Running A Successful Business Is Like Driving A Car

We buy a car to get us from A to B and the same applies when it comes to running a successful business- you need to have a good business model in place, to get you to where you want to be.

To create a successful business you will need the same 3 key components that driving a car requires namely a reliable vehicle, engine and fuel. So how exactly does this translate in a business sense?

The vehicle

Regardless of whether you’re starting a business online or offline, you will still need to have the right “vehicle “to drive you to success. By vehicle we mean the offer.

To run a successful business, your offer, whether it’s a product or service, needs to;

Appeal to the masses

Generate a high profit or commission

Be good

One way of making sure that your product/service is a good one that will appeal to the masses is to check out how much competition is out there for the same offer. If there is a lot of competition then this will mean that it is a good product that is in high demand.

Your job is to then make sure that you stand out from your competitors by being unique.

So how do you outsmart your competitors?

The Engine

That is where your “engine” comes in. The engine of your business is the system that you use to get customers to buy from you. If you have an online business then one great way of standing out over your competitors is by creating both a powerful website and creating your own unique landing page with a capture box included. By doing this you will start to build a valuable list so that even if your customers don’t buy from you on the first occasion, you can still market to them in the future. This technique can be invaluable in your quest to running a successful business.

If you have an offline business, there are other effective ways that you can build a list of prospective customers, including, storing customers’ mobile phone numbers and email details, so that you can text or email offers to them in the future.

So now that you have got your vehicle (the offer) and your engine (the system) in place, the next vital component needed for running a successful business is to add the right fuel (targeted traffic).

The Right Fuel

The first point to remember when finding traffic/customers for any business is that it needs to be targeted traffic. Just like a diesel car will grind to a halt if you put in the wrong fuel, (petrol), so too will your business, if you market to the wrong crowd. Therefore it is important to spend time working out who your target audience is and to make sure that you narrow your marketing efforts to that audience.

One powerful way to do this is to use social media sites that are free. Social media sites like Facebook and Twitter offer a means of joining groups within your niche and to also add followers who fall within your target market.

Another great way to reach your targeted audience is by using paid advertising methods like pay per click or Facebook paid advertising. However, if you decide to go down the paid advertising route, it is better to start off small and scale up once you start making lots of sales.

In my opinion success for your business requires finding a reliable vehicle, good engine and the right fuel. With all three in place, you will have the key ingredients needed to running a successful business.

Recipe for a Successful Business Launch

Imagine staring at a table full of great mouth watering produce, fresh oven baked bread, herbs a plenty, local farm raised beef, chicken or fish, the best cooking equipment possible and perhaps a great bottle of wine or two. Your culinary vision includes creating a lightly spiced, yet full flavored appetizer followed by an entrée basked in flavors and aromas from hours of tedious preparation and then completing this extravaganza with a delectable dessert that leaves one satiated, yet wanting more.

There is one small problem with this vision, you are an extremely successful entrepreneur, but a novice in the kitchen. How then do you create this meal? Where do you start? Do you try the recipes once before making them for friends and loved ones? Who will teach you basic knife skills, how to pick the best ingredients for each dish and how to nurture each ingredient to its fullest potential? These are just a few questions you are faced with in your quest to create the perfect meal.

You decide to venture into the culinary world on a solo journey. After a minor burn, a small cut and a poorly executed recipe, you decide to hire a Chef to train you. The Chef starts you off with basic knife skills, cooking techniques and food pairings that she has honed over countless hours in the kitchen while mastering her craft. You practice the menu with her until it is perfected and then off you go to create a sensational dining experience for your guests. In exchange for her services, the Chef asks you for help in starting her business.

She has seen so many success stories and seeks your advice to prevent the all to often restaurant failure. She has a vision of a restaurant filled with happy patrons who crave her food and desire the great service. They come back again and again, but how does she start this business?

She is staring at a desktop piled high with how to manuals, various business plans and countless business books. She doesn’t have the first idea of where to start. What she needs is a recipe for success.

As the Chef walked you through the various challenges of preparing your glorious meal, you will guide her through the process of opening a business. This task may be daunting for some, yet it illuminates your strengths.

You and the Chef agree to a recipe, that when followed, should lead to a successful launch of her business. Here is your secret recipe:

1. Utilize resources that help get the idea onto paper. Plan, plan, plan. This is the most important, yet most frequently overlooked part of business creation. Can you ever remember hearing a successful business owner say, “I planned too much?” Countless resources are available which include business plan building software, free or paid for business counselors, business consultants, countless how to books and the often times underutilized mentor. It is vital for your success to have a clear and precise understanding of what your business will provide and who the target customer is. Have clearly stated operational objectives that include entrance into the business world and a clear exit strategy.

2. Create the entity. Decide on how to legally set up your business. Some choices included a sole proprietorship, a Limited Liability Company, a corporation, partnership or charity. Make certain to identify the pros and cons of each entity and all of the regulations associated with each including liability protection. Once the entity has been chosen, create the appropriate bank accounts prior to initiating any business transactions. Secure an Employer Identification Number (EIN) from the IRS for proper handling of all tax matters.

3. Determine the legal requirements. Check with local, regional and state entities and request information on the minimum expectations that are required of you to operate your business legally. Requirements may include registering with a department of revenue for tax collection agency, operating permits or licenses, health or fire inspections.

4. Build Business Infrastructure. Review your business plan and decide what type of support systems and materials you will need to build the business. Are you starting your business out of the garage, the back of your truck or with bricks and mortar? You should have a budget created from your business plan for support materials such as office supplies, computer equipment and software, internet access, credit card processing, membership fees and other support services you deem as an important part of running your business.

5. Create vital assets. Website design, trademarks, logos, intellectual capitol, copyrights and provisional patents are just a few things to consider. Often times employment contracts and confidentiality agreements are part of this process. Once created, ensure that you have policies and practices in place to protect and retain these assets.

6. Acquire financing. The financial overview and objectives should have been clearly defined as part of the business plan. It is now time to get the financing into place. It could be your savings, partnership cash or outsider investment dollars. If possible, seek counsel to review any and all financial agreements you may enter into. Each party involved must be absolutely clear as to the financial expectations of each other.

7. Establish operational logistics. Many start up companies have limited resources for accountants, lawyers and insurance needs. Additional considerations include Information Technology staff, banking, E-Commerce and website design personal. Training and Human Resources are two more areas that are often overlooked. There are countless tasks for any business owner to contend with and creating a support team is vital for their success.

8. Hire people. Acquire the very best human capitol and retain them. Outside of sole proprietors, businesses live and die by the quality of the operations team. Hiring and training are two very large investments of money and time. Establish consistent hiring and training methods that yield loyal and long- term employees who will aid in the growth of your organization. Forward thinking employers find ways to tie in employee compensation to company performance.

9. Get the message out. Market your business! There are a myriad of ways to accomplish this task and remember to stay focused on your plan. Make sure your brand’s message is memorable, clear, precise and it differentiates you from your competition. Consider your web site design, mobile connectivity to supplemental sites and the numerous avenues to open communication channels with your potential customer.

10. Open the doors, execute and Sell! Market research has been completed and a research strategy has been implemented. You have identified your potential customer and their purchasing habits. Your goal now is to under promise and over deliver to ensure optimal customer satisfaction. Embrace feedback and create powerful recoveries as needed. Fabricate long lasting customer relationships through outstanding products and services; repeat.

Give five chefs the same ingredients and ask them to execute the same recipe. You will end up with five similar, yet very different dishes. The same would be true with five different entrepreneurs and these ten steps. There is not one sure-fire way to accomplish the arduous task of creating a business. However, just like a finely tuned gastronomic creation, plenty of planning, attention to detail, a lot of hard work, the right timing and a little luck go a long way towards the successful launch of a new venture.

Bon Appetite.

Do You Run a Successful Business?

If you take a sample of people and ask them what they think it means to run a successful business, the majority of the answers will be different. What one person defines as successful may just be a small step up the ladder for someone else.

Much of your definition will come down to what you actually want to achieve from your business. No matter what you want to achieve, however, there are a number of things that, if you run a successful business, you’re going to have to aim for.

The business will have to be able to cover the costs of buying or creating any products you sell. You’ll have to be able to pay the wages of any employees you have working for your business; that includes any work you do yourself. You’ll also need to make sure you have enough money coming in to pay any taxes that the business will have to pay.

All of those things will apply whether you’re the only person in the business, or you have a worldwide company with thousands of employees. But, that’s where the similarities between businesses end, and ambition takes over to determine if you run a successful business.

Do you want to make a comfortable living? Do you want to be able to leave the running of the business to someone else? Do you want to be a tycoon and have an empire that you can watch over? Or, is having just enough money to pay all of your monthly bills your definition of what qualifies for you as having run a successful business?

These are the sort of things you really need to work out for yourself before you go into business; each will require a different sort of business plan, and it helps to know what your end goal is.

If your aim in life is to have more time with the family, and that’s why you’re setting up a business, then you’re going to want to have a business that will run as smoothly as possible while you’re not there. This could mean getting someone else in to run it for you, or it could mean setting up something online that will run as automatically as possible.

Whichever of the two options you choose your definition of having run a successful business will be when you can spend that time with the family, and still have money coming in all of the time to pay for things.

If you want to be the next corporate millionaire and have offices all over the world, you’re going to have to go about things a little differently to the person wanting to spend more time with their family. You may still choose to spend more time with them, obviously, but the chances are that for the first few years at least, you’re going to be spending a lot of time making contacts, employing people, studying trends, etc, etc.

Here you’re going to have a different definition of what it means to run a successful business. Will it be when you’ve made your first million? When you have offices in America, Europe, Asia, and the Pacific? Or will it be when you’re a global brand?

Although both types of business model take work and planning, the results are essentially the same; you have something that you specifically want to achieve at the end of it.

The ultimate aim of most people, no matter whether they go for the global domination or the increased family time, is to be happy with what they’re doing. If you can achieve what you set out to do, and be happy with the process and results, then the chances are you’ve run a successful business.

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