Creating a successful and profitable business is no easy task. Its reliant on many outside factors, including competition, timing and demand, which you have very little to no control over at the beginning. Assuming all of these outside factors are in your favor, having a sound business plan can lead to having a successful business. Here are five steps to consider when youre building your business from the ground up:
1. Determine your business. What are you selling?
This question isnt as easy to answer as you may think. For example, Nike is in the sportswear business, but the truth is that when you buy a pair of Nike shoes and a t-shirt at the mall youre buying a lot more than sportswear youre buying an image, a feeling. You’re buying the Nike brand. Richard Thalheimer, the former CEO of The Sharper Image and the founder of RichardSolo.com, has worked in specialty retail for more than 30 years. When asked what business hes in, hell tell you convenience or “innovation” before he specifies any particular industry, and he’s built one of the most powerful brands in America. Keep in mind, theres more to a product than, well, the product. Your...
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