Know-How Exchange : Strategy

Why would you want to start a company without knowing what you are doing?

You need a proper plan. Remember - failing to PLAN, means you're planning to FAIL!

- First, Get a pad and a pen.

- Now write down your vision.

- Write down how you will achieve it.

Now write down why it will be successful.

- Why will people get you to plan their events for them?

- Why you, instead of countless other events companies?

- Why are you different from all the others?

Why Why Why... Until you're sick of it!

Why?

Because unless you can answer these questions unequivocally, honestly, quickly, completely and convincingly, you should just save yourself all the bother and first thing in the morning, go and give your house straight to your bank manager without putting yourself through the slow agonising pain of failure.

On the other hand, the exercise I am outlining may, just may, provide enough information to warrant going to the next stage.

Write down everything you need to do to set up the company. Go buy another notepad if the first one is getting filled up, in fact buy several, this is going to be a cathartic and revealing process.

Now find out how long each task will take, put them in order, write down the costs involved in every task, and work out the whole bill in monetary terms and project duration (total time).

Now think about how you will attract customers.

Go back and put all that into the notepad. Costs, Times, etc. Add it up again. Write it all up in your computer, make a spreadsheet of expenses over time, look at the cost and the time it will take.

- Can you get that much money?

- For that long and longer?

- When will the cash start to flow in?

- Where can you find the first customer?

- Can you speed that up?

Write down your first five target customers. Go see them and tell them what you're planning. Get them to commit to an event. Get a deposit cheque. Have you got enough to fund the business yet? If not - go find some more customers.

See the pattern emerging? Itemise the needs, find out how you'll meet them. Don't take too many risks, and evaluate strategies to minimise the unavoidable ones.

I hope this helps... ... and that you keep a roof over your head!

Take care.

ChrisB