Have you ever wanted to open your business, but didn’t know where to begin? According to Arunas Chesonis, CEO of Sweetwater Energy in Rochester NY and expert entrepreneur, there are four ingredients for starting a successful business: experience, planning, funding and teamwork.
Experience. Before you start a new business, you need to understand how a business is run. Apply for internships or volunteer at an organization and put in quality effort. Take time to learn from those around you and understand the ins and outs of the industry. By working in the field of business ahead of time, you will make meaningful connections and gain valuable experience, setting yourself up for future success.
Planning. When it comes to starting a new business, you cannot just wing it. You need to construct a detailed plan and answer these fundamental questions:
-Who is my target market/audience?
-What exactly do I want to do?
-When will I launch my new business?
-Where do I want my business to be after 1 year? 2 years? 5 years?
-How much will it cost?
You should also come up with a justification for the new business. What niche does it fulfill? Why should people use your product or service over someone else’s?
Funding. Once you figure out how much starting your business will cost, you need to figure out how it will be funded. Can you afford to fund the project yourself or do you need investors? If you don’t have enough people to invest in your idea, you can also investigate small business loans. There are plenty of funding opportunities available it’s just a matter of finding the best option for you.
Teamwork. Creating a team of smart and dedicated individuals will be necessary to help your business grow. Working with others can be a challenge, so make sure you pick your team carefully. Choose trustworthy people that are smart, dedicated and passionate about the business you are building together. Make sure you and your team brush up on their interpersonal communication skills and go into every meeting with an open mind. You want to establish a strong, upbeat and conflict-free environment from the get go.
Learn more about starting a business with Next Step Academy’s Entrepreneurship course!