You have a passion play for business and you want to own your own someday. You want to be in control of your own destiny and future. To start a business, you need an idea. You need a business plan. You need funding and you need an infrastructure to ensure your business has a solid foundation. It can be overwhelming. But with the right combination of passion and partnership can bring your idea to life.

The Money Advice Service outlines here the following steps to consider when considering business set up ownership. Note that passion is not one of the factors they list as a requirement. These could include

  • Conduct Market Research
  • Write a Business Plan
  • Funding Your Business
  • Pick a Location or Modality
  • Choose a Business Structure
  • Choose a Business Name
  • Register Your Business Name
  • Open Business Bank Accounts
This seems easy

Wait a moment, those steps don’t look so bad right? You could get those done in  a couple of weeks, right?

No chance! Starting a business can takes months if not a few years. Thats when the A Passion Play comes into it. To do to it correctly and ensure that your business launch propels you into a long-term orbit and a trajectory of success instead of just crashing and burning.

USP and Market Research

Consider just the Market Research. To really understand your market place, qualitative and quantitative surveys and data gathering are needed to hon in on your demographic targets and understand their needs and pain points. Without this insight you can’t develop a USP (unique selling proposition) and a Passion Play that will set you apart from your competition.

Don’t forget that you need to build a brand as well which includes a logo that identifies you to your audience. This mark and typeface need to communicate the essence of your brand and that takes time to refine and define. It can be a costly endeavour if you get it wrong.

The right decision

There are other tasks such as buying the right insurance, choosing your market, hiring staff, creating training materials, setting up standard operating procedures for everything from opening to restocking, from closing to handling a customer complaints. You have to do all of this yourself before you ever sell one single product or service. Before you ever make one dollar of profit. That’s enough to suck the passion right out of a person.

Now you are beginning to see why 80% of all small businesses fail in their first year according to the Office for National Statistics and by year five another 50% of the remaining 20% have met the same end.

Business Failure

Surely, it isn’t from a lack of passion that these small businesses are failing, its because of these factors that small enterprises are meeting their demise. Passion Play business novices start with good intentions but fall victim to these traps;

  • Entering an industry in which they have no experience
  • Hiring an inexperienced team
  • Putting together a team that can’t co-operate to work together efficiently
  • Failing to recognise the market has no need for their products or services
  • Ignoring what customers want
  • Refusing to be flexible and adapt to changing trends

Now we get a bigger picture of how unbridled passion can blind someone into making bad business decisions.

Options

Consider some of these options when looking for a business to buy.

  • Is the industry you are considering “bullet proof” or recession proof? Meaning, does it have a consistent tract record of steady growth and revenue through even the toughest of economic times.
  • Are there dominant players in the market that offer franchise opportunities? Franchise offer more ready-made business solutions to make your business transition easier.
  • How well developed is their franchise infrastructure and their franchise community? Can you draw from their learning and experience to build your business quickly?
  • Is the partners brand and intellectual property well developed? How much support material is at your disposal and ready-to-use on day one?
  • What kind of training and ongoing support does the business partner offer and how often do they do educational events for their franchise partners.
  • Does the franchisee offer you unlimited growth potential and options for long-term success?
  • Can the business let you use the skills and experience you already possess and let’s build a legacy you can leave for your family?
  • Will the business actually make a difference in peoples lives and will it let you make difference in your community?

If your find a business that can do all that, you have found a business that will likely allow you to thrive and really build an asset that will build value over time. It’s not a pipedream it’s a business that offers real solutions for some of the today’s most pressing dilemmas.

Click here to talk more about how you can set up your own special business today.