“There is no finish line. There are only mile markers.” -Michael Ventura
Starting a business requires a lot of hard work. The amount of documentation, legal requirements, and creative thinking required to register a business are just few of the reasons it’s crucial to begin your project early on. Yet without putting in the necessary work, you will find it difficult to turn your startup into a profitable operation.
Now, we’re not trying to scare you away from entrepreneurship. We just want to keep things realistic, while telling you it’s 100% possible to start your own business. It will take time, effort, and possibly a few setbacks, but you can totally do it.
Here are 100 action points to starting your own business;
Do you have what it takes to be an entrepreneur?
What motivates you to start your own business?
Do you have enough money to start a business?
Do you have the time to start your own business?
Will you keep your day job?
Do you have the ability to start your own business?
Set your hard limits for time and money
Overcome hesitation and take the first steps
Establish what would make a good business idea for you
Put together a list of business ideas that you like
Rate and evaluate business ideas
Select the best business idea for you
Validate your business idea
Find your competitive advantage
Research you market and your competition
Find your ideal target customer
Differentiate your business from the competition
Create your USP (Unique Selling Proposition)
Brainstorm a great name for your business
Test your business name
Perform trademark diligence
Understand business strategy and why it matters
Analyze your strengths, weaknesses, opportunities and threats
Determine your strategy and build your business model
Create your business plan – every business needs one!
Estimate the startup costs
Prepare your projected income statement
Prepare your cash flow projection
Prepare your balance sheet
Consider creative ways to avoid using any financing
Determine your financing needs
Decide if you want debt or equity financing
Choose your source of funding
Create your pitch deck
Polish up your elevator pitch
Make the appointment and ask for the money
Choose your legal entity: sole proprietorship, limited liability company, corporation or partnership
Draft written agreements with business partners and cofounders
Register your business name
Trademark your business name
Register your business with the IRS and state revenue offices
Research and apply for business licenses
Understand common legal issues and how to avoid them
Develop distinctive products and services
Benchmark your products against competitors
Consider a “good – better – best” product strategy
Set your prices
Create your bare bones product – your MVP
Gather feedback on your product or service
Find your best target customers
Build your customer persona
Identify your customers’ needs
Map out a typical sales journey
Get ready to test multiple marketing approaches
Develop your marketing strategy
Create your marketing plan
Build your marketing message
Design a logo, select a color theme, get business cards
Choose and register your domain name
Plan your website
Build your website yourself or outsource it
Make sure you show up in search engines
Get a company email address
Consider writing a blog
Register on social media
Build a social media presence
Build an email list and promote to it
Consider search engine advertising
Consider advertising on Google, Facebook and other networks
Build a great landing page
Be wary of buying expensive traditional media advertising
Come up with your creatives
Establish a sales strategy
Organize the sales process with a CRM
Find sales points
Prepare the sales script and responses to objections
Develop your sales materials
Search for prospects and generate leads
Make phone calls, send emails, set up appointments
Follow up with prospects
Make it easier for the customer to say yes
Offer promotions and incentives
Try low-cost guerrilla marketing
Seek free publicity
Exhibit at trade shows, local fairs and charitable events
Seek marketing and sales partnerships
Choose your location and get it ready for business
Get equipment and furnishings
Set up customer service and support
Line up suppliers, contractors and freelancers
Obtain business insurance
Establish your work schedule – even if working alone
Open your company bank account
Consider a bookkeeping service, accounting firm and payroll service
Set up your accounting system
Set up payment procedures and policies
Establish purchasing procedures
Understand taxes
Develop and budget a staffing plan
Create job descriptions
Finally, Whether you’re starting your first or your third business, expect to make mistakes. It is natural and, as long as you learn from them, it’s also helpful. The best thing you can do to take advantage of any mistakes is to make review processes to assist you.
“Spend time upfront to invest in systems and processes to make long-term growth sustainable.” -Jeff Platt