The First Steps To Starting Your Own Business

Aug 8, 2019

According to one study, 82% of people learning how to start a business will fail, due to cash flow problems in their startup.

That’s a pretty big deal. It means that if you plan and launch your startup in a way that will avoid cash flow problems in the first place, you’ll have eliminated the single biggest risk in launching a business — dramatically increasing your chance of success.

Whether you want to learn how to start a business to support your travels or creative life, or whether you have a unique product or business idea that you’re passionate about, it’s important to start on the right foot with your business planning. To help you avoid common entrepreneur mistakes, the following entrepreneur tips will help you determine how to start a business.

Conduct Research

Since you’re learning how to start a business, you’ve probably already settled on a business idea you’d like to get into. But before you take off and run with it, you’ve got to compare that idea to what the market wants.

To be successful, a business has to solve a real problem, fulfill a real need, or provide something people genuinely want.

However, for a new business to succeed, it isn’t enough to just offer something the public wants. The public has already been getting what they want, or else doing without it, for a long time. Your job as the business owner is to convince them that your offer is going to be better for them than anyone else’s. It’s not enough to give them another option — you’ve got to give them an option they can’t say no to.

On the surface that may sound daunting, but it’s very doable, as long as you’re willing to do some hard thinking.

You can identify what the market wants by talking to your target customers directly; by starting a blog on your target industry, and building an audience of ideal customers; or just trying different ideas until you come upon one that sticks.

The following are some questions you should try to answer, as you formulate your ideal business idea:

  • Is there a real need for this product or service?
  • Who needs this product or service?
  • Who is my ideal customer?
  • What other businesses are currently providing this product or service, or something similar?
  • How much competition is there for my idea?
  • How will my business idea fit into the existing market? How will it contrast from other options already available?
  • Am I a member of the community I’m trying to sell to? Am I my own biggest fan and customer? Will I enjoy building this product or providing this service long-term?

The last question may be the most overlooked idea for aspiring entrepreneurs, often considered only as an afterthought. It’s important to remember that your business is going to be your full-time job, at least at the beginning. Make sure you’re doing something you’ll genuinely enjoy.

Make a Business Plan

Before you can start building your business, you’ve got to have a plan for what you will do. Your business plan will act as a blueprint, guiding your decisions from startup through initial growth to keep you on track.

A business plan doesn’t have to be complicated. If you’re funding the venture on your own, and it’s just going to be you and perhaps one or two other people working on it part-time, a basic one-page outline of steps to follow is all you need.

If you’re going after investor funding, you will need a traditional business plan to show investors or banks. This type of plan is usually very long, very thorough, and very specific. Business plans of this kind always provide a common set of information that investors always look at before deciding on whether or not to invest in a startup.

Even if your business is going to be simple — a blog that you intend to monetize, for example — it’s still incredibly important to have some kind of written plan. It doesn’t have to be long or complicated. You just need an idea of where you’ll be going and what you’re going to do before you get started.

Armed with these insider tips for entrepreneurs, you’ll be well ahead of the competition when you launch your startup.

rafferty pendery

So, Who Is Rafferty Pendery?

Jun 1, 2018

Rafferty Pendery is an impressive example of someone who has spread his message over the world and succeeded in business while doing it.

He is known for working in the website design, marketing, business development, and public speaking industries. He has a wide variety of business interests that we’ll discuss in this article.

Who is Rafferty Pendery?

We’ll go over some of Rafferty’s strong points, successes, and value in the business market. He is a successful entrepreneur that has a lot to offer in the way of vision, management, and business development.

How He Started

Rafferty did not start out in a wealthy family. His family instilled the values of dedication and effort that have carried with him throughout his life.

He started his career with the idea of creating a skateboarding clothing company. At the age of 11, he coordinated a designer and printer, selling 100 shirts at 25 dollars a piece.

His first business venture was a success, and he later went on to school and enter the business world. His interest in a clothing company carried into his adult life, and he soon realized that he needed to create a website to push his business.

He created the company Studio98 while he was learning to create his own website. This company now works in the web design and business development realm.

He focused on building an organization rather than working for himself. Realizing that the most intelligent thing to do in business is to work collaboratively, he utilized the fact that there are talented individuals out there willing and ready to produce great work.

Many entrepreneurs have the idea that their work is simply their own. Turning over responsibilities to others is integral to business growth. There comes a point when an individual can only do so much, and their responsibilities begin to bottleneck.

Achievements

Rafferty has earned a position at the top of his own organization with staff, designers, and developers working under him.

He has the honor of speaking with business owners around the world. His ideas of vision and business management have inspired numerous business owners to change their thinking of how to operate a business.

His branding work has benefited numerous big-name companies. Time Warner, Humana, Red Bull, and NASA are just a few of those names.

What He Does For Business Owners

The primary benefit that Rafferty Pendery gives business owners is insight into his vision. He promotes the idea that there is an art to envisioning, beginning, and diversifying a business. Heuristics on division of labor, brand management, and progress are just a few of the things that his lectures offer.

For example, most people don’t recognize that growth requires a business owner to adjust their previous ideas. Things like training, branding, and organization require consistent refinement as a business develops new needs and protocol.

As something like training becomes more streamlined, business owners find themselves with more free time to move forward in their personal lives.

It’s an exhilarating, confusing feeling to be comfortable with the fact that your business has been built in a way that allows it to function on its own, under the thumb of your employees.

This allows the owner to direct attention to new, further reaches of their business’ potential.

Find Out What Rafferty Has to Offer

This article scratches the surface, but there is a lot more that Rafferty Pendery has to offer. There is a lot to learn by exploring the web and doing a little more research on his business coaching and international speaking.

If you’re interested in Rafferty’s work or would like to get in touch with him, check out his site and reach out.