Once you are happy with your business idea, there are a lot of questions that you need to ask yourself regarding the type of business that you want to start up. What exactly is the product or service and who is the customer? What can I offer consumers which may be the same but better and faster than my competitors? How can I attract new customers?

Just remember that you do not need a huge team or plenty of resources to start a business. Do not be scared by the fact that you may not have a substantial amount of capital to start your business. It is not money that you need in the planning of your business but a strong idea, a ‘gap’ in the market, and the desire to succeed. A good example for instance could be a translator, if you can speak more than one language then why not set up your own translation company. You will be the person running all activities within the company from start to finish so you will not have to worry about finance and other issues which may be concerning you.

Set specific and realistic targets for sales. Estimating how much profit you aim to make and if it is enough to cover the costs of all the people involved in your business chain is the wrong idea and the biggest mistake people make when planning their business. Instead of focusing on profits, results and how the company will survive as a result to these in the first three years for instance you should be focusing on how to build the fundamentals of the company and thinking about this in long term. Although sales and profits are essential in a business, it is the organisation behind it which will make the business grow. For instance a good tip to remember when you are planning your business is, to put all the company earnings back into the company so it can grow, this is one of the most important aspects to follow if your business is to grow.

Starting out small is the sensible and realistic path to follow. Realise that you have time to watch your business and your management skills grow. There is a lot of planning and learning to do in the early years. Be mentally and financially prepared for some hiccups before the rewards can be gained. Always remember that there may be periods when your business is booming with sales and other periods where it may not. In business we call this the summer and winter period, summer being the time where you may have high sales and winter being the opposite. It is important to keep positive no matter what period your business may be in, whether it is winter or summer you must always stay positive. For example keep yourself on your toes at all times, keep looking for new markets to enter, new suppliers, and maintaining a good image at all times, do not change your vision and always try to follow your goals.

Once you have your business plan and strategy there will financial backers, suppliers and customers that you will need to convince. Motivate people to believe in your business plan. Believe in yourself, your company and your personal motivation will encourage others to support you, not everyone will follow your ideas, it is up to you to convince them. Do not be put down by people that may not believe in your idea or business plan, the main thing to remember when planning your business is to have self belief always, as long as you do and never give up and take responsibility for all actions in the business, people will follow in time, through trust not money.

How are you going to reach your goals? You need your goals to be easily visible to you, your team and backers. Write the goal down. Break it down into achievable steps. To save up money for a round-the-world trip for example, would initially seem impossible, but if you decided to save a set sum of money every week you would soon have the flight ticket in your hand! It’s the same with starting a business. Carefully plan how to achieve your goal by following your set steps. Discipline is very important here as you have to believe in your goal but your goal must be unreachable, it should be so big that it’s impossible to reach and only then you will easily see initial goals more clearly with your team and backers.

Remember to write your goals down and break it down into achievable goals. You may have a goal of one day being an independent translator who may have just started off translating the three languages he/she may know. He/she may have started off doing contracts, however with more and more work coming in their may be too much of a work load for him/her to handle by themselves. Once this is the case more staff may be hired and then more and then more depending on the work coming in. Before you know it your company has grown beyond your goals. This is why it is important to have goals which you may think are unrealistic, so you always keep your business growing.

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