fm the Great Wiki Startup.com 01/16 enhanced by Peter/CXO Wiz4biz
How to Start a Business: Step-by-Step.
Starting a business is hard and there are a lot of steps to take to get from your Idea to a Product on the Market, then growing your Market to be profitable.
1) Are you an Entrepreneur? Do you have the “aptitude” to be an Entrepreneur? Do you have a “burning desire” to start a business?
2) Idea Step. Do you have a new Idea for a totally new Product or Service or a new significant variation or combination of an existing Product?
3) Research Step. Have you researched your Target Market to determine what your Competition is and how you are “Better, Faster or Cheaper?
4) Planning Stage. Draft a Business Plan to describe all the steps of “starting & growing” your business. Show it to knowledgeable people in your Network for their Feedback.
5) Set-up Stage. Determine the best form for your business – depending on the Product or Service – do all the Legal requirements (ie, permits, company structure [LLC, Inc?], tax ID)
1. Becoming an Entrepreneur, is not an easy journey. There are so many issues to work thru & resolve. [this Post is a Guideline] To understand more about being an Entrepreneur and to improve your probability of success, Research if you have the aptitude to be an Entrepreneur & if you have the persistence to hang in there when the road is long & tough. Becoming an
a) Some Rules to Follow:
1) Be innovative and think of variations of your Product or Service, then have experts from your Network review it & give you feedback,
2) Don’t start with $$ from others, show your commitment by putting in as much of your own $$ as you can,
3) Start off Boot-strapping, till you have a something to show for your efforts (ie, prototype) or a little “traction” (revenue)
4) Stay Focused on a single Product, till you succeed at that. [You can expand later after you have built a reputation]
5) Be Persistent and keep at it – despite the setbacks – till you succeed.
Before you start Planning more. There are certain pre-requisites you need before planning out your business. Such things as having a Name for your business that is appropriate or so unique – it will be remembered. Use your Network at each stage to get feedback to “fine-tune” your plan.
2. Pre-Planning Steps.
a) Business Name. Choose a Name for your business that is appropriate or so unique – it will be remembered. You generally want to name your business early on, so you can actually refer to it in all your communication and get feedback on it’s viability.
b) Domain Name. Do you need a domain name as well? If so, this may greatly affect how you need to choose the name.
c) Network & be Social. Do you have a network of friends & business experts to work with? It is very important to network with people. It helps gain useful connections and of course you can meet some new (business) friends along the way – that will give you great advice.
d) Find Mentors, Advisors & other Entrepreneurs (for Free). It is incredibly helpful to have Mentors & Advisers to help you. Many can be found for free and are sponsored by industry associations, corporations, universities, state level, federal level + SCORE.
3. I Have an Idea. How do I Start a Business? This guide is your “How to” start a business road map. It will discuss the steps needed along with the methods & resources to accomplish those steps. A lot of people have an idea for a business or something they would like to make money off of. People can start off in all different parts of the planning stages.
1) Unique Idea? – research your idea & see it’s already available
2) Validate – by asking “potential” customers if they need it
3) Protecting Ideas – thru patents
4) Developing your Idea – take the feedback from “potential” customers to build what they want
b) What business Type to choose?
1) Tech Startup – Electronics or other digital products such as Software, Phone Apps, etc.
2) Product and/or Service Startup – Product creation such as vehicles, machinery, tools, inventions, or physical services such as mowing lawns & construction work, or a product & service “hybrid” business such as restaurants, bars, or software development.
3) eCommerce Startup – Websites that do something for their customer. The website is the storefront instead of a brick & mortar location. (ie, Auction, Classifieds, Knowledge, etc.)
4) Why did you choose that business type? Write an explanation. Share it your Mentors, Advisors & Entrepreneur pals to validate.
4. Business Planning, 5. Business Planning Methods in next section.