🇬🇧 8 steps to start a successful business

Anyone who starts a business is an entrepreneur. But as you, wisely, want to know the best way to become an entrepreneur, I will give you some tips, thinking that you neither have a business idea nor are you a born innovator:

1. Observe your experience, both professional and customer experience. From now on, always have a notebook, physical or virtual, in hand. And pens, in case you use a physical pad. Until step 5 everything happens simultaneously.

2. When looking at your experience as a customer, think about what you could do differently from what exists in the market and that has potential for acceptance both locally and regionally and globally. Yes, if you want the best way, think big from the start. Think that one day your business may expand to other countries. Personal experience is useful for you to see what you would like someone to do differently in the market according to your experience as a consumer. This covers products and services. Observing the unmet needs of friends and close people is another possibility to open your mind to new possibilities. An example: pet friendly hotels in Brazil do not offer quality services to receive cats (many barely receive dogs and do not facilitate the tutor's experience at all). Anyone who has cats or medium-sized dogs and travels a lot knows what kind of services would be essential for an interesting and truly pet friendly hotel.

3. Observing your professional experience can be useful for you to establish which markets or audiences you know best. If you have always worked with class C, you will hardly succeed in trying to attend higher (and more profitable) classes because you do not understand the world of these people. If you've always worked in B2B, opening a retail company, a store, can be difficult. And so on.

4. So let's go to the fun. It's time to write down the business ideas that come to mind based on the observations made in the previous topics. No filter and no rush. Write down all the possibilities you become aware of. At the top of that list write "business opportunities". Write it down in some detail so as not to forget. Let's say you decide to make a vegetarian snack bar, with snack options without soy, and you will create artisanal hamburgers of various vegetables, artisan vegan cheese, etc., and other things you have never seen anywhere. If you write down only “vegetarian snack bar”, you may end up forgetting the details that would make a difference in your business. So write down the details. Always.

5. In addition to the ideas and details that make them different, think of justifications for each idea. Ask yourself: why do I think this business would be interesting? Repeat this question for each idea. And write down each answer. Obviously linking the answers to the respective ideas. The justification should be a description of how you perceived the opportunity. So far you are ignoring the money factor. Both the capital needed to open each business you list and the financial return for each one.

6. Now, after thinking a lot, realizing several opportunities, putting everything on paper, etc., it's time to analyze the list to define what business to invest in. Don't limit yourself to capital, as there are now several ways to raise capital for good ideas. I would suggest a subjective and personal filter: which of these activities would you be most happy to do? If your focus is on finding the idea with the highest profitability potential, the way forward is to make a simplified business plan for each one, and then decide. To do this, schedule a consultation with me.

7. The next step is to prepare the business plan and the marketing plan. It is important to have individualized and qualified guidance for this, so make an appointment with me.

8. With the plan outlined, it is time to take action, finding the necessary resources (capital, team, local, etc.) and putting the business into practice. Thereafter it is recommended to update the plan periodically. The market changes very quickly and that is why we must always seek to raise goals and increase business competitiveness without losing brand identity. And this update must also have qualified professional monitoring.

By following the tips and using your brain and my individualized professional support, your chances of success when starting a business increase considerably, compared to the chances of mediocre entrepreneurs who do not do this.

If you like these tips, buy me a coffee: https://ko-fi.com/nycka

Nycka, the nomad