The Power of New Beginnings

Starting or running a successful business requires more than just a great idea. 

To succeed in business today you will need to be flexible and have good planning and organisational skills.

Whether your previous business model has run its course and you are now seeking to expand your horizons, or whether you are starting a new venture, success will require some fundamental elements, these include

• A clear definition of what your business will offer the consumer. If you are vague about your business model it will be very difficult to determine how to target and speak the right language to your potential clients through your marketing campaign

• Once you are clear about what you are offering, it’s now time to clearly define your ideal consumers. Including; age, specific needs and concerns, interests, financial demographic, etc. 
• The clearer your definition of your ideal consumer the easier it will be to target them. 

• Once you have identified these two primary considerations, it’s time to establish a clear vision of what you want to achieve with that business, personally, professionally and financially, short term and long term.

• Above all, you will need to passionately believe in what you are offering, and the benefit to the consumer.

Consumers need to be persuaded and convinced of the value of your services and businesses need to look at how they deliver ideas. 

Remember that being part of a personal services industry you are not just selling a commodity that you may and may not have an emotional connection to. You are providing a service that will offer not just a benefit in terms of an outcome, but also an experience that your clients will value and appreciate.  

If any of these elements are missing, take time out to re-evaluate your purpose and convictions. 

Determine if you truly believe the products and tools that you will be using will allow you to provide exceptional results that you can be passionate and excited about because without these elements you will not just survive the potential challenges that you may encounter throughout your business journey but thrive.

The formula for success

A successful business requires:

• Analytical thinking
• A determined organisation structure and detailed record keeping
• Always track your progress, as well as evaluate what is not working so that you can correct or eliminate it.

While the above information is conceptual the success of a business will also rely on operational management. 

Here is what you will need to ensure a successful structure.

Get Organised

To achieve business success, you need to be organized in maintaining consistent standards. 

To achieve this, you will need to establish a system that includes policies and procedures. This does not need to be complicated; it can be as simple as a daily “to-do” list that can be ticked off and signed off at the end of the day.

What about the Competition?

• Look at your competitors as a way of measuring your own point of difference.

• Consider them as a motivation to help you achieve the best results.

• Seek to provide something that complements what is out there as your point of difference, rather than just duplicating what others are already offering. 

• Be creative in both the type of services you provide as well as your approach to how it is delivered. 

Understand the risks and the rewards

The key to being successful is taking calculated risks to help your business grow. A good question to ask is “What’s the downside?” If you can answer this question, then you know what the worst-case scenario may be. This knowledge will allow you to take the kinds of calculated risks that can generate tremendous rewards.

 Be Creative

• Always look for ways to improve your business and make it stand out from the competition.

• Recognise that you don’t know everything and be open to new ideas and different approaches to your business, this is also important if you are to maintain a loyal clientele.

• Be innovative and creative by introducing new products and services, repackaging treatment options, and creating seasonal themes, both with your product and your retail displays. 

• Keep them guessing and looking forward to something new and fresh.

Evolve your business to meet the changing needs of your consumer expectations, as well as seek to attract a new age demographic by expanding your services.

Be Consistent

• Consistency is a key component of high standards that contribute to business growth.

• You have to keep doing what is necessary to be successful day in and day out.

This will create long-term positive habits that will sustain the business’s reputation and ultimately increase your revenue. A key motivator for consistency is being proud of what you do and having a commitment to excellence.

Stay Focused

The old saying “Rome wasn’t built in a day” applies here. Just because you open a business doesn’t mean you’re going to immediately start making great profits. It often takes time to let people know who you are, so stay focused on achieving your short-term goals.

It is common for small businesses to not see a profit during the early days, however, it is important for a business to always remain “in the black” and consistently aim for growth if the business is to remain viable.

Prepare to Make Sacrifices

If we are to be totally truthful, it is important to state that every business owner must be prepared to make sacrifices. 

While employees may have set hours of work and then go home, business owners often do not have that luxury.  The adage that there are no weekends and no vacations for business owners might ring true for those who are committed to making their business work.

There is nothing wrong with full-time employment, and some business owners underestimate the true cost of the sacrifices that are required to start and maintain a profitable business.

While work/life balance may be more difficult for a business owner, it should be something that is constantly pursued to attain, both for personal well-being and the long-term survival of the business.