Many people out there in the world have great ideas about what could make quite a bit of money. Unfortunately, most of them put in a halfhearted effort in order to make their dreams come true. The result is absolute failure. It’s difficult to be in the right place at the right time in order to have financial security dropped onto your lap without putting in the effort to make it happen. If you don’t put in the work it takes to make the project become a success, then you’ve already failed before you’ve even started.
Don’t Expect Immediate Wealth – While you and your friends, family and colleagues may think the idea is sound, don’t expect that it will make you rich overnight. There needs to be more emphasis as to why you are starting your business in the first place. Are you doing so because it could possibly make you money, or is it something you’re passionate about? Many business professionals state that if you start your business for the sheer purpose of making money, you could already start the experience off on the wrong foot.
Your Own Efforts – Once you get your idea started, you can’t expect it to grow without putting effort into the venture. This is very prevalent in the online world. Many people will start websites with the allure of making money through affiliates or Google Adsense. Although these ideas could bring in some money, they won’t do anything for you without building your site. Content and marketing are what drive visitors. Without these visitors, affiliate banners and Adsense displays won’t do you any good. This is true with any business idea. If you don’t have a reason for clients to visit you, they won’t.
Know What You Are Trying to Accomplish – A lot of start-up businesses will fail inside the first six months of operation due to a lack of educated effort from the owner. Putting little effort into an idea and hoping for the best doesn’t bring in the sales. It takes a great deal of dedication and vigilance in order to build something that people will want to spend money on. If you decide to do something else after a month of trying one thing, you are doomed to repeat the experience. It takes longer than just a few weeks in order to build stability in your idea.
One Idea at a Time – Splitting up your focus among several tasks at once will risk failure to them all. While it is quite possible for some people to multitask with business ventures, not everyone can. This isn’t a bad thing – it just means you need to focus on the stability of one venue before starting another. Switching gears and blaming everyone except yourself for failure will not solve the underlying problem that you can’t manage too many ideas simultaneously. Focus on one at a time in order to maximize each to the fullest capacity.
Budgeting Wisely – As the adage goes, “It takes money to make money.” Although the Internet and various other technologies have made it possible to start many ideas for relatively cheap, you still need to put money into certain aspects of the idea if you want it to succeed. This could be in marketing, better tools, cost efficient equipment and/or inventory if you have a retail shop that needs something to sell. For instance, a handful of keyboards and mice does not a computer shop make – for most people. If you have nothing to sell, then most will not spend money at your location. Don’t expect droves of people to come flooding in because you only have a popular item or two.
Consistency is Important – The hours posted on a brick-and-mortar location are more important than you may realize. If the hours of your establishment display a certain time you will be available, then that is when you should be. Closing randomly for whatever reason demonstrates to your community that you are not a trustworthy person and don’t have the abilities to operate your business efficiently. Regardless of what you sell, they will stop coming to visit your shop. In a day and age where business is highly competitive, there is a good chance that a more reliable alternative can be sought by potential customers.
Turning it Around for the Better
When it comes to business, many people act like they have Attention Deficit Disorder. Instead of focusing on the objects for success, they bounce from one idea to the next – each one being a failure. If you are one of these individuals, you can break the cycle by:
- putting at least six months’ worth of extensive effort into a single idea.
- making sure there is enough starting capital for the business to sustain itself.
- writing future ideas down in a pad of paper to help you remember them after the current one succeeds.
not expecting to become rich within the first couple of weeks.
Six Months of Effort
Fully pour yourself into the idea and give it six months to a year to grow. If it doesn’t, you may need to change tactics or move on to the next.
Make sure your idea has enough money backing the venue. Without the cash to support it, the idea could easily fail. Budget your funds wisely.
Look Ahead, but Remain Grounded
It’s OK to have ideas for your next venture. Writing them down helps you to remember what they are as you work on the success of the current prospect.
It’s rare for someone to have an instant success of an idea. Even Mark Zuckerberg had to develop a social media platform that people would enjoy using – which took a great amount of time.
You can’t expect your ideas to become multimillion dollar ideas in a short amount of time. It takes a great deal of effort by yourself in order to achieve such quick success. Having your attentions separated during the formative moments of your business idea could be very detrimental. Emphasize the aspects of a single idea at a time and you could increase the odds of success exponentially.
Liz Nelson is a freelance writer and blogger from Houston. Questions and comments can be sent to: liznelson17 @ gmail.com.