Bringing your Dream to Reality

When starting a business, it's important to ask yourself and others relevant questions to ensure you have a solid foundation. Here are some key questions to consider. The list is a little lengthy but you'll be glad you answered the questions. They will also help in developing your business plan.

• What is my business idea or concept?
• Is there a demand or market for my product or service?
• Do I have a passion for what I want to do? Remember that you are your business and will determine how vigorously you approach what you do as a business.
• What is the reasoning behind my starting a business?
• Does my business solve a problem and what is it? Clearly define the problem or need your business addresses in the market.
• What is my target market? Determine who your ideal customers are, their demographics, and their preferences.
• Am I prepared to do business? Planning and preparation are key to doing anything.
• Do I have the time to put toward a business and will I carve out the time to run it?
• What am I fearful of when starting this business?
• Can I afford to start a business? See Financing Your Business to get insight on what you may need.
• What do I need to get started?
• What plans come into play as I start my business? There are several plans that are needed that outline your business goals, strategies, financial projections, logistic and operational details.
• How much is this business going to cost me after I get started?
• How will I finance my start up and business?
• What legal structure is going to be best for my business? (Sole Proprietorship, Partnership, Limited Liability Company or Corporation)
• What are the necessary permits and licenses for my industry? Research the legal and regulatory requirements for your industry and location, and ensure you obtain the necessary permits and licenses.
• How do I brand my business with a unique selling proposition (USP) to set it apart from other businesses? Identify what sets your business apart from competitors and why customers should choose you. Define your brand identity, including your business name, logo, and messaging.
• How will I market my business? How will I reach, attract, and maintain customers? Develop a marketing plan to reach and attract your target audience.
• How do I develop a pricing strategy?
• What technology do I need to start and run my business?
• Will I have need of employees to start?
• How do I build a team that would be necessary to run my business successfully?
• How do I balance my personal life with running a business?
• What are my potential strengths and weaknesses as I move toward starting a business?
• What will I have to be capable of doing to start my business?
• How will I measure success and track key performance indicators?
• What potential risks will I face and how will I mitigate them?
• How do I adapt to changing market trends and customer needs?
• Where do I go to get the information and resources that I need?
• Is my location a good place to start and run my business?
• Who do I involve in my business?

As you move forward to bringing your ideas or dreams to life, keep these questions in mind and reassess what you are doing and how you do it. Be prepared to adjust your strategies and be willing to make the necessary changes to help your business grow. Seek advice from experts and entrepreneurs in the industry. Business mentors can also provide valuable insights and guidance.

Your To-Do List to get Started

Starting a business requires careful planning and consideration of various factors. Remember that this is a general list, and the specific requirements may vary depending on your industry, location, and business model. It is recommended to consult with professionals, such as lawyers, accountants, or business advisors, to ensure you meet all legal and regulatory obligations specific to your situation. While the specific requirements can vary depending on the nature and scale of the business, here is a general list of items you may need to start a business:

• Business Idea or Concept:
  Write down a clear idea of the product or service you plan to offer.
• Market Research:
  Get data and analysis to understand the market, customer needs, and competition for your business, whether local, regional, national, or international.
• Business Name:
  Choose a unique and memorable name for your business and check its availability for registration.
• Licenses and Permits:
  Identify the required licenses, permits, and registrations necessary to operate legally in your industry and location.
• Legal Structure:
  Determine the legal structure of your business, such as sole proprietorship, partnership, limited liability company (LLC), or corporation.
• Regulatory Compliance:
  Understand and comply with legal and regulatory requirements relevant to your industry, such as health and safety regulations, data protection laws, or environmental regulations.
• Business Location:
  Decide whether you need a physical location for your business, such as an office, retail space, or manufacturing facility. Consider factors like cost, accessibility, and zoning requirements.
• Technology Infrastructure:
  Determine the technology requirements for your business, such as computers, internet connectivity, software applications, and security measures.
• Equipment and Supplies:
  Identify the equipment, tools, and supplies needed to operate your business effectively. This could include machinery, computers, software, furniture, inventory, or raw materials.
• Business Bank Account:
  Open a separate bank account for your business to keep personal and business finances separate.
• Business Plan:
  Start the preliminary write-up for your Business Plan, your goals, strategies, target market, financial projections, and operational details. (Both internal and external)
• Marketing Plan:
  Start the preliminary write-up for your Marketing Plan, potential expenditures, strategies, type of marketing, target market, financial projections, operational details and budget.
• Financing:
  Determine the funding required to start and sustain your business. This may include personal savings, loans, investments, or crowdfunding.
• Branding and Marketing:
  Develop a brand identity, including a logo, website, marketing materials, and strategies to promote your business and attract customers.
• Business Insurance:
  Assess the need for business insurance to protect against potential risks, such as liability, property damage, or employee-related issues.
• Staffing and Human Resources:
  Determine if you need to hire employees and develop processes for recruitment, onboarding, and managing human resources.
• Accounting and Record-keeping:
  Set up a system for tracking and managing finances, including accounting software, bookkeeping, and record-keeping procedures.
• Suppliers and Vendors:
  Identify reliable suppliers or vendors for sourcing products, materials, or services required for your business operations.
• Pricing Strategy:
  Develop a pricing strategy that considers your costs, market demand, competition, and desired profit margins.
• Sales and Distribution Channels:
  Determine how you will sell and distribute your products or services, whether through a physical store, e-commerce platform, or partnerships with retailers.
• Ongoing Learning and Networking:
  Stay updated on industry trends, attend relevant workshops or conferences, and build a network of contacts to support your business growth.

Market Research and Competitive Analysis

Market research and competitive analysis provide crucial information that guides your business decisions, minimizes risks, and enhances your chances of success. They enable you to understand the market, customers, and competition, allowing you to develop effective strategies and differentiate your business in a competitive landscape.
Using market research and competitive analysis when starting a business offers several valuable benefits. They provide critical data that can help you make informed decisions, reduce risks, and increase the chances of building a successful and sustainable business. Here's why they are important:

• Understanding the Market:
  Market research helps you gain a comprehensive understanding of the industry you plan to enter. It provides insights into market size, growth trends, customer demographics, and purchasing behaviors. This knowledge allows you to make informed decisions about your target market, product offerings, and marketing strategies.
• Identifying Customer Needs:
  Market research helps you identify and understand the needs, preferences, and pain points of your target customers. By collecting feedback and conducting surveys or interviews, you can gain valuable insights that inform product development, pricing, and customer experience strategies.
• Assessing Market Opportunities:
  Through market research, you can identify untapped or underserved market segments and niche opportunities. This allows you to tailor your products or services to meet specific demands, differentiating yourself from competitors and increasing your chances of success.
• Evaluating Competition:
  Competitive analysis enables you to evaluate the strengths and weaknesses of your competitors. By analyzing their products, pricing strategies, distribution channels, marketing tactics, and customer relationships, you can identify gaps and areas for differentiation. This helps you position your business effectively and develop strategies to gain a competitive edge.
• Setting Realistic Expectations:
  Market research and competitive analysis provide a realistic assessment of the market conditions and competitive landscape. It helps you understand the potential challenges, risks, and opportunities you may encounter. This knowledge enables you to set realistic expectations and develop strategies to address potential obstacles.
• Tailoring Marketing Strategies:
  Market research guides your marketing strategies by providing insights into effective channels, messaging, and promotional activities. By understanding how to reach and engage your target audience, you can allocate your marketing resources efficiently and maximize your chances of attracting customers.
• Mitigating Risks:
  By conducting thorough market research, you can identify potential risks and mitigate them. Understanding market dynamics, customer preferences, and competitive pressures allows you to make informed decisions and develop contingency plans to address potential challenges.
• Attracting Investors and Stakeholders:
  When starting a business, market research and competitive analysis provide valuable data and insights that can impress potential investors and stakeholders. It demonstrates that you have thoroughly evaluated the market, identified opportunities, and developed strategies to capitalize on them.

Use this link to visit the Marketing and Analysis page at the Small Business Administration (sba.gov) website for more information and guidance.

“If you fail to plan, you plan to fail.” – Benjamin Franklin. This quote rings true today. Planning and preparation are required to start, operate and expand a business.

Starting a business typically involves several key planning stages. Some planning may only require short and to the point input while others may be broader and more extensive. Here are some of the essential plans and steps commonly used to launch a new business.

• Business Idea and Market Research
• Business Plan
• Financial Plan
• Budget
• Marketing Plan
• Funding Plan
• Operational Plan
• Break-even Analysis
• Legal Structure and Registration
• Location and Facilities
• Technology
• Supply Chain
• Staffing
• Risk Management Plan
• Launch Plan

By following these plans and continuously adapting based on feedback and market conditions, you can set a strong foundation for your new business.See PLANNING AND PREPARATION.

What will you name your business?

Write down the name you want for your business. Naming your business requires thought and a bit of creativity. Remember to ensure that the name you choose is easy to spell, pronounce, and memorable. Additionally, it's important to check for the availability of domain names and trademarks related to your chosen name to avoid legal conflicts. But before doing so, make sure you have decided on a few names, as your main choice may be taken. You may want to wait until you are ready to register your business name with the state to check for domain names. If you check too soon, and wait to register the domain name, it could be taken.
While this may take a bit of time to settle on a name, review the Key Questions below to help you move forward and answer critical questions that will aid in developing your business plan.

Choose a Legal Structure

The business structure you choose influences everything, from daily operations, to taxes and how much of your personal assets are at risk. You should choose a business structure that gives you the right balance of legal protections and benefits.

Carefully choose a business structure before you register your business with the state. Determine what structure is right for your business based on the type of business you have and what protections you want for it and yourself. Most businesses require you to get a tax ID number and file for the appropriate licenses and permits.

At some time in the future, you may want to convert your business to another structure. Be aware that there could be certain restrictions based on your location.

They types of business structures are:

• Sole proprietorship
• Partnerships
• Limited liability company (LLC)
• Corporation - B Corp
• Corporation - C Corp
• Corporation - S Corp
• Corporation - Benefit Corporation
• Corporation - Nonprofit
• Nonprofit Organization
• Cooperative (Co-op)
• Joint Venture
• Franchise

Your business structure affects how much you pay in taxes, your ability to raise money, the paperwork you need to file, and your personal liability. This could also result in tax consequences and unintended dissolution, among other complications. Remember to consult legal and financial professionals to choose the best structure for your specific situation.

Where will your business be located?

Write your business idea or concept down. Determine what type of business this is going to be, service, products or service and products. Determine where your business will be located, at your residence or at another location. If it is located at your residence, you are required to check with the city to find out what zoning ordinances pertain to doing business at your location. City ordinances and regulations vary significantly from one jurisdiction to another.

The specific ordinance that regulates doing business in an apartment will depend on the city or local government where the apartment is located. It is important to consult the local laws and regulations of the specific city to determine the rules regarding conducting business activities in an apartment.

To find the relevant city ordinance for doing business in an apartment, you can visit the official website of the city government or contact the local planning or zoning department. They will provide you with the specific regulations and guidelines that apply to your situation. It's crucial to comply with local laws to avoid any legal issues and ensure your business operates within the boundaries set by the city.

In many cities, residential zoning regulations are in place to distinguish between commercial and residential areas. These regulations may prohibit or restrict certain types of businesses from operating in residential areas to maintain the integrity of the neighborhood and ensure the well-being of residents. However, some cities may have provisions for home-based businesses or specific types of businesses that are allowed to operate in residential areas under certain conditions.

Rule of Thumb

Keep a notebook/pad and pencil/pen available to jot down your thoughts, ideas, and concepts as you come up with them. Thinking that you will remember them and write them down later is a mistake. There will be an opportunity for something else to take precedent over the thought and you might forget what it was that you should have written down. Being able to write it down as opposed to using your ipad or electronic gadget, is more convenient. But if the gadget is what you have at the moment, use it so that you don’t lose it (the idea of course).

Get in the habit of making a “To-Do” list for the day. This allows you finish a task and is a measure of your progress. You can pinpoint milestones for getting things done. As you check things off the list, there is a sense of accomplishment and achievement.

Remember, starting a business involves many different aspects, so it's a good idea to explore multiple resources to gain a well-rounded understanding. Check for local resources such as libraries, business development centers, chambers of commerce, networking events and entrepreneurship programs in your area. There are workshops, networking events, and mentorship opportunities for aspiring entrepreneurs offered locally.

Remember, starting a business involves many different aspects, so it's a good idea to explore multiple resources to gain a well-rounded understanding. Check for local resources such as libraries, business development centers, chambers of commerce, networking events and entrepreneurship programs in your area. There are workshops, networking events, and mentorship opportunities for aspiring entrepreneurs offered locally.

When using online resources, it's important to verify the credibility and reliability of the sources and always cross-reference information to get a well-rounded understanding. Here are some additional online websites where you can learn more about starting a business.

• Small Business Administration
  The SBA is a government agency that provides a wealth of information and resources for starting and managing a business. Their website offers guides, templates, courses, and access to local assistance resources.
• SCORE
  SCORE is a nonprofit organization that provides free business mentoring and education. Their website offers a wide range of resources, including webinars, templates, and articles on various aspects of starting and growing a business.
• BPLANS
  Bplans provides a vast collection of free resources, including sample business plans, templates, and articles on various topics like business planning, funding, marketing, and more.
• UDEMY
  Udemy is an online learning platform that offers numerous courses on entrepreneurship and business development. You can find courses on specific topics like business planning, marketing, finance, and more.
• COURSERA
  Coursera partners with top universities and institutions to offer online courses on various business-related topics. Their courses are often more structured and comprehensive, providing in-depth knowledge and skills.
• LINKEDIN LEARNING
  LinkedIn Learning (formerly Lynda.com) offers a vast library of video courses on business-related subjects. You can find courses on entrepreneurship, leadership, marketing, finance, and many other relevant topics.
• ENTREPRENEUR
  Entrepreneur.com is a popular online magazine that covers a wide range of business topics. They provide articles, guides, and interviews with successful entrepreneurs, offering insights and inspiration for starting and running a business.
• HUBSPOT
  HubSpot offers a range of resources and tools for entrepreneurs and small businesses. Their website provides free guides, templates, and educational materials on marketing, sales, and customer service.
• REDDIT
  Reddit has various communities or subreddits dedicated to entrepreneurship and business. You can find discussion forums where you can ask questions, share experiences, and learn from others in the business community.
• INC.COM
  Inc.com is an online publication focused on startups and small businesses. Their website features articles, guides, and resources on various aspects of starting and running a business, including marketing, finance, technology, and more.
• ENTREPRENEURSHIP
  This website offers a comprehensive collection of resources for entrepreneurs. It provides articles, videos, webinars, and interactive tools covering various aspects of starting and growing a business.
• MY OWN BUSINESS INSTITUTE
  My Own Business Institute, created by Santa Clara University, offers free online courses on entrepreneurship. The courses cover topics such as business planning, marketing, finance, and management.
• INVESTOPIA
  Although primarily known for its finance and investing content, Investopedia also has a section dedicated to small business and entrepreneurship. It provides articles and tutorials on various business-related topics.
• ALLBUSINESS
  AllBusiness is a comprehensive online resource for small businesses. It offers articles, guides, templates, and tools covering a wide range of topics, including business planning, marketing, finance, legal matters, and more.
• NOLO (www.nolo.com):
  NOLO is a website that provides legal information and resources for small businesses and entrepreneurs. It offers articles, guides, and legal forms to help you navigate legal aspects such as business structure, contracts, intellectual property, and more.
• Small Business Development Center (SBDC) Network (www.sba.gov/tools/local-assistance/sbdc):
  The SBDC network, affiliated with the U.S. Small Business Administration, provides assistance to small businesses across the United States. Their website offers resources, webinars, and access to local SBDC offices where you can receive personalized assistance.
• GrowthLab (www.growthlab.com):
  GrowthLab, created by entrepreneur Ramit Sethi, offers courses, articles, and resources for aspiring entrepreneurs. It focuses on topics such as finding profitable business ideas, validating business concepts, marketing, and scaling.
• The Lean Startup (www.theleanstartup.com):
  The Lean Startup website is based on the principles outlined in the book "The Lean Startup" by Eric Ries. It offers resources, case studies, and tools to help entrepreneurs build and grow successful businesses using lean startup methodologies.
• FOUNDR
  Foundr is an online platform that provides articles, podcasts, and courses on entrepreneurship and startups. It features interviews with successful entrepreneurs, business tips, and insights on various aspects of building a business.
• StartUpMindset (www.startupmindset.com):
  
• STARTUPMINDSET
  StartUpMindset offers practical advice and insights for entrepreneurs. It features articles and interviews with successful entrepreneurs, covering topics such as business growth, mindset, productivity, and innovation.
• FORBES ENTREPRENEURS
  Forbes' Entrepreneurs section provides a wealth of articles, insights, and interviews with successful entrepreneurs. It covers a wide range of topics, including startups, leadership, marketing, technology, and finance.
• KAUFFMAN FOUNDATION
  The Kauffman Foundation is a nonprofit organization focused on entrepreneurship and education. Their website offers research reports, articles, and resources for entrepreneurs, including insights into startup ecosystems, trends, and policies.
• StartupNation (www.startupnation.com):
  StartupNation provides articles, forums, podcasts, and resources for aspiring entrepreneurs. They cover topics such as business planning, marketing, funding, and legal considerations.
• NATIONAL ASSOCIATION for the SELF EMPLOYED
  NASE is an organization dedicated to supporting and empowering self-employed individuals and small business owners. Their website offers resources, articles, and webinars on topics like business planning, taxes, marketing, and insurance.
• YOUTUBE
  Many successful entrepreneurs and business experts share their knowledge and insights on YouTube. Channels like TED Talks, GaryVee, and Stanford Graduate School of Business offer inspiring talks, interviews, and lectures on entrepreneurship and business-related topics.