May our team be the first to CONGRATULATE you on starting your business. Now, of course, you might be trying to figure out the next step, so below you will find the steps to starting and we hope this helps.
What You Need to Do Know: by Kenton Young with KJConsults Marketing Group
1. Determine viability – is your product or service needed in the market? Who is your Idea customer?
2. Write the vision and make it plain -Create a business plan
3. Figure out the money -How much does it cost for you to create your product or provide your service. What is your expense and profit margin? What is your budget for money and time invested into your product or service?
4. Get family behind you -who is partnering with you on this mission because its better to go with others than by yourself because you will need the encouragement and accountability.
5. Choose a business name – Decide on what name you will give your business and why you are choosing that name.
6. Register a domain name – buy a domain name. When you get a domain name it puts things into perspective, you are a owner and you own your personal domain. Find out where to purchase your domain here.
7. Incorporate/figure out the legal structure – What type of business structure should you choose? Should it be an LLC, S-Corp, etc .. find out what is the best for your business.
8. Apply for an EIN – Many people are unaware of an EIN which is Employee Identification Number, but in a sense, it helps the government identify you as a company.
9. Investigate and apply for business licenses – Research and find out if your business requires license. Of course, that builds credibility.
10. Set up a website – Now that you gathered all the important information about your business, it’s time to setup a website, let the world know who you are and why they should do business with you.
11. Register social media profiles – In today’s age everyone is social, so of course you should setup a specific business profiles about your business, that way people can connect with you from different platforms.
12. Start your revenue stream -It’s time to make money. I’m sure at this point you have already started selling your services or products or actually been testing them out. One of the first things that people should do with there product or service is TEST THE MARKET DEMAND beyond there personal friends and acquaintances. Here are a few questions you might ask? What problem does my service or product solve? Where do my potential customers hang out? (Time of day, location,) Where do my customers spend there money? (Ah ha… this will give you much insight
13. Rent retail or office space – Great it’s time to get a central location so customers can meet you. Because business has changed a lot these days, now a person can rent a space as needed, versus paying a lot of money every month until you are an established business bringing in a significant amount of revenue. So here a few places to do business for free, a local shopping plaza like Panera bread, Tropical Smoothie or you can rent a office space like regal for your meetings.
14. Order business cards – Every business needs to have business cards not just physically but also digital.
15. Open a business bank account – Always separate your business from personal home account. (ALWAYS KEEP IT SEPARATE)
16. Set up your accounting system – How do you handle all your transactions? Well I’m glad you asked. There are many free invoicing systems that you can use to maintain records of your business Click here to learn.
17. Assign responsibilities to co-founders – Don’t do all of the work yourself. Partnerships are Amazing
18. Upgrade your smartphone and choose apps – One of the greatest mobile management tools is your cellphone and thanks to Google and Apple. Millions of people have created apps that support entrepreneurs, small businesses, nonprofits and more. Click here to find out a list of free apps.
19. Find free advice – Because you just started a business and need a lot of help, Why not further your education there are many resources available to small business owners like ourselves. We will send you a list click here.
20. Consult your insurance agent and secure coverage – Protect your business, legally, and business wise.
21. Hire your first employee – It’s the greatest feeling in the world to hire an employee to help carry out your vision but please make sure, that you have all of your major business plans and procedures laid out.
22. Line up suppliers and service providers – Depending on the particular product or service you are offering there are lot of people that will be able to mass produce what you do through a strategic partnership.
23. File for trademarks and patents – Own your Brand. Not sure how to get your items trademark we can point to some great places here.
24. Work your network – Have you thought about who is in your cellphone. Did you know the average person has about 300 to 800 phone numbers in their phone and people are waiting to hear the exciting news about your business, right? (maybe so, yes not really) But what do you have to lose tell everyone in your phone directory and social media outlets what you’re doing, business might come from that. Because you never know who knows who.
25. Don’t waste time on “partnerships” – Be wise on who you partner with. There should be a few questions that you should ask yourself? 1. does this individual value I value 2. How does this individual handle challenges? 3. Is this person honest and upright 4. Check the references on this individual learn more here
26. Refine your pitch – What is your 15 to 30 second elevator pitch. I should be able to wake you up in the middle of the night and let me know what you do in 15 to 30 seconds.
27. Refine your product, and marketing and sales approach – Theres a phrase Plan, Do, Review, and repeat that process, Over and over and over.
28. Secure your IT – Because we live in a digital age technology expert is extremely important both for the software systems that you use or even for your devices that are used to run your business, such as computer, cell phone, etc.
29. Get a salesperson or sales team in place -Now, who is going to market and promote your product for you. One of the greatest things in the world is to share your vision with people and they catch it and can now communicate the vision to other people like it’s their own. That’s right you want people that will take OWNERSHIP of the vision and promote.
30. Get a mentor
Thanks for allowing us to share this list.