Often people who begin their own business, or say they want to start their own business, are not aware of the simple fact that, by definition, a business is set up to make a profit. There is money exchanged for goods or services which is intended to eventually exceed the amount spent on the business. This includes a non-profit organization which would cease to exist if there were no funds from grants or contributions to sustain the work they perform.
Boiled down to the simplest form, if you have an idea or a product concept you need to assess if there are paying consumers for the product or the service in order to begin laying down the foundation for a business built for success. If no one is interested in paying for the goods or services it might be time for plan âEUR~BâEUR(TM).
Another item for discussion is, what is your time and your money spent on when creating or growing your business? This is in no way a statement saying that colors, branding, and other tools for promotion are not valuable. What is being said is we all need to prioritize where and how we spend our time and our resources when building up a new business or growing one to a new level.
It is about setting up your priorities. Just like in your life at home with your family. Which is the priority âEUR" cleaning up the garage? Or reading to your child or going to their Little League game and watching and cheering? Not sitting there at the game staring at your iPhone. Schedule the garage clean up for another time. There are a number of gifted entrepreneurial people, who are full of energy and spirit, who continually spend their precious time and resources on areas where they have no need to be involved with at the present time. They are starting their business or going through transforming their company, and they are spending all of their time and resources on color schemes, logos, business themes and even copywriting.
If you are not certain what your business is about specifically, if you are not certain in your newly transformed business that you will have paying customers, this should be your priority. The priority must be the selling proposition. Will your goods or services command a payment for them, and will there be enough consumers to make the business a real ongoing enterprise?
If you are not in agreement with the above statements it is probably because you are actually performing a âEUR~hobbyâEUR(TM) not a business. A hobby is defined, âEURoea pursuit outside one's regular occupation engaged in especially for relaxation.âEUR