If you are new at business start-up then you have found the perfect blog post for you. I am going to lie out in simple steps (given that order can vary from start-up to start-up). My goal is to get the wheels turning so you can develop your own protocol that works for your business. The most appealing attribute of being an entrepreneur is there is no single right way to start your new business venture. In fact, there are countless ways to get from point A to point B. The choice is yours in what path you take in starting your new business.
Essential Steps You Do Not Want To Miss When Building Your NEW Start-up:
Steps for Eliminating Uncertainty:
- Market Research is a great place to start to see if there is even a demand in the market you are preparing to enter with your product or service. Are you able to define how big your market is? Who your customers are? How much will they pay for your product or service? While investigating your market you might find out that your intended customer isn’t really the best customer. This is all done in the beginning in your market research stage.
- Business Model Canvas (BMC) will help you and get a quick and dirty approach to understanding your entire business and how it will operate, and most importantly what your value proposition you are offering with your product or service.
- Decide your Business Structure that will be best for your company. The choices you have include sole proprietorship, partnership, corporation, “S” corporation, or limited liability company (LLC). Make sure to have a business attorney that you know, and can trust to guide you in the right direction.
- Build your team with great people who believe in your idea. The people you bring in will be one of the most critical parts of building your business. Find a people person who can help evolve your company’s culture, that is relevant to a Silicone Valley startup. Your company’s culture has potential to do many positive things, for instance, increase performance, and decrease errors.
- Minimal Viable Product (MVP) will allow you to quickly have a product that will figure out the various needs to be solved in order to get to your final product. The MVP will help in fine tuning the product and will answer cause and effect questions about your product.
- Name your business so it is easy to remember and catches people’s attention. You will want to have a URL that is a .com and preferably using your business name.
- Branding is a critical piece to have in the beginning stages. Make sure you don’t pay too much to have your brand created. In the branding stage it is important to do some investigating with your logos, color schemes, web design, by throwing it out to the public for feedback. This will help you get some great feedback on what you are creating and somebody else might see something you are missing. For example, you might have an alcohol product for adults, but your logo and colors might be targeting children. Being an alcohol product you don’t want to make that mistake.
- Get your name out there! You can do these using social networks like Twitter, Facebook, and LinkedIn. Local media radio stations, new channels, and local bloggers. Be a foot soldier and start knocking on doors to get your product in stores.
Good luck on your new venture and please keep me posted by leaving a comment!
Please post your results on my blog post!