Build Your Business Like An Architect Designing a Building
The Six Phases You’ll Need To Build A Successful Business From The Ground Up
When you build a new building from the ground up, you probably have a rough idea of the main elements you will need in the following order:
- Set a Goal: Location, Land, House Type, Etc.
- Your Budget: How Much Can You Afford
- Architectural Plans and Construction Permits
- Foundation: Solid and Strong
- Structural: Walls, Insulation, Beams and Roofing
- Interior and Exterior Details: Plumbing and Electrical, Finishings, Etc.
Building an online business is not much different. Just like building an actual building, every business needs to be constructed in a particular, logical order.
First Business Development Step: Business Plan
A business without a business plan is like a house without architectural drawings. How well would your home turn out if you didn’t measure, plan out the right dimensions and quantities, etc? Same for your business. Yet many only realize this too late. The first thing I look at when someone’s business isn’t doing as well as they’d like is their business plan. Too often, solopreneurs think they don’t need one. Dead wrong. This is ground zero. I cover how to write one inside my business mentorship program.
Second Business Development Step: Budget
Now that you have a clear idea of the kind of a business you want to build, clarify the plan for how you are going to finance it. Never say “I’m going to finance it from itself.” An infant business will not be able to generate enough income to sustain itself. It needs mothering in the beginning in the form of cash. Who is the infant’s mother? In other words, where will you take the cash to build the business (“feed the infant”)? Financing can come in phases, but before you move to each new phase, you’ll need to ask the same question: how will I finance the next phase of growth?
Typically, business owners finance their businesses initially in two scenarios: