Lecturer: Diana Johnson
Inspire-Women Empowerment Workshop – Cayman Islands
_________________________________________________________________________________________________________
5 Steps To Starting
A Successful Business
Step 1 - Have the right mindset
The right mindset is one of the keys to opening a successful business. You can have a great idea
or business plan and money to get started, but if you have the wrong mindset, you will not be
successful. Here are some key mental notes:
I.
You determine your destiny. Everybody’s life is the sum total of their decisions. Where
you are today, is related to decisions made in your past. But where you are tomorrow, will
be based on the decisions you make from today onwards. The very thoughts you are
thinking right now are shaping your future. So think success. You become what you think
about most of the time-so think about being successful. “You don’t have to be great to get
started. But to be great, you have to get started” (Zig Ziglar). Many of us do not actually
expect to do great things or be successful. We have set the bar so low, we are reaching our
own expectations. Expect more for your life; expect more from your life. You will not
succeed, unless you make the decision to elevate your thinking. You cannot keep looking
behind with rejection and regret and expect to progress in a business or anything else.
II.
Make up your mind to start with what you have right now. Most of us are tempted to
wait until ideal conditions to start a business. The problem is that this ‘ideal’ condition rarely
comes. It is better to start at the point where you are and take steps from there until you
reach your destination.
III.
Prepare yourself for possible failure. Failure is a part of the success equation. Most
successful things seem like failures for the first few tries. For example: The Ford Motor
Company is known for American-made cars. But Henry Ford wasn’t an instant success. In
fact, his early businesses failed and left him broke five times before he founded the
successful company.
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Lecturer: Diana Johnson
Inspire-Women Empowerment Workshop – Cayman Islands
_________________________________________________________________________________________________________
Step 2 - Get wise counsel
If you want to be successful in a business, then study what people have learned. Experts in any
industry will give you access to proven success methods. For everything that people have learned,
you can find dozens of books and online courses/seminars, audio/video on that topic. Especially in
our day, when knowledge is increasing rapidly and is easily available. You will not live long enough
to learn it all from scratch. So learn from the experts.
Step 3 – Create A Business Plan (& a “Plan “B”)
A business plan is a document that tells what you
plan to do and how you plan to do it. A business
plan is for you as well as a lending institution or
investor. Make it realistic with achievable with
monthly and/or annual goals.
However, always have a back up plan in case
things don’t go as expected. This can be an
alternative product, service, or area of concentration.
Business Plan Basics:
•
Executive Summary– Overview or summary of the business.
•
Company Description- What is the reason for the business?
•
Mission statement, company goals, business philosophy, target customers, legal
structure, success strategies
•
Products & Services – include what makes them different from your competitors, pricings,
etc
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Lecturer: Diana Johnson
Inspire-Women Empowerment Workshop – Cayman Islands
_________________________________________________________________________________________________________
•
Market Plan – Who will be my customers? Who are my competitors? What are the barriers
to my entry and success?
•
Management – Staff, location, licensing requirement, required inventory, suppliers
•
Financial Plan – Start up capitol, Can you make money? Credit policy, bookkeeping,
Step 4 – Learn Basic Business Management Skills
Management skills are important for all business owners and managers. It includes:
•
planning
•
decision-making
•
directing (knowing how to lead, utilize and motivate your staff) and
•
measuring (reporting on sales, losses, effectiveness of advertising, etc.).
If you are unable to take any formal training, you can learn these skills by doing research on the
internet, buying books and talking to current business owners.
Step 5 – Learn Basic Time Management Skills
As a business owner, you will have the task of prioritizing your work day. You will not have the
constraint of a supervisor or boss telling you what to da at all times, so you to utilize good time
management habits in order to be successful.
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Lecturer: Diana Johnson
Inspire-Women Empowerment Workshop – Cayman Islands
_________________________________________________________________________________________________________
Some time wasters include procrastination, casual office conversations, numerous personal calls,
textx and emails, social media actiities, etc.
Step 6 – Secure Start-up Capital (money)
Startup capital refers to the money that is
required to start a new business, whether for
office space, permits, licenses, inventory,
product development and manufacturing,
marketing or any other expense. Startup capital
is also referred to as "seed” money.
Some sources of startup capital include friends,
family, angel investors, investors, bank loan,
personal savings and credit.
Step 7 – Launch
•
Secure a location
•
Apply for Business License
•
Create Marketing Items – website/email address, FaceBook page, logo, flyers, business
cards, etc,
•
Purchase inventory, & store fixtures, fittings & machinery
Conclusion
Many of us do not actually expect to do great things or be successful. We have set the bar so low,
we are reaching our own expectations. Expect more for your life; expect more from your life.
You will not succeed, unless you make the decision to elevate your thinking. Your destiny is
determined by you. You cannot keep looking behind with rejection and regret and expect to
progress in your business
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Lecturer: Diana Johnson
Inspire-Women Empowerment Workshop – Cayman Islands
_________________________________________________________________________________________________________
No one can climb beyond the limitations of their own belief.
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