Fail to Prepare, Prepare to Fail

Perhaps the title for this blog sounds a bit extreme. However you can be fairly certain that if you do not prepare your entrepreneurial idea from start to finish it might not even get off the ground.

It's an unfortunate but true reality that many businesses that start up don't make it past the first year. At present the aspiring entrepreneur is further hindered by the current economic climate. Ironically, if the current economic situation is to improve more entrepreneurs and small businesses is exactly what is needed.

So, what can you do to try and ensure you, as an aspiring entrepreneur, do not fail? Well, research your idea:

•  Is there a need for your business idea?
• As an entrepreneur what is your product or service offering
• Look on forums and see if your target market needs and more importantly wants your product or service. Remember do not do this in a spammy way.
• Do not ignore your market research and think you know better.
• What is your Unique Selling Point (USP)? If you don't have one think of one. Many markets are very competitive as a new entrepreneur or small business you will need to stand out. A USP is can be a very effective way of doing this. Remember though your USP needs to be something of interest that will attract business.
• How much competition is there? The more competition you are up against the harder you are going to find it.
• What is your brand. How you brand your product is very important and always remember people do business with people.
• You need to think about how you will market and advertise your product or service. There are a number of free and paid platforms that you can use for marketing. One of the most effective free marketing methods can be social media. Starting a blog can also be a useful way to generate extra business. A blog can be created for free through Blogger.
• Ensure you have completed a comprehensive business plan. This is also important if you are wanting to attract investment for your business.
• Can you stay in your current job while you establish or see if your business will work. This option may not be available for everyone and can be dependent upon what you as an entrepreneur what to achieve and by when. Remember it is likely that any business idea may take longer to become established if you can't spend as much time on it. However financially this option may feel less riskier.
• Set your business goals but keep them realistic. This will allow you to monitor progress and change your plan if necessary. It can also be a useful way to motivate yourself with motivation increasing as you achieve a goal. It can also allow you to be a proactive and adaptable entrepreneur. Remember though for this to be the case you need to review your goals and business plan regularly.

Please note the above is for guidance only. Satisfying the above list is not a guarentee that your idea will succeed. It is always advisable to seek appropriate professional and legal advice before making an investment.