3 Steps to Establish a Solid Business Foundation

by Beverly Walthour

Starting an online business is a huge step. For many people, their startup ideas are not successful because they did not adequately prepare to create a sustainable business strategy.

Below, I outline 3 steps you can implement today to ensure you have a solid foundation for your business.

Step 1: Create a Business Mindset

Your mindset is the #1 tool you need in order to have a successful business that can grow. Your thoughts influence your level of achievement as well as success.

Make sure you keep yourself surrounding by positive and encouraging environments and people.

Say positive affirmations or ready books that inspire you. The goal is to keep your thoughts optimistic in the face of challenges and setbacks (as a business owner you will face this).

Spending at least 10 minutes per day can have a profound effect on creating a success mindset. For the next 5 days, try spending 10 minutes each morning doing the following:

  • Day 1: Goal. Set 2 business goals you want to work on for the week.
  • Day 2: Visualization. This involves you creating a VERY detailed account of a major milestone in your business. That milestone could be selling your 1st product, doing your first speaking engagement, signing your first client, etc. This should play like a movie in your mind where you detail what you were wearing, saying, doing, and hearing when the event occurred.
  • Day 3: Gratitude. Write out what you are grateful for in every aspect of your life.
  • Day 4: Read. Read something that is inspiring and motivational to you.
  • Day 5: Affirmations. Write out 10 positive affirmations about your business. Post them around your home, in your car, and at work.
  • Day 6: Reflection. In your journal, reflect on how things went for the week and how you did with your goals.

Step 2:  Identify your ideal client

As you work on your mindset, you want to start thinking about who your ideal client is. Your ideal client is someone in which your product/service solves an issue. For many people, their ideal client shares many of the same characteristics and life circumstances as they do.

When identifying your ideal client, make sure you are VERY specific about who that person is. With your ideal client, you should know such things as:

  1. age
  2. gender
  3. annual income
  4. education level
  5. geographic location
  6. what the average day looks like/hobbies
  7. fears and stressors

Knowing these things, enables you to speak to the needs and wants of your ideal client. This is helpful when it comes to marketing and promoting your business.

Step 3: Validate your business idea  

Before you launch your business, spend some time validating your business idea through market research. With market research, you ask your ideal client a series of questions with the intention of seeing if they would be willing to pay YOU for your product/service.

Market research is best done by talking to your ideal client (versus doing a survey), because you are able to ask follow up questions when needed. A few questions you want to ask are:

  1. What is keeping you from having the results I’m offering?
  2. What would your life be different if you could achieve the results I’m offering?
  3. Are they willing to pay to achieve the results you are offering?

Once you’ve gotten your ideal client to give you and emphatic YES! To the last question, you have a profitable business idea and are ready to get your business started!

About the Author:

Beverly Walthour is a Business Strategist & Success Coach for women who work full-time and want to start an online business. She provides women with the strategies, resources, clarity and support needed to help them plan, launch and grow their online business. She has owned multiple businesses since 2007 and does speaking engagements and trainings all along the East Coast.  Visit Beverly’s website at BeverlyWalthour.com.


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