Ready to start that new business? You’ve likely read countless expert diatribes on the key lessons and most important qualities entrepreneurs should have when beginning a new venture. They’re all helpful, but what about the steps you actually need to take to get your business off the ground?
Not just formulating the idea and creating your website or any of that other fun, creative, stuff, mind you—we’re talking about the key steps you need to take to make sure you remain solvent, and your activities are on the up-and-up. Today, we’re going to cover three of the less glamorous, but equally important steps to breaking into the business world quickly.
1) The Business Plan
It all begins with careful planning. You can think of your business plan as a route to the position that you want within the industry you’re entering. A good plan charts ahead about five years and has within it a strategy for generating the lifeblood of any business: revenue.
Your business plan should have an overview of your organization, the members, goals, a company profile, etc. It should also include a description of what you do, your target consumers, and how you stand out from similar businesses in your sector. Without establishing individuality, your company will have a tougher time gaining distinction in the market.
You’ll need to do an analysis of the market, potential competitors, and how you’re going to make yourself stand out. Do you have a sales strategy? How will you market your goods/services? How will you bring benefit to those that do business with you?
You’ll also need to do some financial projecting. Will you be seeking funding? How will your business turn into a money making enterprise? You have to be able to back up your idea with some numbers. Incidentally, this leads right into the next crucial aspect of establishing the business…
2) Securing Funds
You’ll need money to get your idea off the ground. If you did your research and developed a solid business plan, you should have an easier time convincing people that your new business is a worthy investment. There are plenty of sources to turn to for capital, including government loans and third-party investors.
There are also funding specialists, such as Mulligan Funding, who can work with you to get the cash you need to get started. Remember to ask yourself some critical startup loan questions before you begin, and you should be well equipped to handle whatever comes your way.
3) Locking Down The Paperwork
There’s plenty of red tape to cut through to get a business going, and you’ve got to make sure you have all your bases covered so that things run smoothly. This includes determining the legal structure of your business (sole proprietorship, LLC, etc.), registering your business name, and getting set up with the tax man. You’ll also need to see if there are local, state, or federal licenses/permits you need to obtain to enter a particular industry.
Conclusion and Takeaway
Startup Entrepreneurs take note of these 3 step action plan to get your startup off the ground. Spend ample time on these steps to avoid future stress and landing problems.