Starting and growing a successful business to profitability is one of the toughest challenges you’ll ever face. It takes hard work, perseverance, knowledge, connections and luck, but the most important element of starting a successful business is uncovering demand for your product or service.
Follow the step-by-step Action Guides to get started with your business!
How to Start a Business >> Each section contains key Action Items located within the downloadable Action Guide >> Click to Download Action Guide.
1.1 Stay employed early on – Think like a customer and a business owner.
1.2 Get organized – Document ideas, research, meetings and buy a domain.
1.3 Set Goals and Due Dates.
1.4 Clarify your personal motivation for developing a new business.
1.5 Network – Learn to build your business “contact” network.
2.1 How would you describe your product or service?
2.2 Does your product or service solve a problem or create an opportunity?
2.3 Why will consumers want to purchase your product or service?
2.4 Describe your ideal customer and where you will find them.
2.5 Describe your product or service in three words.
3.1 Uncover your competition through competitive tracking resources.
3.2 Is your product or service already on the market?
3.3 Who is your competition?
3.4 How will your product or service outperform your competition?
3.5 Will your product or service cost less or more than your competition?
4.1 What features and benefits do your customers want in your product or service?
4.2 How much will customers pay for your product or service?
4.3 How can you reach the exact customer that will buy your product or service?
4.4 Product and Service Introductions – Intellectual Property, NDA’s and Sell Sheets
4.5 Survey Creation – Methods, resources, objective/subjective research, etc.
5.0 Profit Potential
5.1 How will you produce your product or service and how much will it cost you?
5.2 Can you combine your product with another product to produce it faster or better?
5.3 Is your product or service in a market that is growing or declining?
5.4 How much will it cost to reach paying customers for your product or service?
5.5 Do you believe your idea has the potential to generate ongoing profits?
6.1 Now what?
6.2 Funding the development of your business.