The other day, talking to a friend, we started talking about where we see each other in 2-5 years. I told him that I see myself having an automated business that I can work on my cell phone from anywhere in the world. He told me that he wanted to start a business but didn’t have any money, which got me thinking… is money the first thing you need to start a business? I think not.
While capital is necessary for most types of businesses, there are many others that can be started without much initial investment. What you do need, however, is to consider four key points that will help you set up your business.
4 Key Elements to Consider When Developing a Business
Idea & Vision
How will your idea and vision improve people’s lives? What innovation are you bringing to the market? Where do you envision yourself? What role will you have in the business? Will you be working from home or do you need another location? Are you going to invest all your time in it or will this start as a side hustle?
There are many things to consider, but the most important thing is to think about these questions and envision yourself succeeding in your business. Envisioning is a powerful strategy that will help you position yourself for success.
Does your idea have demand? Is the market saturated or are you opening the way for a new category? How can you take an existing product or service and improve upon it? Are people already using a similar product or are you bringing something fresh to the market?
Thinking about the demand your business could make or break your business. Make sure to consider this carefully before embarking on a business venture.
This is where Prosper Mentality comes in. How do you envision promoting your business? Not every business needs every single marketing strategy under the sun. Maybe you’ll focus your efforts on social media, maybe radio is the way to go, or distributing flyers in local businesses. These are all valid strategies that work for different types of businesses. Will you have a referral program? How are you going to encourage word of mouth?
You’ll want to sit down with a marketing specialist and think about how you will bring the most traffic your way.
What Are Others Doing?
As Jay Abraham says, many of the best ideas come from outside of your industry. For example, when you travel to another country, you expose yourself to new cultures, different customs, other ways to look at the world. The same goes with your business. When you go outside of your normal day to day, expose yourself to new industries, new products, you can gather new ways to market, tweaks you can do to your product to make it better, other models that have proven to work.
Getting out of your day to day and exposing yourself to new industries will also help you challenge yourself and keep you engaged with your own work. Give it a try!