To start a business, you need more than just a dream. To put the wheels in motion, you’ll need to:
- Use the time you have available. It’s good to have a balance of ambitious and realistic with your business aspirations.
- Identify a new business idea. This could come from your personal interests, a market opportunity, an experience—anywhere, really.
- Validate your business idea. This is where you identify if your idea is viable or not. Are people willing to spend money on this?
- Find a business name. A strong name should be short and simple, memorable, and original.
- Make a plan. Your business plan is critical for keeping your business on track, as well as securing partners, investors, lenders, and more.
- Understand business finances. Open your business bank accounts, secure funding, and set up strong bookkeeping and accounting processes.
- Develop your product or service. The fun part! This is where you bring your product or service idea to life.
- Pick a business structure. Your business structure influences taxes, operations, personal liability, and more. Choosing the right structure is about balancing the legal and financial protections you need with the flexibility offered by different options.
- Research licenses and regulations. Your business is subject to the laws governing businesses in your area, as well as laws and regulations specific to your industry. It’s important to understand this to avoid bigger problems down the road.
- Select your software systems. Accounting, email, ads, project management—you need an entire tech stack to run your business.
- Find a business location. Identify where you can open up shop based on space, retail needs, and fulfillment needs.
- Plan workload and team size. If you plan to do all of the work yourself, you’re limited by the time you have available to invest. If you plan on hiring help, you’ll need to account for those costs—as well as the time involved in finding and onboarding freelancers or employees.
- Launch your business. Leverage your network, build buzz with promotions, and test paid ads to get word out about your newly launched business.