Do a self-inventory
Not everyone has what it takes to start a Business. That’s not to say that your idea is not brilliant. It just means that you may not have the personality traits to handle launching a Business of your own.
Before investing any time or resources, evaluate yourself and see if you have some the typical traits of an entrepreneur. Are you motivated, able to adapt and confident? Are you resilient?
Develop an idea
Don’t just start a business because something is in vogue and you think commercializing it will make money. Develop a business concept that you’re passionate about related to something that you have experience with. From there, come up with a product or service that you believe can enhance the people’s lives.
Write a business plan
A solid business plan will guide you going forward. It’s also needed for presenting your idea to potential investors. Your business plan should include a mission statement, a company summary, an executive summary, a service or product offerings, a description of a target market, financial projections and the cost of the operation.
Identify your market
Even though you may have detected some interest in your business, you need to do more homework. Assess the market, targeting the customers most likely to make a purchase. Perform a competitive assessment.
Determine the costs
Do additional research and find out the standard cost factors within this industry. Not only will this help you manage your business more effectively, investors will want to know this.
Establish a budget
Once you determine how much money you’ll have to work with, figure out how much it will take to develop your product or service and create a marketing plan.
Find the right investors
You’re going to need some sort of funding to start off, whether from your savings, credit cards, loans, grants or venture capitalists. Find an investor who shares your passion, someone you believe you can work with.
Set up a great support system
You’re going to be investing a lot of time and resources into your new business venture. Be certain that your family is on board. They must be aware that this process will be challenging financially and emotionally.
Select a business name
Decide on a name that best suits your business. Then check to see if the domain name is available online, as well as if it’s free to use in your county, state and in the country.
Register your business name
If your proposed business name is available, register it with the county clerk, have it trademarked at the state and federal levels and secure a domain name.
Make sure that you arrange for the proper insurance for your business. This will vary according to the type of business. If you’re working from home be sure that your homeowner’s insurance covers theft or damage to business assets, as well as liability for any business-related injuries.
Choose a business location
Select a location that best fits the needs of your business, one that offers an opportunity for growth, the right level of competition and proximity to suppliers. It should also be accessible to customers.