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Essential Steps to Business Start Up.

There are thousands of businesses you could start, with more emerging daily, thanks human
ingenuity,  and the  creative USA technology. . Yet despite the possibilities and the many
attempts by people to create a new business venture, the failure rate is not positive.  To
improve your odds of success, there are a few essential steps you need to take before starting
a business, any business.


First and foremost, if starting a business is what you desire to do, choose a field of business in
which you have  a talent, a desire, or a skill.   When you have decided on the creation of a
business, or the purchase of an existing business, plan to the following:

Call us for a 30 minute  FREE  Brainstorming session before you start.  We can, at the
early stages, save your money and frustration.    

1.        Do your market research: Just because you build it or sell it doesn't necessarily mean
anyone will buy it. The first essential step is to research your potential market.

Who needs what you are offering?

Is there space for your product or service in the market or is the market saturated?

Is the market national?

Is your idea a potential niche market?

Can you define your ideal customers?

These are all questions that need to be answered before you even consider starting a
business.
Too many entrepreneurs have found out the hard way that there were not enough market
shares for them to capture. Others have realized that their target market audience was far too
limited to make their business work.  At other times, entrepreneurs will find that the markets are
dominated by a few global players.

Does that mean that a new business with a variety of services, or different services cannot be
started?  Of course not.  As a matter of fact, profitable and on-going companies have whole
departments at their disposal to keep generating new lines and ideas to expand their services
in the marketplace.  Why?  Ask yourself this question.

So, the fact that the market is dominated by a few giants should not discourage your effort.  Be
aware of it, become familiar with the product lines and services they offer and give some
thought to innovative changes from the ‘base’.
If you will look at large companies and conglomerates you will find that the base product they
offer is similar to that of other similar companies.  They differentiate themselves by
emphasizing their superior services, their unique product, delivery, or patented product (such
as Microsoft), and this differentiation is what sets them apart.    Competition between major
market players is normal and fierce.   Some companies will use gutter strategies to gain the
upper hand in the marketplace.  They plan to win at all costs.   

2.        Show yourself the money: You can't start a business without capital. A necessary step it
to
a) Research the costs associated with your business
b) Determine what you have.
c) What you will need
d) And how you will go about getting it if you need more than you have right now.

3.        . If you plan to seek investor funding or financing, start writing a business plan.

A business plan is a must if you plan to bring in partners or investors.  Writing an effective
business plan is the key and first step in the process of clarifying your ideas, your sources of
capital needed, short and long-term, and what the market will show if you are successful or
show the risk of failure.  You have to look at both sides of this equation and.  Know how much
money you'll need and decide where it could come from. Before operations, during operations
and when all plans are going at full charge.  Nothing can be left to ‘hope’ or ‘maybe and ifs’.
.        After you have outlined your plan, practice presenting it to friends (if they will put up with
it) or strangers.   Sometimes strangers are more objective.  If strangers don’t understand your
plan, neither will your investor/partner.

4.        Do you need a good attorney at this time?  Or when do you need a good attorney?  
You don’t necessarily need to have an attorney on a retainer until your entire business plan
has been outlined and YOU know what you want to do.
Assume that all your plans are legal, acceptable, and applicable under the law when you start,
and if you don’t know this or have some doubts (like you plan to print your own money which
you know is illegal, as well as drug delivery etc), don’t start anything until you have an idea of
what is legal or illegal in your state and country.  You can usually go to a government website
and find out if you are totally ignorant on this subject.  Most people are well informed.

5.        What can an attorney for do for you?
You’ll want to hire an attorney experienced with new businesses to help you get started.  
Include the use of an attorney in your Business Plan.
An attorney can be helpful with advice about such things as drafting contracts, reviewing your
lease and determining the right business structure. A good attorney will know what it is that you
are trying to do and help you structure your business in a way that will be beneficial to you.  
The best way to find a good attorney is by referral or through networking.

6.        Include the services of a good accountant who has business consulting background.
An accountant will work in conjunction with your attorney and be instrumental in determining
the best form of ownership. He can also help you establish bookkeeping and other record
keeping procedures that can keep you on track for years. Most important, a good accountant
will help with tax planning.  Your accountant should be familiar with business and start up
ventures, and be able to inform you on the permits and tax entities that must be apprised of
your venture.

7.        Decide on a business structure: Your choices include sole proprietorship, partnership,
corporation, "S" corporation or limited liability corporation (LLC). Personal liability, taxes,
paperwork and regulations vary greatly among the different legal business structures.  Get
familiar, on your own, about the different structures so you will be able to discuss your
questions with you attorney and accountant who will play a key role in assisting you in this
important decision.

8.        Decide on a business name: It may seem obvious and simple, but the name is how your
business will be known to the world. The right name says a lot about your company. Make a list
of  potential names and narrow the list down to the one that best describes your company in a
few words, while being catchy, easy to remember, easy to pronounce and easy to spell. You
should also consider how it will translate to a web domain name.  You can research different
names online and also at domain registration companies that will inform you if the names you
are considering may already have been registered as a business entity.  Deciding on the
business is very important.  We have developed a training module devoted to this subject

9.        Get all necessary licenses and permits: Along with a business license, you may need to
get additional licenses depending on the type of business and local laws. Most  professionals,
such as contractors and real estate agents, appraisers, beautician, podiatrist and more need
to be licensed in the states in which they work. Additionally, you may need licenses to
manufacture and/or sell specific products such as liquor, food, firearms or even lottery tickets.
Research all licenses applicable in your county and your state. It's also extremely important to
know the zoning laws before you open a business. Don't assume the zoning laws don’t apply to
you. You can get information on the local zoning from your local county clerk’s office.  Some
areas, for example, do not allow a home-based business to develop in a residential area.

There are definitely other important areas of business development that need to be
considered, such as finding a technical expert and launching a website, finding the right
location, securing real estate and many other issues that come into play.   However, if you've
taken the above steps you will find yourself in a confident, business-ready position.  

For Hand-on Training and Support in creating your new business Register for our Workshops!.
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