H O W T O S TA R T Y O U R B U S I N E S S THE STEPS TO SUCCESS B Y: G E O F F R E Y B Y R U C H - E N T R E P R E N E U R THE CALLING • Some people call it a calling Others call it the only option Regardless of how you put it, there are thousands of people all across the nation taking a leap of faith and starting their own business • This is a very difficult and arduous task that requires hard work, determination, and perseverance • But for those who survive beyond the bleak months or year of pain and failure, they will find themselves at the end of the tunnel reaping the rewards on their road for success INTRODUCTION • Starting a business and becoming an entrepreneur is not easy It takes a special kind of person to overcome the obstacles of failures and go surpass the ideas of settling when looking for success • If you are still interested in starting a business, here is a guide that will aid you throughout the process These six steps will help pinpoint the dos and don’ts during the beginning stages of your journey PLANNING AND DEVELOPING WINNING IDEAS • The next big idea is what drives a business in the first place Every business begins with an idea They can be something you are passionate about or they can be something that can change the course of everyday life • Remember, Google and Apple didn’t just come out of nowhere They came from products, or even problems, that have were the markers for their great creation THE WINNING IDEA • Once you have picked and assessed your idea, it is important to see the strengths and flaws of pre-existing companies within the chosen field • Understand their take on your concept • Figure out what they were missing or what you can better, faster, and cheaper Reflecting on those concepts will allow you to eventually market this concept into a full blown business C R E AT E A B U S I N E S S P L A N • Every great business has planned out the logistics and objective of their overall company • Remember, your company is a novice in comparison to both relevant organizations and competitors At this stage, it is important you iron out some important questions that will later need answers when you fully establish your business C R E AT E A B U S I N E S S P L A N • Take into consideration these questions when writing your business plan Try to get a holistic view of what you are expecting from your company, your company’s goals, and your financial status: • What are your company’s objectives? What are you trying to do? • Who are you trying to sell to? What are your goals? • How much money will you need to start up? How much money will you need for the campaign? • How many employees will you need to get this off the ground? • What are you planning for advertising? • What are your projections for month three, six, and twelve? ASSESSING YOUR FINANCES • Like the famous saying goes, everything comes at a price • Besides your time and effort, there are costly expenses when building up a startup • Assess your business plan and identify how much you are going to need to cover these immediate expenses will play a large role in how your business is running by month three STRETCHING THE DOLLAR • The idea of ‘stretching out your dollar’ will be the best mentality to embrace when launching your business • By having a well thought-out business plan and a deeper understanding of your finances, you can leverage these expenses • If the expenses are more than you anticipated, take a look at commercial loans or investors Make sure at this point that your business model is already developed and know what you will use that money prior to any investor meetings REGISTER YOUR BUSINESS • When registering your business, make sure you have decided on what kind of entity and field your business is in • There are certain legal and structural logistics you need to file, especially in your taxes Once you have determined the type of business you have, register on the SBA website BUILD YOUR TEAM • Now that you have established your idea, created a business plan, planned out your expenses, and registered your business, it is now time for you to think about the managerial aspect of your business • Here, think about the type of people you want and the skills they need to have to help thrive your business • Having a grasp of the people you want will ultimately put you at pace if growing your business GROW YOUR VISION • Here is the stage where you have now established the team, finance, and idea for your startup What you need to at this stage is be a leader Allow your team and company to run on a longterm vision and goal Make sure you have internalized this goal so that no matter whom you talk to, everyone is on the same page for success [...]...BUILD YOUR TEAM • Now that you have established your idea, created a business plan, planned out your expenses, and registered your business, it is now time for you to think about the managerial aspect of your business • Here, think about the type of people you want and the skills they need to have to help thrive your business • Having a grasp of the people you... will ultimately put you at pace if growing your business GROW YOUR VISION • Here is the stage where you have now established the team, finance, and idea for your startup What you need to do at this stage is be a leader Allow your team and company to run on a longterm vision and goal Make sure you have internalized this goal so that no matter whom you talk to, everyone is on the same page for success ... your company, your company’s goals, and your financial status: • What are your company’s objectives? What are you trying to do? • Who are you trying to sell to? What are your goals? • How much money... you need to start up? How much money will you need for the campaign? • How many employees will you need to get this off the ground? • What are you planning for advertising? • What are your projections... identify how much you are going to need to cover these immediate expenses will play a large role in how your business is running by month three STRETCHING THE DOLLAR • The idea of ‘stretching out your