By Craig Lourens – Business Coach, ActionCOACH
Are you great at what you do and thinking about going into your own plumbing business? Or are you running a business and thinking perhaps a reflection and reset would do you good? Business is an exciting journey, but it’s also a venture that requires careful thought to turn your dreams into actions.
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Prepare yourself before you get going or you will be disappointed and land up out of pocket. Here are 6 things you need to know:
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Figure out your target market:
Before launching into 2025, take the time to properly, and in detail, understand your identified niche of the market. Never be broad, for example as a plumber the worst target market you could have is: “everyone who needs plumbing”. NO, you will need to know what customer profile is ideal for your business. What does a great customer look like? What are their needs and what can you solve for them? Conduct market research to identify trends, customer behaviours, and competitors. Knowing exactly what solution you bring to the market and who your specific customers are, helps you to be unique and stand out. These are pillars of success in the future.
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Prepare a Solid Business Plan
The business plan is your roadmap to success. It should be clear what you see this business looking like in at least the next 10 years. Steven Covey, in his book “7 Habits of Highly Effective People” explains to his readers that one of the habits is “Start with the end in Mind”. You need to do this for your business, start with the end in mind! Once you have this vision, you can develop the roadmap to get there. Your business goals, your strategies, your financial projections and your operational plans must all be aligned to where you are going. If you have no idea where you are going, well, then you can go anywhere, and you will land up anywhere, and more than likely where you don’t want to be! A well-thought-out business plan not only helps you stay on track but is also essential if you need funding from investors or lenders.\
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Financial management 101
You do not need to be an expert accountant, but a basic understanding your numbers is critical. At the top of the list of things to learn is CASH FLOW MANAGEMENT. Many a profitable business has gone out of business because of poor cashflow management. Be prepared for this pitfall of business or you will be another addition to the unfortunate statistic of failed businesses.
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Get HELP!
Starting a business is an exciting but lonely venture. You should NEVER go it alone. Surround yourself with a support network of mentors, industry peers, and successful entrepreneurs. Make sure you are a member of you industry association, IOPSA. Join local business groups (BNI, Friday Club, CBO to name a few) you can exchange ideas, seek advice, and find encouragement.\
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Understand challenges will come
A positive, solution driven mindset is at the heart of success. Entrepreneurship is rewarding, but it’s not without challenges. Be ready to take on uncertainties and find the solutions. Blaming circumstances, the environment and others; finding excuses for poor performance and denying that you ever knew it was going to be hard work will get you nowhere. Learn from failures. A positive mindset is at the heart of overcoming obstacles and staying focused on your path to success.
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Have a Learning Plan
You will only ever be successful with what you know. It is impossible to achieve more than what you know, so learn at every opportunity. Whether you are new to business, or a seasoned professional make sure you have a learning plan. As Brad Sugars, author of “The Business Coach”, tells us:
“Where you’ll be in 5 years will depend on the books you read, the people you associate with and the actions you take.”
Conclusion
Getting going with a plumbing business is a bold step, and the path may not always be predictable. Keep these 6 essentials in mind and take action, reach out to your industry association IOPSA and the service providers, that they have supported to get you set up for success. You’ll be better equipped to navigate the challenges and seize opportunities on the path to building a successful venture.
All the best for the holidays as you reflect on you plans for 2025!
For more information on building a learning plan, book a free session with a business coach here: https://mastery.servcraft.co.za/#elementor-action%3Aaction%3Dpopup%3Aopen%26settings%3DeyJpZCI6IjM1NCIsInRvZ2dsZSI6ZmFsc2V9
