One Size Fits All

There is only one element of truth in One Size Fits All. Read on to learn that one size fits all.

What is this one size?

When you start your business, it is unique.

It’s your idea. It’s your baby. You are creating your product or service and it’s your plan and desire to market it to sell it for a profit to the consumer.

It’s your business. It is the business that fits your dreams and your future and it’s the business that may change your life and leave a legacy for the next generation, or a huge profit when you sell it. Everyone has a different unique dream and understanding of what their business will look like. One size does not fit all. Right? No, this is not what I’m talking about. One size does fit all. It is one size that fits all business fundamentals.

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Working a business from home or in a warehouse office. It does not matter. One size fits all.

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95% of startups fail

Remember, 95% of startups fail in the first 3 years. Why? They run out of money or time.

If you don’t have the capital, you’d better have the time! Wait a minute, I’m getting ahead of myself.

Many entrepreneurs start a business without fully understanding the concepts of business.

The fundamentals do not change.

One size fits all.

It doesn’t matter what business you start. Whether you’re producing shoes and socks or Hi-Tech earbuds or starting an accounting business. It doesn’t change a goddamn thing.

If you read my homepage, you would have read my simple layout of business.

I will remind you again.

Money in

- expenses

= net profit.

What you need are lots of money coming in, little expenses going out and huge net profit. Simple?

It's not rocket science. Just had to put this in.

Of course, it’s not that simple, but it’s not rocket science.

The local coffee shop or the high profile Law Firm. Same deal. Money in - expenses = net profit.

My contact details

I love hearing from my business community!

Having said that, I receive many messages here and through my newsletter every day. Sadly, I just don't have enough hours in the day to reply to them quickly.

I am working on it.

So, here's a simple contact form for you to fill in. I will get back to you in due course, but please be patient!

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What most startups do is start up a business as a technician. The technician I refer to is the entrepreneur, the inventor or creator of the idea or product, or service. Nothing wrong with that. You are the boss, the inventor, and the creator of your startup. The buck stops and starts with you. GO FOR IT.

Do the math. Get it right. Money in money out. Profit or loss. The buck stops with you. Get this right and you are on the right track.

If you don’t change this, you are in deep trouble. You are going to fail.

There are many things to consider before you take the plunge.

If you don’t have the basic elements of a business plan with well-defined, intricate, detailed laid-out plan of action, including the minimum capital expected, the maximum expected expenses, perceived net profit forecast, you are probably going to be in the 95% of businesses that fail. Just another statistic.

The 5% that succeed

Let’s examine the 5% that succeed and succeed well. They start by putting a lot of work into planning the business before they invest $1 of capital or invest one minute of their time in the new business. Note well 95% of time spent here represents 1000% of your future success.

Get all the ducks in a row. Have a plan A and B,C,D. Get this done in the business plan and you are going in the right direction.

They visualise what the business will look like; they have business plans; they have Plan B, Plan C, and even plan D.

They have drought contingencies to get them through the rough times. Detours are in place to go around unforeseen obstacles. They ask themselves what could go wrong. They prepare for the worst. They calculate the time and money to survive. They do their research. Find out if there is a market for the product or service before they spend time and money on it.

Plan rigorously ahead of time so they don’t end up in debt when starting a new venture.

And they have a mentor.

A mentor who knows business. Not their product or services so much, but a person who has experience.

Sound familiar?

Always choose experience and grey hair when selecting a mentor. This will be your best business investment ever.

Of course, it does. If you want to give yourself a better than 50/50 chance of building and creating a successful, profitable business, that will survive the journey. Start at the right place. Start with getting a mentor.

Write your business plans in collaboration with your mentor before you even think about turning a sod of dirt.

What is the common thread on this page?

It is the fact ‘one size does not fit all’. The fact is, there is ‘one size that does fit all’, one size to fit all successful business startups is they engage with a mentor from the start.

Part of your research, in fact, I highly recommend doing this before you do anything else. Research, interview, and retain a mentor. What ever it cost it will be your best investment ever. If you haven’t read my page on ‘choosing a mentor’, it should be your very next click.

Summary

Start your business by getting a mentor. Then build your plans for your business in collaboration with your mentor.

Spend as much time as necessary in this zone until you have a clear path forward to start your business. Then pull the trigger with confidence.

Will things go wrong? You bet they will. But you will have a contingency plan in place to counter every adversity.

Don’t worry if things seem overwhelming. Consult your plan of action. Sit down with your mentor and more than likely you will both come up with a detour. A side road to bring you back on track. Guaranteed. Do the work and the work will bring you success.

There is nothing as powerful as an idea whose time has come. I don’t know who ever coined that phrase, but I wish I did. In fact, if you have never heard of it before, I’m claiming it. Tell them you heard it from MENTORaUS.

Go you good thing.

Experience isn't the best teacher, experience is the only teacher.