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HOW TO START A MILLION DOLLAR BUSINESS
Starting your own business is a
serious matter. Isn’t it? Statistics show that one-third of new
businesses will fail in two years. Fifty-sixty percent will fail
in four years. There are certain unchangeable in terms of
starting a business. I am a how-to and a bottom-line person.
That is exactly what I will do in this section. Keeping it
simple and pragmatic.
1. Your Business MUST solve a
real problem and/or improve human life in some way. Ryan
Allis started Virante, a web marketing consulting firm when he
was just 16 years old. At age 22, he has helped build three
companies that each generated $2 million or more in sales and a
network of $10 million. When interviewed in a recent magazine,
he stated that his motivation for starting a business is to help
reduce human suffering and provide opportunity for all people.
Google, YouTube and even Blueprint for Success Company’s
mission’s statements portray this truth.
2.
Assemble a Winning Board of Directors/Advisers
Surround yourself with business
mentors. I discovered that many businesses struggle because the
founders try to be and do everything. The bad news is that,
there is a limit to what one person can do by himself / herself.
If you really want to build a million dollar business, assemble
a winning team. Get a lawyer, a strategist, a marketer, and a
financial genius on board. Your team should not be less than
three people. The scripture says that two is better than one. It
is definitely true in business.
3.
Choose a Captivating Business Name.
Your business name is as
important as your product name. Get a name that is memorable,
unique and crazy. These names have become more memorable than
the company. Think about Kleenex, Google, Wuvit, Yahoo, Myspace,
iPod, Mogulus, Orkut, and YouTube. You know that you’ve created
gold when you brand or idea is very unforgettable. Your brand
name has to grab other people’s attention.
4.
Invention is not a bad idea.
The world is ever hungry for a
new invention, be it a product or service. One strong reason I
believe so many start-up businesses fail is because many of them
want to be “copy cats”. They want to reproduce what their
competitor is doing. You need to improve on what others are
doing around you.
 Do
not start any business until you’re certain that you can do
something your competitor cannot do.
You
don’t need to offer something new, just do something better.
That means, you must brand it in your own unique way to meet the
need of a particular market.
5.
Learn from the
Ants.
Think great, act small. Don't
rent premises if you can work comfortably from home, and don't
hire employees until you can keep them busy.
6. Protect your personal
assets. If you don't protect yourself, a creditor can go
after your personal assets, such as your car and your house, to
pay for any debt or liability you may occur in business. Get
business insurance or form an LLC. You can also get a patent or
trademark to protect your ideas.
7. Where’s your Business plan?
Creating a business plan makes you look serious to banks and
investors, as well as allow you to determine what your projected
start-up costs are (how much money you'll need to save) and what
your marketing strategies are and potential profit. If you can't
make the numbers work on paper, you won't be able to make them
work in real life.
8.
Put all agreements on paper: Get in the habit of getting
and giving receipts for all goods, services, and deposits,
regardless of how much.
People may lie but the signed document will not write.
Write America is truly the land of opportunity. You can start
your own business from scratch or choose from thousands of
franchises and business opportunities, in practically any field
you want.
Author Credit
Uyi Abraham is the author of
the best selling book Blueprint for Success: Live
your purpose, become anything you want to be, build a
financial Empire. He is the Chief Executive Leader of
Blueprint for Success Company based in Dallas, Texas.
A self taught management and marketing guru, regularly
consulting with growing businesses, organizations and
churches on success strategies. He came to the United States of America few years ago with
only $100.00 in his pocket and a big dream. He is the founder and CEO of numerous
companies including
Abraham House Productions.
For more information, please visit: www.BlueprintSuccess.net
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