The first stage of
starting a proprietorship business involves planning.
Planning allows you to stay focused on
your vision and prevents you from becoming
distracted by activities that do not serve you. Such a
vision is like a compass that guides you to your
Starting a business is like a journey, and like any
journey at some stage or another you will experience
difficulties and may temporarily lose faith. Having a
written plan with a clear vision will remind you where
you are going. The vision will lift your spirit and set
you back on course. Your wealth plan is a living
document, which means that you need to review and update
regularly, every time your situation changes.
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Having a plan helps you to
communicate where you going to all the people you come
in contact with when starting a business. These people
may be your financiers, clients, business partners or
anyone else who is helping you create wealth. Clear
communication will keep your partners inspired and
enrolled in helping all of you achieve results.
Step 1. Create a
If you donít have a
business plan right now, then here is an opportunity
to put one together. First, develop a clear vision of
what becoming a
successful entrepreneur looks like to you. If you
have a significant other, make sure you include him or
her in this process. It must be a joint vision right
from the start or else you will each be working towards
a different outcome.
When developing such a
vision, specify as much detail as possible. What kind of
products would you like to be known for, how much income
would you like to earn, how will you feel when you get
there, and so on? Cut out inspiring pictures from
magazines to create a visual representation, a picture
plan of your business.
Break up your vision into
a series of milestones and assign time-frames and
dates by when you would like to achieve them. Place
these dates underneath each picture to remind you of
your time-frames. Above all, make your planning
experience fun and enjoyable; it will lift your spirits.
Document your ideas and strategies
As much as possible, you
must document all your ideas and
strategies. Putting them on paper will allow you to
clarify your thoughts. It will also allow other people
to provide input regarding your vision. Another
advantage of having your strategies documented is that
you will be able to remember and
alter them as your circumstances change.
Summarize the essence of
your plan in two or three pages and place them in the
most visible location of your work area. Your wealth
plan then becomes a living document, which you use daily
to remind yourself where you are heading. You will also
need such a document to present to
business partners and other parties that can help
you in your business.
Review your plan regularly
Review your plan
regularly, making sure it is up to date. Many people go
through the planning exercise and then put the document
out of sight. You need to be reviewing your wealth plan
monthly, if not weekly. It does not have to be a
complicated process. It may be as simple as updating a
few tables, dates and action points.
Develop a back-up, contingency plan
You may have a plan of how
you are going to start your business but what if it does
not go the way you expected? What will be your back-up
or contingency plan? For example, what if it takes much
longer to earn income from the business then expected,
what will you do then?
Your back-up plan must
address what happens if your projections are not met.
Such planning allows you to think ahead and be prepared
to respond with alternative solutions. You can not plan
for everything that can go wrong, but the more you can
think through all the possible scenarios, the more
chance you will not be caught off guard when things
donít go the way you expected.
Continuously improve your plan
continuous improvement, you must be
of new ways to improve on what you are doing. How can
you make what you are doing
more efficient and more
Continuous Improvement Mindset
People who have
achieved great success in starting a business are
known for their ability to
continually make improvements.
This does not always come naturally, as most of us have
a lazy streak. As the saying goes, ďIf itís not broke,
why fix it?Ē We need to discipline ourselves to sit down
every day and do nothing else but think of how we can
improve on what we are doing. Then, we must implement
the improvements immediately. Making such small,
incremental improvements, with time will earn you great
success in your pursuit of starting a business.
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