10. Do your research It's a difficult truth to accept, but your groundbreaking, life-changing idea has likely been thought of by thousands of others. It's heartbreaking and a huge reality check when this occurs, especially if you've already begun committing tiime and resources to this endeavor.
THe best way to avoid this anguish is to take the time to investigate some of the features, functions, and markets that your product or service represents. In doing so, you're better able to flesh out some of the details involved with your new business venture; more importantly, to have access to other;s mistakes, explore various modifications that can be made, or decide to scrap the projec altogether and start again.
Some popular tools used to evaluate a business venture are: SWOT Analysis, Benchmarking, Cost/Benefit Analysis, and many many more.
Rarely is a product or service launched using the original plan or design created in the beginning stage of the business. By using the failures and successes of others, you can avoid the same situations and focus on the characteristics of your product/service that matter. 9. Business Plan Once you've determined that your product/service idea is marketable, it's time to prove it via your Business Plan. Rather than go through the many many components and varieties of these plans, I suggest you contact a knowledgeable attorney to assist you in preparing a well thought-out, executable plan. Form Your Team One of the most common trappings of the ambitious entrepreneur is the belief that one person can perform the multitude of tasks associated within the various departments used to run the business. No one can perform the role of accountant, attorney, marketer, IT tech and HR at the same time and expect positive results.
Take the time and meet with professionals inside and outside of the industry you're entering and establish a group of like minded (that doesn't mean same thinking) pros that are able to take on responsibilities and provide insight at a deeper level than the "jack of all trades". 7. Get your FEIN The IRS requires that every new enterprise file for a Federal Tax ID number. This unique identifier is used by the IRS to keep track of your tax liability and enforce tax compliance by an organization. To register for an FEIN, visit www.irs.gov and follow the prompts to obtain your tax ID. 6. Register with Your State Your lawyer should have educated you on the various business entity structures and the liability associated with each. Once you've determined the best entity type for you, the next step is registering with your specific State's Department of State by submitting documents such as your Articles of Incorporation or Certificate of Organization (depending on the entity type).
Once filed, your business is now official in the eyes of the State, 5. Bylaws Your Bylaws or Operating Agreement will act as the foundation for your relationship between you and your possible partners, as well as third party stakeholders, vendors, banks, etc....
These documents are extremely important and should not be disregarded or delegated to online self-help sites such as LegalZoom. Only an attorney well-versed in corporate law can properly tailor these documents to your specific business, as failure to do so could result in your business collapsing. 4. Bank Account Once you have drafted and signed your bylaws, it's time to find a bank to open your account with. Some prefer large banks such as PNC, others prefer local branches. Whatever your preference, just remember that you'll likely be asking for financing in the future, so rapport is crucial. 4. Marketing Marketing was once a simple process of purchasing ad space on a billboard or a spot on TV. With the advent of the internet, marketing has become a massive, convoluted and oftentimes confusing array of digital targeting and fighting for space.
Since you don't have much money, start with the free stuff like Facebook/Instagram/Twitter posts. These are free and provide analytics at no cost. They are also extremely powerful if even a small investment is made. 3. Getting the Product to the Customer Are you selling a product or service? Regardless of which, you have to determine how it is consumers will be viewing, paying for, and receiving your product.
Sites such as Amazon and Etsy allow small-producing companies to sell their goods on their platform with little to no cost. Likewise, services have become subscription oriented, and can alleviate the burden of a large one-time fee by splitting payments into monthly transactions. 2. Covering Your.....well you know With entrepreneurship, it's an absolute certainty that something will go awry and someone will demand payment for injury to themselves (heaven forbid) or their money (most likely). By having the proper insurance, as well as complying with regulations governing the sale of goods and services online, interstate, locally, or otherwise, you can save your company enormous sums of money that would otherwise be spent on litigation . 1. Don't Forget Why You're Here Whatever your motivation may have been to start this business, you can't forget to take the time and remind yourself of that mindset. This stuff is hard, About 75% of starting a new business is doing things you don't want to do. For a long....and I do mean long...time, you're going to experience more hardship than happiness. That will change because you will change. As long as you remain confident that you are able to perform the goals you set out, you'll make it!