A piece of advice for my business success, please

Hey BB,

I am a student wanting to start my own business.

What is the one piece of advice that you can give me that will guarantee the success of the business?

Trent,
Vic

Dear Trent,

That’s Aunt to you. OK, here it is.

Know what you do, how you are going to do it, and learn how to articulate and communicate it. Sounds simple/stupid doesn’t it?

But that seemingly simple task should take you months. It becomes your value proposition, your vision and your business model. Getting that vision and business model right guarantees you a 50% chance of success. Because getting that right guarantees that you will find a group of customers that will pay the right price and in the quality you need in order to make a profit.

There is another huge benefit of getting your vision right. It means you won’t lose focus or get distracted as many opportunities start to appear. It also feeds into your culture and your branding, and it becomes the glue which links you to your customers. Of course there are other key things you have to get right, such as funding the start up and getting the right people on board.

One more piece of advice. Unless you are a genius or come from a small business family, start out in industry first before you start your own business. Look out for a niche while you build your network of investors, customers, suppliers and supporters. That gives you the best head start you can possibly ask for.

Good luck!

Your Aunty B.

To read more Aunty B advice, click here.

What are you waiting for? Email your questions, problems and issues to auntyb@smartcompany.com.au right now!