What is the secret to making your first million?

Free Start-Up Articles
Free Start-Up Articles

What is it that we do all the time and that is so powerful that it can really make the difference between success and failure?

Planning, and a firm belief that that plan will work is at the core of every success we ever have in life. You plan your work for the day, we plan our savings, plan our retirement, plan when we cook, when we have children, our holidays,...the list is endless.

We plan because it helps us prepare, if we are prepared we feel less fear and the more we eliminate fear and replace it with self-belief the more likely we are to succeed. So, planning your business is absolutely essential if you want it to be a success. You need to have clear goals, a clear plan for reaching these goals and a strong belief that you will get there.

A classic situation for many individuals is that they know they want to run their own business selling products or services but they havent defined exactly what the business is and they have not thought through the route to getting the money they desire. If you were travelling to a new destination by car, the answer would be to get a map! Just as we need a map to get us somewhere by road we need a map to get us somewhere in business.

There are three essential ingredients that we need to create a successful business:

1) To know what you want (what is your end goal?)

2) To know how you are going to get there (what is your business going to be?)

3) To create a map to show you the route (what is your business plan?)

There are two magic ingredients that go into this mix to really bring it alive. You dont necessarily have to have them in order to be successful but without them it could take you a lot longer than is really necessary.

They are: Belief in what you desire and the knack of being specific.

Easier said than done of course, so here are a few hints that you may find useful:

1. Brainstorm exactly what you want in life - Do you dream of a bigger car? To earn £3 million by the time you are 35? To have time to visit the gym three times a week or just finish reading that book you started last year? Be as specific as you can and as varied as you like. If your dream is to climb Everest naked it might be unwise (and most likely fatal!) but the point is that you are connecting with all your desires and letting your imagination run wild, being this creative will make links in your mind to new possibilities.

2. Then look at specifically how to get there - This is the hard bit. We suggest getting the brains of as many brainy, creative and/or experienced people as you can around you and then grill them for their thoughts, opinions and experiences. Dont be afraid to take criticism, its only an opinion and it could either be one that motivates you to prove them wrong or the best bit of advice you ever get! Perhaps you already have a business idea, in which case skip straight to the next point. If you do not know what you want to do here are a few quick ideas to get your creative juices flowing:

Look through your list of Wants and Desires and brainstorm each one as a potential business in itself.

Look at all the products and services that you currently enjoy and value and see if you can think of a way to improve them.

List your skills, not just ones related to business or your education either - think about the negotiation skills you use with your teenager, the empathic skills you use with your friends, the discipline you apply to yourself when it comes to getting up and going to the gym in the mornings. Then see if you can turn one or several of these into a business idea.

3. Once you have your idea, plan how to make it work; map out your journey.

Right, so now you are ready to put your plan down on paper. This is not a quick task and nor should it be. Writing a good business plan takes time and effort and should be regarded as the blueprint for your success and for the life you want for yourself. There are many aspects that you need to include in your plan but all of the sections will benefit from the following points:

The keys to any good plan are the three rs:

Research (research the market and find a gap)
Resolve (resolve the problem this gap creates)
Results (show how you will make money from it) Writing down a plan is vital - holding a plan in your head is good and certainly better than nothing but it is unreliable.

Research shows that writing goals or plans down makes them more likely to happen. It seems that your subconscious remembers the deal you have made with yourself and keeps you heading towards the goal whether you realise it or not.

Keeping it Fresh - you need to read it regularly, to adjust it and keep it fresh. Read your goals and desires through every single day to keep them at the forefront of your mind. Read your business plan every month and check that you are on track with your financial forecasts and make adjustments accordingly.

And finally - if it is all going horribly wrong just remember: Dont get MAD (Miserable and Depressed) get EVEN (get Energised, Ventilate your fears, Enlighten yourself, Nurture your business and yourself)!

Kindly supplied by New Star Enterprises. New Star Enterprises are an Award Winning company designed to help you aspire to more and then to make sure you achieve your goals. We write full business plans for you from research to results We can also refresh businesses which have lost their spark or need a new map.