Starting a business can be exciting and challenging at the same time. Many entrepreneurs fail to make it big because they don't have a solid business plan in place. In this video, Shehan discusses the three S approach to help you start your business on the right foot.
The first S in the three S approach is savings. Many businesses collapse and fail because they don't have adequate funding to kickstart their business. It's crucial to have some savings before starting a business. You don't need a lot of money, but having some war chest of cash can give you the longevity you need to invest in your business, keep yourself paid, and try new things.
The second S is sales. Sales are the bloodline of any business. It keeps the lights on, pays everything, tops up your savings account, and adds to the concept of longevity. You might be a technical specialist with intimate knowledge of your product or service, but you also need to have a direct plan for sales. You need to know where your next ten customers are coming from, and when they arrive at your doorstep, how do you sell to them? What are their pain points, and are you actually solving them? You need to get granular with your sales plan, or your business will falter.
The last S that is sometimes not talked about is your sanity. Business is a minefield, and it's easy to get stressed and overwhelmed. You need to take care of yourself and find what works for you to keep your sanity going. It might be reading, playing with your kids, taking Saturdays off, going for a swim in the morning, having coffee with your friends, or binge-watching Netflix. Whatever it is, find a way to keep your head and sanity straight because it's a funnel and a game of longevity.
In conclusion, the three S approach to starting a business is simple but effective. First, have your savings to allow you to invest. Second, get your sales plan in order to keep the cash flowing. Finally, take care of your sanity because you won't be in the game of business if you don't keep your head straight. Keep these three S's in mind, and you'll be on the path to success.