Can you list the first ten steps to starting a business?

Question

When all you have is a great idea

Answer 1

Spend enough time researching the business idea to see if it's viable Numbers of new entrepreneurs have often failed because they were not truly interested in the business; they were more interested in making money. It is important to start something that you really like, because you will be spending a lot of time on it. Your assignment - Spend all the time you need working on your business plan, which should include: your mission statement, your business strategy, research on your target market (demographics), industry analysis (size, economics, trends, success factors, challenges, etc.), your marketing plan, your financial projections and sales.

Determine whether the business actually adds value The most sustainable businesses, those that withstand the test of time, provide value by performing a service that people need. Your assignment - Make sure your products or services provide value and benefit to your clients. Be ready to solve any business problems that your clients may have.

Gain a complete and total understanding of the business Every business has drivers; hot buttons and key levers. What drivers exist in your business? Many business leaders, executives and management consultants would say that success largely depends on attention to detail. Your assignment - Understand all the aspects of your business, and of particular importance, know how to present them in an easy and simple manner.

Conduct the primary research There are many great ideas you can latch on to, but the key in business is to make sure the idea-the central theme or mission of your business venture-can attract customers and generate sales and profits. A great idea in and of itself is not enough to start a business. Your assignment - Take the time to gain experience, study the business, understand what makes the business work (how to serve the customers and generate profits) and what leads to losses.

Contact professionals who can help you get started Numbers of new entrepreneurs ask their friends and family for advice when starting a new business. The problem is that they often ask people who have never started a business; so in reality, these people are not in a position to offer sound advice. Your assignment - Get a mentor or two. Surround yourself with experts who possess skills and expertise that you lack. Team up with professionals who can complement your strengths and cover for your weaknesses.

Do not underestimate financial requirements Do you know how much capital you need to start your business? Do you know the market, did you calculate your cost, did you project your sales, do you know the number of clients you need? Do you know how long it will take before you get your first benefits or before you will run out of money? Your assignment - Invest the time to work on ALL aspects, especially the major ones, of your business before you start.

Make marketing a priority Many new entrepreneurs start their business without determining their target, niche and demography first and as a result have failed to attract any clients. Marketing should be one of your top priorities. Devising a marketing plan will help you determine how to promote your products or services and create a system that will generate more clients for your business. Your assignment - Dedicate a good portion of your time and energy to working on and implementing your marketing plan. Set up a meeting with yourself once a week to work on your marketing plan and whatever happens never cancel this meeting; it is essential for your business.

Focus on the business Many new entrepreneurs are energetic and enthusiastic people (which is essential to success), but they can also be overly optimistic and pursue too many targets and directions at once. This typically results in mediocre results. Define your business' mission as succinctly and narrowly as possible. When you move in too many directions at once, especially in the early days of your business, you are likely to fail to execute anything correctly; so you end up working "on the business" instead of "in the business." In other words, you will spend all your time operating each task on your own. You won't have the time to sit back, and decide on the best way to develop your own marketing plan, create new products, or improve your services. Your assignment - Know you goals. Put them in writing. Make sure they are realistic, specific and measurable and that you set yourself a deadline to achieve them.

Once you have developed your product or service and have perfected your offering, you may think that your offering is the best in your marketplace. But unfortunately, to be efficient you can't sell to everyone. You need to select a specific target market and stick to it. By doing this you will have a more efficient message and will more likely achieve success much sooner. Your assignment - Carefully determine your niche, your demography, your ideal clients, where they go, what they read, what their hobbies are, etc. Once you have a full understanding of your client's profile you will then have a full understanding of how and where to find more of them.

Follow-up with clients Many new entrepreneurs are often so desperate to constantly find new clients that they neglect the clients they already have and in fact end up losing business. Statistics show that it takes seven more interactions to secure a new client than to sell more to a repeated client. So develop and maintain a useful and organized follow-up system to offer new services to your clients and don't let them slip away. Your assignment - Constantly and consistently communicate with your current clients. Start a newsletter, offer special sales, create new products to upsell, join affiliate programs if you don't have your own products. People who have already bought from you will appreciate it when you recommend other products. Statistics show that up to one out of three clients will take advantage of this new offer. It is essential to build a very, very special relationship with your clients. They are your best audience.

Answer 2

1- What is your business plan
2- what is your financial backing
3- Rent or own the building
4- regulations and licencing - taxes and insurance
5- equipment ? computers, machines, etc
6- do you understand your customers wants and needs- how will you meet those wants/needs
7- location location, will the area sustain your business- is their room to grow?
8- advertising plan: to whom, where, what, when, how, cost
9- hours of operation - will you be open when your customers want/need you
10-Taxes- how much will you be paying?
11- Will you require additional outside assistance or an employee?
There are not only 10 steps- most of the time you will find that you complete a step but then must revise it several times before it works. A "Great Idea" is how all business' start so your off to a great start. Now lets find out how many customers you will have wanting to enjoy your great idea also - begin by asking around. Mention your idea to several locals. Scout possible locations: investigate the differences between renting and owning the location. Call your insurance carrier, what kind of insurance will you need and the cost. Call or visit City Hall for information on licencing and permits.

My best suggestion for location: Do you have a room in your garage or can you create one that will house your business until it takes off? Do you know that you can then charge yourself rent on that room and take it off on your companys taxes as a business expense. Explore your other deductions by talking with your tax accountant!
Sure hope you found this helpful - Best of Luck with your new business!

Answer 3

Start with a business plan
Next figure out how you can finance it
Then line up the finances
Figure out where you will get materials, labor and equipment.
Next figure out where your customers will come from and how you will reach them.
Then figure out what type business you need, corp, scorp, partnership, LLC or proprietorship.
File the paperwork to get a tax id number and all tax numbers for the state.
Get any professional license, permits or safety stuff you need.
Open a company bank account.
Buy liability insurance, malpractice insurance or any other you might need.
Then pick your location, remodel, hire employees and buy equipment and inventory.
Place your advertising and you are ready to start.

Answer 4

Use this basic checklist to make sure all the important steps are taken before you launch your new venture. This business checklist will make sure that you cross all your t's and dot all your i's before your business launch.

Steps to Starting a Business -
http://www.developer-resource.com/starting-a-business.htm

Other sites you might find helpful are:
SBA - http://www.sba.gov/
SCORE - http://www.score.org

Goodluck!