Have you ever dreamed of having a business but aren’t sure where to start? Many of us business owners and entrepreneurs were once in that position as well, and have successfully started a business. As of right now (2020), I have started 3 business and generally it follows the same process. To help kickstart your dream of being a business owner, I decided to share the 5 simple steps it takes to get your idea going.
Have a killer idea
Obviously the first step to starting a business is having an idea. Your idea doesn’t have to be the next iPhone, but it should be something that helps you stand out in the market and against your competition. Take Halyn Marketing, for example, there are thousands of other marketing agencies out there but I knew I could offer a unique approach and fill a gap in the industry.
My clothing company gold + vera is the same way. There are so many cute boutiques out there but I wanted to take a new approach that I haven’t seen yet. So, don’t feel the need to re-invent the wheel, just take things in a different direction.
Validate your idea
If you follow me on social media you’re probably so sick of me mentioning this, but validating your idea is hands down the most important step when starting a business. Not only does it help you figure out if your idea is actually going to work, but it forces you to buckle down and get your ducks in a row.
Some suggestions for validating your idea are don’t talk to your friends and family and don’t be afraid to ask around on social media. Be mindful of who you speak to and when validating your idea make sure you are selective on how much information you give out. Luckily I have not had someone steal an idea of mine but you can never be too safe when it comes to intellectual property.
Create a business plan
Once you’ve validated your idea and you’re certain there is a market and demand for it, you’ll want to get going on a business plan. There is a lot of information out there about the best way to write up a business plan but for me personally mine is very simple. I choose not to overcomplicate it in the beginning because odds are you’ll change your mind and direction about so many things.
Your business plan should include a break down of what you’re offering (could be a product or a service), how much it costs, who will do the work, how you’ll promote it, and a ton of other things under the branding category.
If your business requires investor funding, I would recommend you consult someone to help formulate a more solid business plan and even a slide deck. Feel free to contact me because this is something I have done before.
Your branding is going to play a huge role in the overall operation of your business. Branding includes your logo, voice & tone, colors, and the overall vibe you give off. Your branding will also help you stand out and make sure potential clients remember who you are.
I created a free resource that you can download for free and it helps you create your own branding guideline. You will be able to use this when it comes time to post on social media and create your website.
Get the Legal Stuff Done
I recently did a podcast with a friend of mine who is a lawyer for entrepreneurs. We talked about how important the legal side of businesses are and that many entrepreneurs completely disregard it. What you’ll want to do is have some contract templates ready to go and start the process of registering your business through the government.
There is a multitude of reasons why this is important but to sum it up I’ll say this: it’s less expensive to hire a lawyer to do these small tasks than it will be to pay a lawyer to help you out of a lawsuit. Take this stuff seriously!
Now, I understand that this barely scratches the surface of what is needed to start a business, but this is a great starting point. I have many resources available for you to use that help with this process. My social media and podcast are also full of more business-related information that walk you through these steps.
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