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Besides the business idea, what else do I need to succeed?

Discussion in 'General Business and Entrepreneurship' started by Federico.Gimeno, Feb 6, 2016.

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  1. Federico.Gimeno

    Federico.Gimeno Member

    Lets say I have defined my business idea. Now what? What would be the next steps on starting a business and not dying in the attempt?

    Some things like funds and free time to work on the project are indispensable, but what else?

    Thank you in advance for your insight!
  2. eProject

    eProject Member

    If you have the funds and the idea then there is nothing else. I assume you have the relevant knowledge. You can figure out whether you will need extra staff or not depending on the size of your business. You also have to do market research so that you will not end up making losses.
  3. onlinecashcity

    onlinecashcity Member

    Probably everything in place to start it. for example, if you have a good product don't just throw up a website and start selling. Plan accordingly, make sure you have inventory, delivery, etc. Just make sure that before anything is launched, the pipeline between start and finish for whatever your offering doesn't have any holes. You don't want to shut down just to fix something because you didn't plan for it ahead of time.

    A solid, solid plan.
  4. dyanmarie25

    dyanmarie25 Member

    As long as you have got the funds and a well-founded business idea/plan, I don't think you would be needing anything else. Of course, you also have got to be really knowledgeable about the products/services you are going to offer to the public.
  5. ReadmeByAmy

    ReadmeByAmy Member

    Besides the business idea that you had in your mind of course you must really have that interest in the kind of business you want to establish. Then make it sure that you are financially capable and had the right amount of capital investment that you will need to fund your business. Then your motivation and determination to focus and work hard to make your dream business come true is all what you need in order to succeed.
  6. ruener79

    ruener79 Member

    If you have everything in place, especially - a plan, then the next thing to do is execute. While crafting the plan, it is already assumed that you have done your research and all there is to do next is to implement the plan. That said, I think the most important thing to have while executing the plan is determination. It is in the execution of your plan that you will get the real picture, including the obstacles. That's where your determination is much needed. At the initial stages, when things don't exactly work out as you imagined it to be, your negative thinking and other people's comments might get to you. Thus, to win against the battle that usually just happens in one's mind, you need to have determination to persist and shut the negative scripts running in your head. You need to continue to believe that you can do it.
  7. setupdisc

    setupdisc Member

    First, define your passion and make sure it is something you can enjoy doing or find motivation doing daily, no matter what other changes or issues happen to you in life. As long as it is something you love to do and can spend time doing without it being work, you'll be able to always find the motivation you need to move forward with your project and get every part of it completed.

    Funding is important, but fortunately there's a lot of ways to go about it. There are many different fundraising sites and ideas online that you can check out for this, but when starting your business you'll want to consider what your options are. Do you start up on a shoestring budget and only ask for loans or short-term support from friends and family until it's going? Or do you try to build up enough steam to get a small business loan for your start-up or seek out an angel investor for capital? Kickstarter is yet another choice you have, too. So there's at least 3 ways, but in reality there's several more. I've seen people raise money with everything from concerts to car washes skipping over even these.

    I'm assuming that you already have a business plan or a battle plan to get your new business off of the ground. You want to form that right after you know it will be a passion and mission worth pursuing. All of the other details come next like funding, locality, product acquisition or service cost vs sales, taxes, advertising mediums, and all that good stuff.

    Make sure you get everything licensed that you need to. Usually this is pretty inexpensive to do right after you form an LLC or other corp type. If there are any state filing fees for things like being a food vendor or having to have a license to do a certain type of business where you plan to do so, then you'll want to get those before or during the funding process.

    The suggestions are unfortunately very broad because the question itself is too. The type of business you plan to initiate requires details so that the best type of advice can be given for the path to make it work without being overwhelming to you. The more that you share with us about what type of business it is that you're trying to do, the more able we may be to assist you in getting it off of the ground from here. :)
  8. djentre

    djentre Member

    You don't need a business idea.

    You need Discipline, Execution Ability and Fortune-telling.

    You just need the energy and willpower to execute. The way that execution happens correctly is by being prepared, and planning well.

    The way that you beat the competition is by staying focused and staying disciplined.

    The way that you avoid problems is by having foresight - this is where the naysayers are really useful - all they see are problems. All you have to do is listen to the problems that others have faced and could face, and then finding a solution, so that when that problem arises, you can find out a solution that works for you.
    Kaia likes this.
  9. Vinaya.Ghimire

    Vinaya.Ghimire Member

    Now the next step is to set your goal. Let me exemplify. Your business idea is to start a clothing store. Your next step is set goal. Your goal is to make at least $100 sales every day. Now that you have goal, you need to do a research for example,
    how much I need to invest in order to make $100 sales?
    what product gets sold quickly to make $100 sales?
  10. Kaia

    Kaia Member

    Management or self management.

    I believe that these two things are more important than funds. I have seen many businesses fail because of bad management. I first realized this when I was a bank teller. There was a company that had unbelievable growth, but its financials were a mess. I asked the Operations Manager why this company was bouncing checks when they clearly had lots of clients and money.
    She said it was bad management. She had seen it before. She predicted that they would go out of business in a couple of months. I didn't think that was likely, but she was right.
  11. Pablo Diaz

    Pablo Diaz Member

    A plan.

    Honestly, without a plan you've got nothing and you're just wasting time and money. You need to know what and how you're going to do things before proceeding. Plans help you improve efficiency and know what to do. They also motivate you because you know you're doing things the right way and that you're not just making stuff up as you go. I think having a plan is one of the most (if not the most) important things when creating a business.
  12. davidper

    davidper Member

    it is perseverance and creativity and their best efforts

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