Five Steps to Create a Successful Business

  1. Find a service that you can become skilled at and enjoy doing.

 

This may take a while but to create a business, it is necessary to have something to sell. This may look like creating and original product, like food or clothing, reselling products online, or providing something to others that they cannot do themselves, like plumbing. For me, I plan on starting a wedding videography business soon, and I eventually want to have my own video production company that focuses on creating Commercials, I believe that having a wedding videography company for sometime will prepare me for this and help me put my foot in the door. Videography is a passion of mine and if I become skilled enough at it, I can make money off of it.

 

  1. Work your way up.

 

Start by only buying things absolutely necessary for you business, but do not overspend. It is true that you need to spend money to make money, but it is also wise to be smart about your money. Finding the balance between these two should be where you are at. I started making videos on a cheap camera from Walmart, I then saved up and purchased an iPhone, I began to make content on this new device. Afterwards, I moved up to a low-end DSLR Camera. I have been learning how to compose different content for years using that camera, as well as other low end microphones, lights, stands, etc. I am currently saving up for a more expensive camera by shooting stuff on my lower end camera and using gear that works but could be better. I will work my way up purchasing products that will help me make the videos I need, but only when I am skilled enough. I will be purchasing something I can afford, because it doesn’t make sense for me to spend $50,000 on a camera that people use for movies now, when a $1,500 camera will work perfect for the weddings I want to start shooting. By purchasing equipment that I need, rather than want, I am saving money that can be used in the future to grow my business. Every new starting business should use this skill, as to not spend money that isn’t available.

 

  1. Make yourself known to your community.

 

The world is on social media, learn how to use it. Facebook, Twitter, and Instagram are great ways to reach new customers. In my case, this looks like me shooting a few weddings for low cost or for free to start building a portfolio, this is how I can make myself known to others looking for wedding videographers. Shooting a wedding for free is a lot of work for no immediate gratification, but doing something now that will benefit me later is a very smart thing to do in the long run. Providing your service for low cost or for free in some cases can help to grow your business. Posting weekly and following people who are your target audience of customers is wise in order to organically grow on social media.

 

  1. Provide a great service and be friendly.

 

Word of mouth travels fast and is arguably one of the most effective ways to gain or lose customers. Providing a great product and being friendly to these customers is vital. If a business owner has a negative outlook or bad customer service, this will reflect the company and show customers that this may not be a good business to buy from. In turn, it will be difficult to gain customers due to the negativity within the company. Likewise on the other side of things, if your product is quality and your customers experience was pleasant with you, they will likely return to you or recommend your business to others. If I have great wedding videos and good reviews on my website from customers, I am more likely to gain more clients. Of course, this goes for any company, good reviews equals an increase in clientele.

 

  1. Be Persistent.

 

Creating a business takes time and will not happen overnight. It is true that you can achieve anything you set your mind to, you just have to be willing to put in the work and deal with no immediate gratification. Anyone who has ever succeeded in something has failed in the thing that they are passionate about. A few examples would be, Michael Jordan being cut from his High School basketball team. Walt Disney being fired from the newspaper he worked on for “lacking imagination”. More personally, Roger Grien, a mentor of mine was fired from the bank he worked for because they thought he didn’t write well enough. Roger started his own tax return office, he reached out to clients he had mowed lawns for. His first year he did 35 returns in his basement, the year following he reached 105 returns, the year after he reached even higher to 345 returns and was fortunate to become a Tax Commissioner. Three years later he found a location at busy intersection and went from 345 returns to 850 that year. He successfully ran his business until he retired 50 years later. I may be living paycheck to paycheck for awhile, but with persistence I can successfully start my own business from nothing, and so can you.

 

Creating a business may be difficult and take a lot of work, but using these tips to guide you along the way will benefit you long term. Stay driven and set goals for yourself to reach. Businesses come and go but keeping these factors in mind will bring you success.

 

Author: Michael Stanwick

 

 

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