Business creation means bringing an idea for a product or service to life. It can take many forms, from a startup tech company to a local florist or a yoga studio. But one common feature of a successful small business is having a clear vision that the founders and their employees or contractors understand. “Without a crystal-clear purpose, you’re just going through the motions,” Sarkis Hakopdjanian, director of strategy and principal at The Business Clinic, said.
A business must also have a plan to make sure that it has the resources to reach its goals. This includes figuring out how much it needs to spend on marketing and other things that can help get it off the ground. Then there’s the question of whether it can turn a profit and how that will be measured.
Some business owners define success in terms of profits, while others look at other factors such as employee happiness or the company’s impact on society. But whatever the measure, a successful business is one that can sustain itself over time.
When coming up with new ideas for a business, it helps to think about existing products or services and ask “What if?” questions such as: “What if I could stage homes using furniture rentals instead of purchasing new pieces?” or “What if I offered virtual tours of properties?” This approach can save time and money. It also helps to look at competitors’ pricing, so you know what the market is willing to pay.