The 5 P’s of Start-Up Success

This last Saturday I held a one day course on starting a business called the Foundation Course.  I have been doing this once a month since January.  Over 100 people have taken the course and created a great business plan for their new businesses.  After Saturday’s session I had the feeling that I need to give these new BizOwners more than just a great plan. 

Sunday morning I was awake early and was thinking about how to make the Foundation Course better.  Gradually my mind shifted to not only helping them create a plan, but also to help them with pricing, getting new customers and, helping them create a long term business by being a company that continually “proves it”!  I began to think in terms of 4 P’s of start-up success, planning, prices, promotion and proof.  On Monday I was talking to my friend Mark Giammona, and he added the 5th P of “person”.  So now, the 5 P’s of start-up success are:

1)      PERSON:  Do you have the traits, skills, and knowledge successful BizOwners need?

2)    PLANNING:  Have you gone through the business planning process, and created a great 21 Question Business Plan™?

3)    PRICES:  Have you set your prices based on the amount needed for your business to be profitable, and do you have the right pricing “attitude”?

4)    PROMOTION:  Do you have a plan in place to constantly and consistently get new business and keep the customers you have?

5)    PROOF:  Are taking advantage of proof as you best competitive advantage and are you a “prove it” business?

These 5 P’s are really the Foundation of any new business.  I am going to be blogging a lot more about each of these 5 P’s of start-up success.  If you have any comments on this blog or would like me to answer a question, please email me at bob@21questionbusinessplan.com.

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