We are continuing our series From idea to business in five steps with part two, which focuses on getting feedback, business operation fundamentals, and getting started.
Get feedback
It is important to get feedback from friends and family on your idea. Speak with the people that you may know who work in a similar industry. It does not hurt to speak with business owners in towns close by and get their input on your ideas. People will often times have insights that you would have never thought of. What needs to be improved? What are some ways to improve the idea? Everyone is not going to be enamored with your idea. In fact you will run into a lot of people who may tell you that it is not a good idea. Ask them why, and what they would do differently? Don’t let people discourage you. After all, people thought the cellphone was a dumb idea.
Business operations
You have a thousand of things running through your mind. Your ideas are flowing and you want to dive in head first, but before you jump in, let’s take a look at some very important issues that you have to address.
It is important to gain key understandings around how your business will operate. This includes legal structures, financing, and insurance coverage. Make sure you answer the following questions
What skills and experience do you currently have?
What will the legal structure of your business be?
If you need financing where will it come from?
What are your fixed costs and expenses?
Do you need insurance coverage specific to your business?
Below are some resources that will help you to answer the questions.
Small Business Association startup
https://www.sba.gov/smallbusinessplanner/index.html
Free counseling from SCORE
Budget Calculator
https://www.homebiztools.com/startup.htm
The information that you gather from the above questions and links will be the basis of a more in-depth business and marketing plan. Take care of these requirements and turn your dream into a reality.
Lights, camera, action
Now the big question is: What is holding you back?
I might fail (public humiliation).
I might succeed (other people’s high expectations).
It’s too difficult at my age.
I’ll never find the time.
I don’t know how to begin.
Who am I? There are other people far more qualified.
I don’t have enough self-confidence.
Starting your own business is less about what you can’t do, and everything about what you can do. At the core you have a burning desire to get started, succeed, and never give up.
