#1 Of The 6 ‘P’s in Profit – Planning
There are those who advocate doing something, anything, to get started online. There is some merit in this argument if it motivates you by delivering a great result, especially sales, very quickly. Though my only concern is that it can be equally demotivating if urgent activity results in no sales.
I have become a great enthusiast of the 95% rule as advocated by your average painter and decorator. ‘95% of achieving a good result is in the preparation’ And that means planning what you intend to do.
Planning your Business
What is your objective? Are you aiming to make money, or maybe change your lifestyle, get more satisfaction out of your work, or maybe something else?
You need to research your business idea. Any market can be likened to a battlefield and you are only going to win your battles and ultimately the war if you understand the lie of the land. The same goes for knowing the strengths and weaknesses of your competitors.
Simply plugging along with great determination doing the same old thing that isn’t working in the belief that one day you will make a breakthrough is not going to get you anywhere if you have not lifted your eyes to the horizon to survey the surrounding area and missed the obvious easy route to your destination.
Then you have to ask; do you know how you are going to make money with your business? Are you providing products or services? Will your sales be profitable? How many sales and of which products do you need to achieve your income objectives? Most importantly, how can you maximise your return for any given input, in the vernacular; how do get the most bang for your buck?
Once you have settled on your objective, can you achieve your plan with the resources you have available? Do you have the skills, the tools the time and the money? If you can’t do some necessary task yourself can you find other people to do them for you?
All of these are questions that it is best to answer for yourself before you launch your business project. Most people find it most effective to write them down, some don’t. Either way, you must address them and have answers to the questions if you are going to reach your destination with the minimum time, money and effort.
Once you have done your planning then it becomes simply a reference document, just like a blueprint for a builder. You continue with the construction of your project brick by brick and check at each stage that your progress is as per the blueprint.
Design your business from the beginning and you will achieve your objectives faster, cheaper and experience less aggravation along the way.
Look out for the next post. What’s the next ‘P’ in Profit?
