Quote of Alfred North Whitehead
~ Alfred North Whitehead
- Research your business idea to ensure there’s a need in your market. If it’s something that’s already popular, identify how you can make your business better/faster/more unique, etc., by analyzing your competition.
- Making a business plan can be a time-consuming process, yet it’s the foundation to your success and an absolute must if you plan on obtaining money from an investor or bank. If you’re self-funding your startup, a more simple one-page brief will do — something that states goals, who/what the competition is, a clear vision of what your concept is, how you intend to market it, and financial projections.
- Take care of any applicable licenses and permits and decide upon what type of accounting system you’re going to use. You may even opt to have a pro handle this if you’re not a numbers person.
- Once you’ve established the basics, you need to figure out how to market your business, so create a plan that includes several tactics just in case one doesn’t prove to be fruitful.