If you are looking to level up by starting the business of your dreams, then this article is for you. Here, we will be letting you in on key pointers and directives on how to start that dream business from the stables of Ryan Dean Hoggan.
Ryan Dean Hoggan is an individual with an extensive wealth of experience in the business, entrepreneurship, and health sector. Ryan holds a master’s in Business Administration from the University of Arizona and has been CEO of numerous companies. He’s one of the leaders in the natural products industry and is excited about what the upcoming trends will look like this year.
Having launched, failed, and succeeded at numerous businesses, Ryan is no doubt in the best possible position to give you pointers on how to start and scale up the business of your dreams. So, here they go;
Have A Business Plan: Having a business plan is one non-negotiable tip you need to know while starting that dream business. Here, the saying that “failing to plan is tantamount to planning to fail” comes into play.
Starting a Business is no easy feat; as such, you need to have a thought-out and defined plan to help you steer the whole process. Within your business plan, you should also have an action plan that would contain a step-by-step process of things you need to do. This way, should you execute a step, you would know the next step to take.
Plan your Finances: Ryan Dean Hoggan has been involved in a lot of business ventures, including raw land investing. And he couldn’t stress enough the importance of planning your finances.
Your finance is also embedded in having a business plan; however, it has to be examined separately because of its delicateness and importance. In starting that dream business, you should consider paying rapt attention to how your business would be funded.
You need to direct your energy to the mode and way you would raise and manage funds. Do you intend to go public and start selling shares of your business? What format do would you like to go about investment?
All these and many more financial questions need to be proffered answers before you start that dream business.
Have an alternative plan: This is also known as a contingency plan, a plan you can always launch in case of an emergency if the initial plan fails. This is what mostly happens in all endeavors, as things rarely go according to plan.
For instance, 2020 brought along a global pandemic that affected several businesses and lots of industries. Many businesses and companies got wound up because they failed to have a sufficient contingency plan to see them through the pandemic.
As such, having a contingency plan is your way of guarding against surprises that might arise in the process of starting your dream business.
Have a prototype and test-run your business idea: Many businesses have crashed because the owners did not properly test-run their ideas before having a full launch. If you want your dream business to launch fully, ensure that you develop a prototype, a model, or sample of the real thing to test the idea.
Also, consider the process involved in executing the idea. This phase would help you tweak and adjust the necessary things that need to be adjusted.