You're a big-picture kind of person. A dreamer AND a doer.
But enthusiasm sometimes leads to rushing in — it’s good to pause and make sure you set yourself up for success in the best way possible.
Here are some things that every new entrepreneur should check off their list before rushing into bringing a business to life.
I promise you’ll get there! But you’ll get there with so much more confidence if you do these 5 things first ⬇
Round Up Your Ideas
Have you ever worked on a puzzle? You see this beautiful image on the box — but your pieces are scattered all over the table.
It may feel overwhelming to try to put them all together. But don’t worry — everything is a process that can have good results if you put in a little time and dedication.
Your ideas are the puzzle pieces to the bigger picture. Take each one and mold them together to reach your goal.
Also — break down your purpose, mission, and values.
These will act as the glue to these ideas and really bring them to life.
Research Your Niche
It’s not very often that you are the first person to ever have your idea — but you may be the first person to act on it and perfect it.
But the first step is to ask yourself some key questions, such as…
- Who are you aiming toward? (or, who is your target audience?)
- What is your target audience demographic? (age, location, ethnicity, etc.)
- Where are the best places to advertise your product or service?
- Is your price competitive?
- Where do people generally purchase similar products or services?
- What are the current trends in your niche area?
- Who are your competitors?
- How will you stand out?
All of these questions will help formulate your next step of establishing a plan. Every good mastermind has a plan — right?
Write A Business Plan
For anyone driven by organization — this will probably be your favorite step.
This is your chance to lay it all out. Not to mention this will make your ideas even more exciting because they’re actually coming to life!
So what’s all involved with a business plan?
All basic business plans have the same or similar formula. To put this in simpler terms — The U.S. Chamber of Commerce breaks down these 9 steps ⬇
- Executive summary
- Company Description
- Market Analysis
- Organization and Management
- Products/Services
- Marketing and Sales
- Funding Requests
- Financial Projections
- Appendix
If there is something that you don’t understand, or need clarification on, don’t wing it. There are experts with concentrations in these areas that can ensure you’re on the right track.
Get Funding
Unless you’ve hit one of the recent mega million-dollar jackpots — you’ll likely need some money to get things rolling.
Consider your options, including…
- Small business loans
- Personal Loans
- Crowdfunding
The most common route is investors.
Simply schmoozing your way into investors' hearts won’t do the trick. You’re going to want to provide some proof and backup plans to get them interested in going in on your idea.
They're going to want to know…
➜ How much you’re asking for and why
➜ How long you’re looking at before you go on the upswing
➜ What they’ll gain in the long term
Coming up with a solid plan will make them feel more comfortable taking a chance on your new business.
But make sure to keep yourself safe too. Understand the terms and conditions, make sure they are making reasonable requests, and cross-check that they are a legitimate, licensed source.
Both parties should feel solid going forward.
Gather Paperwork
Get ready to really get started. At this point, you have one toe already over the diving board — you’re just waiting for the whistle to make the jump.
Now is the time to make sure you have everything you need to make your business legit.
The first thing to note is that different businesses have different requirements. Look into what type of business you are running and what state or local requirements need to be met.
Really look into…
- Licencing, Permits, and Registration
- Partnerships
- Employee ID Number (EIN)
- LLC vs INC vs ORG
- Tax ID and Forms
- Trademark Options
All of this keeps your business running smoothly without any legal trouble. And no need to worry — it’s actually more of a straightforward process than you think.
Conclusion
It’s crucial to treat starting a business like a dance.
- Gather as much information as you can
- Learn the steps and process of it all
- Get advice and support from experts
- Be prepared for anything
- Learn from any setbacks
- Enjoy the progress you make
You’ll be wowing your audience soon.
Want to learn more about my fitness and business journey and how I can help you reach your goals? Contact me!
