Secrets to Success

Entering my 10^th year of managing and consulting for the Greater Barrie Business Enterprise Centre, I find myself wondering what it is that makes this job so special and still so fresh.  There are a lot of great things about the work that I do that are rewarding. But one of the most amazing things about the job is the absolute diverse nature of the people I get to meet every day, and the wide range of business ideas and goals that they come in with.

Whether they are looking to start a windmill farm, eco-tourism centre, residential cleaning business, or veterinary hospital, or expand an existing manufacturing plant, equestrian centre, jewellery business, or fine art studio, or anything in-between, their enthusiasm, determination and curiosity are common to all. Everyone is looking for someone to help minimize their risks of failure and give them tools to ensure success. Some are looking for financial resources. Others want someone to help  them – write their business plan, do their market research, create their marketing materials or develop a marketing plan, etc. Many just need to know what they don’t know and what their next steps should be.

And though the next steps will be different for almost everyone, some will apply to everyone:

1. Take the time to consider what your ideal vision is for your business. What does success look like to you?
2. Decide how that fits in with your vision for your personal life. What does a happy, successful, and balanced life look like to you?

Starting, growing, or expanding a business will require planning. If you have no vision, you have no idea what your destination is. Without knowing where you are going, you will be unable to plan for the journey and will therefore be unlikely to reach your end goals, or the success you envisioned. There are no rules that define what success is, or what your business should be. The only rules are those next steps that help you plan for your vision of that success.

With your vision clear and focused in your mind, the next steps should include getting a firm understanding of:  the marketplace you will be operating in; your target market; the competition; the federal, provincial and municipal regulatory and legal requirements for your industry; potential risks and resources.  And they should also include analyzing the results of the information you have learned about all those things so that you are able to build an effective operational, marketing, and financial plan.

Entrepreneurs come in many shapes and sizes, as do their dreams. After these many years, I still love watching entrepreneurs discover and process those so-called “secrets” to success. And I relish in their success with them – whatever that success means to them!  So, if you are one of those entrepreneurs wondering where to start ... Start with the dream, start with your vision!

 Terri Plaxton Smith is the business consultant for the Greater Barrie Business Enterprise Centre, 24 Maple Ave., downtown Barrie.  For information and assistance, call (705)720-2445.

Look for Terri Plaxton Smith's columns in the pages of Huronia Business Times.