Getting Your Small Business Started
In this article I will answer the question, “what are the first steps in starting a small business”.
My personal experience suggests a different path. And that is to begin by exhaustively vetting your idea or concept for a business. This process should be done well in advance of creating a business plan.
- What problem will your product or service solve?
- Are people willing to pay for the solution?
- If there is a market, how big is it? Is there room for another competitor?
- How is your product/service unique? What makes you different/better than the competition?
- How will you deliver your product/service to the marketplace?
- How will you get customers on a regular and consistent basis?
- How will you make a profit? Don’t forget to count the cost of producing your product or service.
The above 7 questions if answered honestly will save your time and money. Quite often, new entrepreneurs move forward out of sequence when starting their business venture. They spend valuable time and money on aspects of their business that will not produce the results they desire.
The key to starting a business is simple. Find a problem and then solve it by providing a solution that people with that problem will pay you money for.
Research is to see what everybody else has seen, and to think what nobody else has thought.Albert Szent-Gyorgyi
In 5 Step Business Start™ Module 2 – Research It I cover this in great detail. Using a case study I walk you step-by-step through the process of Primary & Secondary Research. Failing to perform the proper research is the death knoll to so many start-up companies.
Having a “great idea” alone will not make you money. Research or “due diligence” is the proper way to determine if your idea is worth pursuing.
In our case study, Jerry (the owner of City Cycle) soon discovers after performing his research that his original concept for his bicycle shop is flawed. Based on his resources, he would never be able to compete with his competition.
Based on the results of his research, Jerry was able to change his plans well in advance of wasting his limited funds and launch his business profitably. Had he gone ahead with his original concept, it would have led to disaster and financial ruin.
Jerry’s story in not unusual. We’ve worked with hundreds of new entrepreneurs and through our simple 5 Step process helped them to identify flaws in their initial plans and correct them.
In essence a successful business launch comes down to 3 things:
- What to do.
- When to do it, and…
- How to do it.
We have simplified the process in simple straightforward language that you do not need to have a degree in business to understand. I want to give you a complimentary copy of 5 Step Business Start™ – The Introduction. Inside this 28 page guide, you will discover the 5 principles we’ve taught to our students who have gone on to successfully launch their businesses.
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