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08-30-2013, 08:22 PM #1
So you want to have your own business? Here's one way to build it.
First off, I feel inspired to type this thread because me and my friend were discussing more business type of information and I shared this info with him and he said it was amazing. He was wondering why he had never heard of this before. So, I figured I would share this info with everyone here so you guys all can see.
He was asking me how the best way he could build a business was, that's what started the conversation. There's many ways people try; some try to just hop in and selling their products and maybe it works or maybe it wont. Others kind of have an idea in mind what they want and proceed with it, again they may fail or they may not. I, though, found the best way to start a business is through the BOB Method.
Q: What is the BOB Method?
A: The BOB (Base of Business) Method is just another way of organizing a business so it has a very structured hierarchy, let's you know if you're fit to start a business, and also gives you a plan to start the business.
The reason I call this Base of Business is because every business or company has a foundation. Some foundations are pure luck and some cash, other foundations may be hard work and sweat. The foundations vary. The BOB Method though will help give you a foundation of your business, for some it will help you kick start it.
Let me start off with this hypothetical scenario.
Say you have a new company you're starting called MyB (My Business). It's a custom computer business.
You need sponsors though to get started, so you decide Dell is a good place to start. You walk into Dell and you talk to the current president. He asks you what you do and what you're looking for.
STOP! Hold on. There's two ways to continue on. First is without the BOBm (Base of Business Method).
Without BOBm: You struggle with a firm belief in why you are there and not sure what you are exactly looking for and wanting. He asks you all these questions about your company that you have no answers to.
With BOBm: You go in there, confident in what you believe because you know your purpose and know what you want and are determined to get it, even if it means negotiating. He asks you questions and you can answer them right then and there because you know what you're doing.
Q: What is the BOBm? How is it laid out? How will it make such an impact?
A: Well, I'm about to tell you ALL about BOBm.
Here's the basic layout of the BOBm.
Yes, you saw that right; 4 parts! I know you're asking yourself, "I already knew all this, what makes BOBm so special?"
Well, it's the way its done. The questions you ask. The order everything is laid out.
Where shall we start? Oh yes, it's best to start with step 1!
Questions, questions, questions. It's all about the questions! The questions are what will push you forward, they will help you know what your future with this business you are creating.
Many questions depend on the product you're selling or the type of business you're making; but there are some core questions you MUST ask yourself! Be honest with you're answers. It's not like anyone else will see.
- What is my business about? (i.e. product being sold)
- How am I going to sell it? (i.e. online, door to door, etc.)
- What is my goal/purpose of this business? (i.e. to just make profit or to provide a service/product)
- What will I do with my profit? (i.e. will you take it all or will you use it to expand)
- Where will this business be in 5 months?
- Where will this business be in 5 years?
Those are core questions you must ask yourself before continuing on.
I'll even give you a key WITH explanations.
Q: What is my business about? (i.e. product being sold)
A: This answer will vary depending on the business and the person. This question is asked so you have it set in your mind what you're doing.
Q: How am I going to sell it? (i.e. online, door to door, etc.)
A: This answer will also vary. This is just so you know what to research when it comes to marketing your product; because you don't want to research how you can best advertise and sell your product online when you're actually going door to door and selling it.
Q: What is my goal/purpose of this business? (i.e. to just make profit or to provide a service/product)
A: This has to be one of the absolute core questions in this list. There is a large reason this question is asked. This question will determine the future, and it all depends on your answer.
If you are making your business looking for profit, just stop now. It won't work. You obviously don't have a passion or a desire to truly run your business when all you care about is money. Yes, many people care about the money; but it all started with a passion to provide a good/service to humanity, then the profit came later.
Example, Steve Jobs wanted to give out the blueprints to the Apple computer originally when they started. Woz said know, he had the same passion to provide the product but he also knew that they could make money. So he stopped Jobs.
Q: What will I do with my profit? (i.e. will you take it all or will you use it to expand)
A: Answers will vary, just another core question to see where your heart lies.
Q: Where will this business be in 5 months?
Q: Where will this business be in 5 years?
A: These are also very important questions. Setting goals and getting an idea of where you want to be is actually a way of motivation. If you set a goal of where you want to be, you have something to work for. Then it's up to you to meat that goal.
There are more questions you should always ask, but come up with those on your own because it is your business.
Also, remember to add questions people might ask you or businesses might ask you.
Step 2, what's next? Oh yes, facts.
This is at your discretion. What are facts about your business/product that will make unique and pop to a consumers eye? That's all step 2 is really.
Step 3, the outline/hierarchy. I am going to go through this step fairly quick.
Basically if you are planning on hiring. Come up with the positions, come up with numbers of how many you'll need, create a hierarchy. There NEEDS to be structure or there will only be chaos and your business WILL fail.
The outline is just how your business is laid out. Name, products, sponsors, etc.
The outline and information inside can be determined by you.
Final step, step 4. By this point, you should've spent at least a week or two pondering upon the previous steps. Especially the questions.
The final plan, the last point before you're ready. This is where you take all the information and smash it into one. This is also one of the hardest steps and this is where people fail. Mainly because the first 3 steps do not exist.
The reason this is the last step is because all the information and planning you had put down from step 1 through step 3 is key here. Here is also where you will have to write multiple outlines possible.
The final step can include business propositions for sponsors, like maybe Dell for MyB.
This is where you will put all the information so you can walk into Dell with confidence and know what to say.
Step 4 is probably the longest. You could spend anywhere from a day to 3 months on this step. Perfecting, adding, taking away from the final plan. Thinking of more things.
A little advice to you guys, no business is perfect. You will have flaws along the way. Just patch them and move on.
Also, you're never to young to start a business. I started selling things at 12 years old. I sold sticks I carved while my mother worked at a booth at a convention. I sold it for $3 or $5. I made nearly $40 that day, and to a 12 year old that's a lot. You're never to young, but start strong. Don't let people shut you down just because you're young, people always try to with me; but I stayed motivated and I'm doing very well today because of it.
I'll edit post if/when anything else is needing to be added.