Top 4 Business Essentials

Getting started in business is a big step that involves a whole new set of skills, knowledge and way of thinking, way beyond the service or product that you’re offering. 

And if you want to be successful in business, there are four things that are an essential part of your growth platform:

  1. A passion for/belief in what you do
  2. A clearly defined niche (your specialised market)
  3. A business plan 
  4. Systems and processes to deliver your targeted products/services to your niche.

Why passion? 
If you read my blog about being authentic in business, you’ll see that being truly passionate about what you do has a cascading effect in all areas of business. It builds trust in your customer, it proves you as a strong role model who leads by example, and it ensures your commitment and dedication to ongoing learning and client satisfaction (to name a few). 
What’s a niche?
A niche is a special part of the market that you occupy; an example of a ‘market’ is a toy shop.  A particular type of customer goes there – usually children.
A niche within the ‘toy shop; market is a shop that specialises in second-hand board games. A specific type of customer goes there, such as an older person who collects memorabilia.
Why is it important to define a niche?
Because you can more clearly define or identify:

  • the needs of your customer 
  • the messages and images that will attract that particular customer
  • where your market is (local, international, within specific clubs)
  • whether you can charge a ‘specialty’ price

You can also set yourself apart from competitors more easily by offering a unique service (by the way, ‘personalized service’ is not a niche).

Why plan?
This is ‘Coaching 101’. Achieving success starts with a vision (what you want and why) and a progressive series of SMART goals to get there.
Think about treating your business like you would treat a holiday.
Option 1: you could just suddenly pick up ‘go on holiday’ because it seems like an exciting idea, then you wander aimlessly about….or
Option 2: you could plan your holiday: work out a destination (your vision), figure out which season to go in, organise time off work/school, book a flight, pack the right clothes, find a dog-sitter and get a friend to collect the mail.
Which is going to work better for you?
Systems and Processes – what are they?!&
Imagine you are a standard size 12 in clothes, and you want to buy four of the same dress in different colours. 

When you try those dresses on, you want them to all to fit you, right?
How frustrating would it be if one dress was too small in the bust and another too broad in the shoulders!
How would you feel about that brand – would you want to buy it again? Would you recommend it to others? Would you trust it?
Systems and processes are simply standard ways of doing things. 
Just like the pattern for a dress, systems and processes offer a way of: 

  • creating consistency and accuracy in your business
  • training staff so they do things the same way/deliver a replicable product 
  • increasing your customers’ trust in you and your services/products
  • delivering value for money avoiding costly mistakes.

Some business owners have a good understanding of these aspects. 
But about 90% of businesses don’t have a business plan. If you need help getting started, our Business Mentoring service may be of assistance – contact us for more information.