I’m launching a new business
Who are you? A leader? A mentor? A mastermind? A risk-taker? Many would-be entrepreneurs share these attributes. But few understand what it truly means to build a business.
If you don’t quite know, that’s OK. We were there once too. Here’s a simple list to help you begin your journey.
Top 7 considerations for launching a new enterprise:
- Brainstorm. What are your products? Who are your customers? Why will they buy what you’re selling? Answer these questions before you go any further.
- Plan. Many people wait until they need a business plan for an external purpose, like lending or investment. But a business plan should be one of the first things you begin and continue to refine for the life of your business.
- Logistics. Pick a company name (but don’t obsess--you can always change it later) and use it to register for an EIN, business license, permits, and taxes. Choose your company structure. Open a business bank account.
- Team-build. No one can go it alone. Be honest with yourself about your strengths, and find people who share your vision and who can shore up your weaknesses.
- Bootstrap or fundraise. Whether you’re self-funding your venture or raising capital through loans/investments/grants, you need proper working capital and an understanding of cash flow. (Consult your business plan before you attempt to go to market.)
- Infrastructure. Laptops, offices, vehicles, whatever assets and expenses you might have to support operations--get those things in place (and save all your receipts for taxes). The worst-case scenario is not being able to serve clients.
- Marketing. Spread the word. Set up a simple website and claim your social media profiles. Nothing fancy, but if people google your company, they should be able to find you.
- Open your doors! Find that first person who will buy what you’re selling--and treat them right. In the digital age, both positive and negative client feedback spreads quickly.
- Finances. Don’t set pricing in stone until you have a few customers. Forbes says focus on “getting through the first few months and obtaining those initial clients…[Then] become more concerned with how much you can charge.” Estimate, then adjust accordingly.
- Drink lots of coffee. Your first few years are going to be interesting!
Need help? Masterplans has created business plans for thousands of new entrepreneurs. As a business owner, it’s your bible. Rely on our financial forecasts, exclusive market & industry analysis, and growth strategies to chart your course and secure funding. With over two decades of experience, we know exactly what you need.