Many of us have at some time, have had an idea for a business.

The key factors in starting any business is the 4 P’s

Passion

Planning

Productivity

Performance

You can have the best of ideas, intensions and aspirations, if you do not have the 4P’s you are going to have trouble succeeding.

1. You have to have passion – The first and foremost key factor – that burning desire, that belief deep within you, it is in your thoughts present and future. This is your drive button.

2. Planning – another key factor. Planning involves all aspects of the business

Example: Business structure, legal requirement, financial requirements, marketing, products and services and the most important staff requirements.

The first thing you have to do is have a plan, how, when and why do you want your business to run efficiently and productively for success.

Structure

Draw up how you intend to structure the business i.e. individual, partnership or company these are all important to due taxation requirement s and personal requirements.

Financial

You need to see a third party (specialist) account, solicitor to gain expert legal advice prior to signing anything, how much capital is necessary, banking facilities, credit facilities, eftpos, what records and strategies are needed.

Contracts

Registered Business Name, ABN, ACN, OHS, BAS, PAYG,GST, Local Council permits, Look at the contract to see if any legal or other restraining factors could effect you i.e. lease, shopping centre guidelines, franchise agreements etc. Always get expert legal advice prior to signing any contract.

Marketing

Know your niche market, target your niche market, know your demographic area, look into local councils, be aware of competitors marketing, grow your own marketing plan for you business – networking, advertising, local groups, affiliates, online, business cards, promotions etc

Products and services

Know your product, are there any training facilities to train staff on products, quality, quantities, legal requirements on packaging and waste removal etc.

Customer service – building a rapport with your clients, educating your clients, marketing to your clients, feedback, quality assurance control.

Staff

These people are your front line people of your business, these people are the first thing your customer will see upon entering your business, so training and productivity skills are vital here.

These are just some basic formats to follow; correct planning from the beginning can save a lot of headaches later.

The statistics show that 1 in 3 businesses do not succeed after the first twelve months.

If you have passion, planning, productivity, and proven performance, training, staff, the correct marketing and good legal advice you’re off to a good start.

3. Productivity

I believe this is the most important part of any business, having systems in place from the beginning to implement, monitor, improve, analyse, and report are vital.

See ezine article 7 steps to staff productivity.

4. Performance

Having systems in place to monitor, improve, analyse and implement are vital to your staff, business and financial performance.

Research is showing that having a Coach in this specific Industry can attain you and your business an advantage, with all the new technologies and new business implementation strategies available this new innovative technique come in with high regards from many corporate companies as a huge advantage to starting any new business. What is coaching – it is new innovative technique to get the best possible positive outcome possible on a personal level and a business level, and guarantees your business starts off with the requirements needed to making it in today’s business world. (And gets started with a buzz rather than a boom).

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