If you’ve ever thought about becoming an entrepreneur, you’ve probably begun to look for advice. While there’s no one size fits all solution to starting a business, being successful as an entrepreneur takes a clear vision, commitment, and hard work.
Chris Lamb, a property developer and investor in working in Niagara Falls, Ontario, knows firsthand how important starting off on the right track is. As a first-generation builder, Chris is eager about new business opportunities and shares some key beginner tips for entrepreneurs.
Know Your Purpose
Chris Lamb of Niagara Falls shares that his biggest motivation is his purpose. Uncovering your purpose and aligning it with the core mission of your business will help you build something that’s impactful and meaningful — for yourself and for the stakeholders involved. That’s why it’s so important to know your purpose and how it serves the business; it’s the core to truly enjoying what you do.
Conduct Market Research
Now that you’ve clearly defined your purpose and why you’re doing what you’re doing, it’s time to research the market. When it comes to starting a business, there are a lot of things you should be considering about the market, notes Chris Lamb of Niagara Falls.
Ask yourself some questions to start:
· What product or service are you selling?
· Is there a need for your product or service?
· Who will your customers be?
· How will you serve your customers?
· Will you be selling a product or service in-person or online?
Although there will be many more questions to answer, breaking it down and taking an honest look at your idea will help you further understand the logistics that need to be done and in what order. Chris Lamb also recommends talking to someone who has started a business in a similar field to yours. By asking someone who knows and has relevant experience, you’ll be more confident in your decision-making process.
Create a Business Plan
Every business — big or small — requires a business plan. Whether it’s to provide direction and lay out business concepts or to attract investors, a business plan is vital for entrepreneurial success.
How do you write a business plan? St. Catharines’ Chris Lamb recommends that a business plan includes:
· Executive summary to illustrate key points that are detailed within the plan
· Business overview that offers a description of the business
· Operational overview that describes how the business will function
· Market research to define target market and plans for creating a specific audience
· Products and services the business plans to sell
· Sales and marketing to outline pricing options and how the product or service will be advertised
· SWOT analysis to determine how you will gain a competitive edge against direct and indirect competitors
· Stakeholder outline to provide concise information on all key players involved in the business
· Financial plan
· Sales projections
At the end of your business plan, attach supporting documents, including additional research or information about the company, résumés of key personnel, etc., says Chris Lamb.