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 firstname.lastname@example.org.