Applied Project: The basic six step guide to starting a business

For my applied project I have decided to make my own simple guide to starting a business.

So you are thinking of starting your own business, well let me be the first to say congratulations! But before we all get too excited there has to be a reason why you are here. Have you done your homework? Do you know where to start? Do you know exactly what you want to do yet? Don’t worry, everyone who has ever thought about starting a business has been in your shoes.

I’m here to help you today. You see I too am in your shoes. I have been playing with these ideas for years. During that time I have worked for many successful small business owners and have dug deep into their journey to see what had worked for them. Along with that I have done my own research on why some small businesses fail and why others succeed. So without any further ado I present to you my six basic steps to successfully start your business.

The Idea

Everything great in this world starts with an idea. What in your life do you find excites you? Is there a pulling sensation that keeps nagging you? If so this might very well be the best place for you to start. Once you have found this idea, write it down and walk away. Yes, walk away. Revisit this idea tomorrow, then again next week. Place yourself in that idea and see what your mind comes up with. If this looks good, set the hook! It’s time to press forward.

The Research

Great! We have our idea. Now it’s time to do some homework. Take the next few days or weeks really looking into those other businesses that will be your direct competitors. Do some market research and get out there! This is where you need to meet some people in the industry, set up some face to face meetings etc. You cannot rely strictly on one type of research so explore. After all this will be your lively hood.  

The Plan

Ok so our idea is still looking promising and we’ve now done our research. Let’s make this dream a reality! Grab your pens or computers and start the planning. In this section we will be facing a lot of legalities so be sure you are ready. We need to name the brand, find our licensing, tax information along with finalizing your business plan which includes:

  • The executive summary
  • The business description
  • Industry trends
  • Target market and competition
  • Marketing plan
  • Development plan
  • Management plan
  • Financial plan

The Finance

Now that the business plan is complete it is time to put your finance plan into motion. There are countless ways to go about this so whatever you feel comfortable with will work. However, keep in mind if you rely on anything other than personal savings, grants, or some form of fund raising i.e. go fund me pages or fund raisers you will have to pay it all back. With that being said some ideas may include:

  • Venture capital investors
  • Partnerships
  • Bank loans or line of credit

The Location

We are set and ready to roll! Now we need to find where we want to set up shop. A few key considerations to think about when choosing our location:

  • Demographics
  • What type of business you are starting
  • Convenience
  • Competition

Most importantly does this location really make sense for what we are trying to accomplish.

The Start

We have finally made it! It’s time to open those doors and begin our journey. Now that you’ve made it to this part, my final and most important piece of advice is to never stop trying to grow. Always be pushing to reach that next level and you will find that success is right in front of you waiting to be yours! Good luck!

References

Abrams, Rhonda M. Successful Business Plan Secrets & Strategies: America’s Best-Selling Business Plan Guide! PlanningShop, 2014.

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