look like, if there are any similar products/services and what resources you can tap into that will help you to launch your product/services. Focussing on what need(s) your product/service will address is only one way to prepare for a successful enterprise. This phase is also when you find out whether or not there will be any interest in your product/service. It’s very important to do this now.

Researching And Finding Mentors

Once you’ve brainstormed and focussed in on where your idea fits, you can then reach out to groups and organisations that provide those services. Mentors offer both support and vital information for you. Joining groups online, for instance forums or membership programmes with active communities can help you navigate the waters when you’re ready to establish your online business. Excellent business tools are available for anyone starting a business online. Overall, mentors can provide a solid sounding board to let you know what worked for them and what didn’t.

Working On A Business Plan – Strategy For Success

Every business should have a solid business plan in place before startup. Your customer will want to see how your product works, what services you will provide and how you’ll provide them. A good coach will help you strategise what you need to start your online business. He/she should outline what you need for your business to succeed such as financials, mission statement and/or motto and of course how you’ll go about promoting your product/service to the public.

Decision Time – Online Vs Physical Locations

Many enterprises have decided in recent years to concentrate on their online business because it’s more versatile overall and can be quick-and-easy to use with the right CRM platforms. Online businesses also draw many who don’t visit physical stores, not to mention that the cost of starting an online business is comparatively less expensive than opening a physical location. Once you’ve worked on a business plan, you then need to decide if your business will be strictly online or will open physical locations. Physical locations are obviously more expensive to maintain but they provide needed jobs to your local community.

Establishing Your Online Presence – Your Big Day

You made it! Excitement mounts as you prepare for your big day. There are some things you should consider before pressing that button to launch your website and/or open your first store. Many online and physical stores fail in the first year. There are various reasons for this statistic, of course. One of the most popular reasons is ill planning. You need to make sure that your website says and does what it says it will do. Your promotions need to be on target with the audience you want to reach with your product/service. You need to be able to recover and adjust for unforeseen circumstances. A good coach will help you to find the resources you’ll need to ensure that everything is up-and-running before the big day and you must always remember that you must keep any promises you make to your customer. Successful enterprises delight customers with their exceptional customer service, day in and day out!

A successful enterprise, whether it’s online or physical, provides customers with a truly outstanding service that makes them want to come back for more. Following the above building blocks will go a long way towards ensuring your business is successful.

If you’re reading this as an established business owner … what tips would you add?