I have never started a business. I need some advise and direction. I have an idea but need more of a mentor and advise on next steps?
I have spoken to people to outsource the development stage. I have the idea and know what I want to accomplish but I am very unskilled at putting together a business plan and gaining capital or making connections with people. I am great with people but I am feeling frustrated about how to proceed. Thank you everyone for your help.
Starting a business is a great idea if you have a great idea or can provide a product and service that other people or businesses will buy. You need to test that your product and idea has a market before you lose your life savings or the savings of friends, family or fools (they are usually the only investors available first time round :-)).
To do that you need to gather all the facts and evidence you need (Preparation), analyse all that information (Analysis) and set out your goals, primary and enabling objectives in a one page plan. But you are not finished yet! Review the plan and put together a plan on how you will execute that plan (Execution). The critical step here is to make sure you have in place and can afford to put in place the necessary resources to accomplish your plan. As you implement your plan you need to verify that what you planned to do is being done and if changes are required that the changes will still achieve your goal and are the best use of your resources (Verification). As you get towards the end of your first phase in your business make a conscious effort to review what you have planned and how the process has worked noting what you need to improve in the next phase of your business (Review). If you like this approach I have a lot more to say about it on my Blog here http://www.russellyardley.com/step-by-step-business-planning.html
For starters, don't do anything until you've secured all of your intellectual property. Start an LLC. If you're looking to launch a product, make sure it has a patent, or trademark its brand name. Never talk to anyone about your ideas until these things are done, as the most unlikely of people could take your idea and run with it before you get a chance to.
(There are lots of other great tips already posted here -- I didn't want to restate any of them, but did want to include this).
A great place to start is to find out your target market/ideal client.
After that, you can find out what triggers them to buy your service/product and build your entire marketing message around those answers.
It's a lot to start to a business but in reality, it's fun and exciting.
The best starting point is to look at building new relationships. That is where you will find your audiences as well.
Feel free to personal message me if you'd like to discuss ideas further.
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Please let us know what business you would like to do. You need to understand 1) what is your strength, 2)what business you would like to do 3)Market and consumers 4)Investment etc. PLease feel free to share the details and then you can take the next steps.
Lots of good advice out there. There are plenty of guides on the practical aspects and I would just like to add a note on the personal aspect as I have been there myself... you need to have 3 things (and I'm sure you've heard these before):
Passion: You need to have a personal passion for whatever you want to do. Anything less than 100% commitment to starting up your own business will lead to exactly that - less than 100% success.. I have seen this first hand.
Patience: Rome was not built in a day. When you build your business plan, consider where you want to be in a few years but start with small steps.
Persistence: You may find that in the first months (unless you are extremely fortunate like I was) you get a lot of rejections and it's not always easy to keep going. Also there are going to be ups and downs, you need to persist - specially when things are on the "down"
So many things has to consider when starting up a business. I still need to do a lot of things when working on startup businesses even through I already ventured 7 startup businesses.
Too many good advises here already, I just like to share what the first thing I normally for a startup business - design than build a scalable, repeatable and viable business model.
I think I can help you. I am a Business Coach and have done several start-up Regional offices in the Middle East, India and Asia. I am doing my certification for Business Coaching and need a lot of hours to get certified. Therefore, I am willing to offer FREE Business set-up coaching and you could be a great candidate for this considering the Coaching experience that I have and the many years of new business setups. If you are interested, please send me a message.
We can have a chat one of these days if you are interested.
I can help you put your business idea into action, and market it to people of interest. However, I believe the first step is to legalize your business, then develop a strategic plan for your business. I am an Attorney / Business Consultant and have a business consulting firm called Compu-Perfect Professional Services, which has been providing business consulting services for 18 years. These services include:
• Business formation (Corporations, Limited Liability Companies (LLC's) and Nonprofit Organizations)
* Business Coaching
• Contract Drafting and Reviewing
• Trademark Search and Registration
• Completion of the 501(c)(3) application for nonprofit organizations
• Grant Research and Writing
Hi there! What type of product or service are you selling?
I assist people with bringing their products to market and from my experience you need to develop a budget to accomplish what you want to do.
You will need to hire people to:
Develop a product that can be produced.
Develop a business plan which can cost as much as $15K to be written by a professional.
Determine how much you are willing to spend on bringing the idea to fruition.
Hire good people to work with you who understand the market you are going into.
All the answers to date are great.
Also anything you develop wil take as much as 3-5 years to become an overnight success.