aving been in business development and coaching for most of my life, I am often asked, “What does it take for a startup business to be successful?” In my opinion there are seven key elements required for a business to be successful: Great idea, great vision, strategic planning, great system, great management, the proper funding, and a lot of “magic.”
People find my reference to magic most intriguing. My explanation is this: Even if you’ve taken great care to make sure you’ve created a product or service the market appreciates and wants, had great vision, developed amazing strategic planning, had great systems, hired the best management, and provided enough capital, you still need a little good fortune, luck or “magic” to make your business the success you envision.
By the same token, careful planning and execution can go a long way toward creating that much needed magic. Startup businesses need only to look at the success of large organizations to realize there is a formula for achieving successful growth. While the formulas may differ, the basic elements for success are the same for each. What the established big businesses do better than small businesses is simple: They develop a system for success. And by creating the system they make it easier for the “magic” to happen.
After all, magic is no accident. Even the awe-inspiring, logic-defying feats of the great illusionist David Copperfield require months of detailed planning, a highly trained staff and perfect execution to pull them off. Likewise, in order to pull off a successful startup business, prospective owners must do the same.
As a startup, a well-conceived, professional business plan is your greatest single asset for turning your vision and dreams into reality. It’s the key to convincing anyone to invest money, make a loan, lease space, and essentially do business with you even before you start operating. Not only does it provide direction, it requires you to consider all the pitfalls and opportunities of your prospective venture, well before you launch your business on line and before you approach your first prospect. Your business plan is the script of how your business will look and function when it’s operating.
If you’re thinking of starting a business, be sure to take into account the seven elements of success when creating your plan – including the magic!
To assist in creating the magic in your business I have developed what I believed to be the “Magic Wand Program” that will help you monetize your idea and optimize your vision.