1. The Business Idea.
Write it down, for only then it becomes real. Be able to
articulate it in less than twenty-five seconds or as long as
a short ride on an elevator. This is called the elevator
speech and makes you think long and hard about what it is you’re trying to do.
2. Develop a Business Plan.
Entrepreneurs never plan to fail at a start-up, they fail
to plan. A good business plan forces you to understand every
aspect of the proposed business. It also forces you to run a
financial analysis to prove that the business is financially
feasible and to calculate the capital you need to start the
business and to pay for the operating expenses while the
revenue stream is being developed.
3. Create the Business Identity and Image
Choose a name for the business and a name for the web site
which you will need in today’s environment. Get a logo if
necessary and make sure that they all fit with the product
or service you’re trying to sell.
4. Paperwork and Forms
Decide on a legal structure for the business (single
proprietorship, partnership, LLC or corporation).
Understand the licenses you need and the forms that are
required by the different government entities you’ll have to
deal with.
5. Start-Up Capital
A good business plan will have forced you to size up and
justify the amount of start-up capital you need. Determine
where it will come from and make arrangements to get a
commitment for it. This would be the first place you’ll
need a copy of a well developed business plan.
6. Start-Up Operating Expenses
You’ll also need enough capital to cover the on-going
operating expenses until the business begins to produce
enough positive cash flow. Again a good business plan will
have identified the cash flow and the break-even point.
7. A Marketing Plan
Who are your customers and how will you go after them. How
will you package your product or service and what price will
you charge for it. Will your customers be satisfied with
your product/service for the value they’ve received.
8. Identify Relevant Technology
We live in a technological age and need to make good use of
all available technology. Whether it is the Internet, good
manufacturing equipment or current office equipment you need
to be sure that you are utilizing the most user friendly and
economically feasible products.
9. The Right People Resource
A good leader always surrounds him/herself with excellent
people. Play to your strong points and understand your
weaknesses so you can build a team to fully complement your
skill set.
10. Live As If Today Were Your Last
Do not forget family and friends as you begin to work the
16/18 hour day of the entrepreneur. Remember that you’re
doing this to provide a good life for all concerned –
including your employees. Make the business a fun and
rewarding place for all.