Developing a strong initial business plan can set you apart from your competition. When it comes to starting a new business, there are several essential steps every CEO needs to take regardless of your industry, trade, product or service.
1. No Experience Necessary
The best thing about starting a new business is that you do not need a college degree or an advanced set of skills to get started. An entrepreneurial spirit, dedication and drive, a lucrative idea and the financial backing to get your business off the ground are essentially all you need to see your vision come to fruition.
2. Do Market Research
The most successful businesses offer products or services that typically fall into one of these categories: they solve a problem, they make life easier, they fill a void within a particular market or niche. According to Forbes Magazine, you will need strong networking and social skills and a willingness to implement a variety of marketing strategies to determine how you can be competitive within a certain field or market on a global or local scale.
Whether you offer competitive pricing or a unique product or service, you constantly need to implement new marketing strategies and perform research to stay relevant in a competitive market.
3. Financing Your Business
According to this article in Entrepreneur Magazine, there are at least 10 different ways you can get access to the financial resources you need to start your business. No matter how small your business costs and operations will be, every new company needs to have access to startup capital.
Whether you acquire business loans, use your own savings, ask friends and family for help, apply for grants, start a crowdfunding campaign, apply with local angel or capital investors, join a startup accelerator or barter your services for capital, you need access to a steady stream of money while you are in the initial phase of setting up your new business.
4. Follow The Proper Channels
Depending upon your business industry or trade, the products or services you offer and the specific laws in your state, you need to hammer out all of the legal details of your business well in advance. When you follow the proper channels, you minimize your risk of being audited or sued and having your business ideas or products stolen by someone else.
From registering your business, picking an official name, structuring your business, applying for federal and state tax ID numbers, applying for permits and licenses, applying for patents and establishing bank accounts, you need to make sure your business is legally protected.
5. Hire The Right People
Whether you have a very small operation or need a lot of hands on deck, you need to hire like-minded people who will treat your business with the same excitement and level of professionalism that you do each day. When interviewing people, outline your expectations and company goals clearly, and ask open-ended questions to gain clarity on a candidate’s skill set and to determine if they will be a good fit.
When you invest your time and money into building your business, networking effectively and keeping up with market trends, you can almost guarantee success. An entrepreneurial mindset and swift action will have you operational and profitable in no time.