The U.S. Bureau of Labor Statistics states that roughly 20 percent of new businesses fail within two years of opening their doors. Forty-five percent fail within the first five years. Entrepreneur Genai Parker is the founder and owner of Parker Elite Vending, a successful vending machine company in Jonesboro, Ga.
Parker explains the numbers from the U.S. Bureau of Labor Statistics shouldn’t scare entrepreneurs away from their dreams. She recently outlined five steps to reaching success with a new business.
Step One: Research the Market
Conducting proper market research is the first step to determining if a business idea will be successful. This is when entrepreneurs gather information about their potential clients and research similar businesses in the area. They must determine what sets their idea apart from the rest and where the competitive advantage will be.
Step Two: Create a Business Plan
Creating a business plan is multiple steps in one. It outlines what the company will do, who it will serve, and ideas for funding the business.
The following are several steps to take when creating a business plan:
- Write a summary about the company and the products/services it will provide
- Describe the business goals
- Explain the results of the market research and who the company will serve
- Create a financial analysis of the business
- Create a sales and marketing plan
- Include well-researched financial projections
The business plan is a document outlining how the business will achieve financial and growth goals. It is a detailed plan that the entrepreneur can show to investors and use as a reference time and time again throughout business ownership.
Step Three: Secure Funding
A well-established business plan tells the entrepreneur how much money they need to start the business and push it through its early stages. Many entrepreneurs do not have all the cash required to start a business on hand. They need to borrow or raise capital.
Parker explains that she raised funds for Parker Elite Vending in several ways.
These are some of the most common ways to fund a new business:
- seek venture capital from investors
- use crowdfunding
- take out a small business loan
- seek loans or investments from friends and family
- fund from personal savings
An entrepreneur may use several types of funding to start their business, such as funds from personal savings, a small business loan, and contributions from investors.
Step Four: Hire a Top-Notch Team
The hiring process is one of the most difficult for many new businesses. That’s because a company’s team can make or break its success.
Parker emphasized the importance of establishing a team of like-minded individuals passionate about achieving the company’s goals. Skilled, innovative, and motivated individuals take businesses to the top.
Step Five: Never Lose Sight of the Dream
The road to business success as an entrepreneur is difficult. It comes with countless hurdles that can turn a positive mindset into a negative one. Attitude is as important as hard work when it comes to accomplishing goals and reaching business success.
Successful entrepreneurs like Parker express the importance of maintaining physical and mental health while conquering the monumental task of starting a business. Overall well-being is essential to keeping a positive mindset. An entrepreneur’s attitude sets the tone for the business, creating more positive employees and satisfied customers.
Parker explains that entrepreneurs should not sacrifice sufficient sleep, a healthy diet, or regular exercise to achieve their goals, as poor health can lead to significant setbacks and even business failure. Most successful entrepreneurs wake up early, lead structured lives, and know-how to properly fuel themselves for busy days.
“Create small, achievable goals and reward yourself when those goals become realities,” Parker said. “Write the goals somewhere you can see them every day, multiple times per day. Those goals will keep you focused with a positive mindset and striving toward success.”
Genai Parker‘s Success With Parker Elite Vending
Parker began her vending machine company with a clear goal in mind — to fuel other hardworking individuals with delicious and healthy snacks and drinks. Entrepreneurs and workers at all levels need food and beverages to keep them fueled and working toward success every day. Her company feeds those individuals while allowing business owners to order food on-demand for superior customer satisfaction.
Another goal of Parker’s was to achieve a means of making truly passive money, so she could focus on growing the business and other hobbies, like supporting her local community and charitable groups. She currently assists other prospective entrepreneurs in starting their vending machine businesses, so they can enjoy a passive income and financial freedom.
Parker hopes her success as a female entrepreneur who turned an affordable investment into a sizeable and profitable company will inspire others to do the same.
This is a Contributor Post. Opinions expressed here are opinions of the Contributor. Influencive does not endorse or review brands mentioned; does not and cannot investigate relationships with brands, products, and people mentioned and is up to the Contributor to disclose. Contributors, amongst other accounts and articles may be professional fee-based.