1- Develop your idea fully by understanding the content of your business in detail. For example, to start a construction company, you must have a firmly in depth understanding of construction. This understanding will be reflected not only from an educational, licensing sense, but also a real-life experience, knowledge-based standpoint. Since people learn in different ways and in alternative methods, it is necessary that you apply your education of field experience with your education in the classroom to establish what the optimum result for you will be.
2- Just because you think it is the right time to start a business, be patiently opportunistic in proceeding with a full-scale implementation. Just because you think it’s the best time for you to start a new business, there are many economic indicators you should review to determine if the marketplace agrees with you. Remember the more need in the marketplace is for your business to enter it, the greater your chances of filling a marketplace void with your business. Also, if you test the waters on family, friends, and respected business professionals first, as to your plan of action and timing, you will receive the most lucrative advice of your new business life, while not costing you a penny. In short, timing for a new start up is critical and sometimes the very best investment in your idea for a new business, time or money is no investment at all.
3- Assuming you have passed the items #1 and #2 listed above, the last challenge for your new venture company is to develop an objective and fully vetted business plan. Since we are all eager and enthusiastic when we start a new venture, it is very important to not allow your emotions and optimisms cloud your judgement or the facts. Ask yourself the hard questions, analyze and impose stress tests on your new business idea to ensure that even if in the worst of times your business can still survive. This approach will better guarantee that in the best of times your business model will thrive. Do not strive to create a good business. Create a great business so that even in the harshest of business environments, your business will flourish.
- Principal & Founder, Cole D. Haynes