What to do now?
Choose business name and logo Figure out legal structure Contact IRS to apply for Employee Identification Number (EIN) Register for state and local taxes Apply and obtain business licenses/permits Create a business plan Apply for financing Open business bank account Set up accounting/bookkeeping system File for trademarks and patents Register a domain name and set up website Location … rent or build Obtain business insurance Order business cards Register social media profiles Start your revenue stream Things to do a little later. Upgrade your smart phone Find free advice/mentors Hire employees if needed Line up suppliers and service providers Work your network Refine your product/pitch, marketing and sales approach Secure your IT, if needed Get a salesperson or sales team in place |
Words of Encouragement Many people talk about starting businesses but not everyone takes the necessary steps. We want to take this time and thank you for your resilience in the process. This guide is to help keep you on the right track while you are in the startup process and also once you get into business. We encourage you to utilize its resources and keep up the good work! |
Industry Analysis
Before the first day of business you must plan how you will operate. Analyzing these topics gives an overview of your business in the market place. This section is more specific than the executive summary and dives into research of the business. SWOT Analysis This stands for Strengths, Weaknesses, Opportunities, and Threats (SWOT). This analysis should thoroughly portray each aspect mentioned. This section will prove to give an insight into the product/service, organization, and industry. This is generally a headstone in evaluating any organization. Market Description The next crucial analysis looks at the target market. This can be one of the largest portions of analyzing the industry, but with research, it will serve insight into the venture. It is essential to profile your customer by determining their unique characteristics and the size of your market. Look for trends in society that can affect the economy, the industry, stockholders, competitors, suppliers, or any other stakeholder. Competitors Analysis Research your competition, look at financial statements and possibly even do a SWOT analysis on them. Determine the portion of the market which is available. Explore consumer behavior; observe why customers are choosing the competitors product or service of another organization. Operations/Management Operations/management should detail the relationships of the organization internally and externally. Also include an explanation of each business segment and product line. Products/Services Depict all aspects of your product and/or service by focusing on the features which distinguish it. Provide general information but then illustrate how it is superior to competitors. Include a summary, pictures, videos, and any other relevant information. Key Relationships Elaborate on the different stakeholders of the organization. Explain the relationships held with its customers, suppliers, business partners, employees, professional organizations, government agencies and anyone involved in the business. Employee Descriptions Regardless of size, an organization must have clear job responsibilities. List the job qualifications, descriptions, duties, and other important information regarding employment. For larger organizations, this section may include a hierarchy of reporting. Outsourcing work could also be listed here. Possible Ways to Analyze your Marketing 1. Economic: Percent increase in sales, change in total profit, number of goods/ services sold, etc. 2. Publicity: Number of articles published in a newspaper, number of likes/shares on a Facebook post, or amount of traffic on your website, etc. 3. Consumer Perception: Survey customer’s opinion of the organization before and after a marketing plan is implemented, then analyze the differences. |
Set Goals Establish criteria for your plans. Creating benchmarks is crucial in keeping your business or projects on track. There are many types of goals, whether it is to increase foot traffic or to change your customer’s perception, but always break apart the goal into smaller tasks. This makes it easier to measure progress. Finally, once you reach your goal or near it, make sure to reflect on what you have done. Review the most beneficial and least beneficial things you have done. Put in the Time Nothing worthwhile ever comes easy. Some of the largest companies in the world have started right where you are! Be diligent and allocate your time where it is needed. Your time should be productive as possible; remember to work smarter, not harder! Keep Networking At any given time you could meet a potential customer, supplier, or business partner. Be prepared by keeping business cards close and maintaining a professional appearance. Whether it is in person or online, be sure to stay in contact; who knows, they may be able to expand your business in 5 years. Profitability Description
Profitability is the driving force in the existence of your business. This section should be thorough and completely outline your financial plan. Create a plan, from buying raw materials through selling the finished goods, to show how you will maintain profitability. Asset Analysis Provide information on site selection, building requirements, intellectual property, patents, copyrights, or trademarks. Clarify the logic behind the piece of real estate selected. This section may also include a description of research and development activities, whether it is current or future endeavors. Growth Strategy Implement a plan to initiate your presence and endurance in the market. Determine at what level of the supply chain you will provide products/services. Provide insight to potential growth by describing possible revenue streams or other ventures. Marketing Plan Marketing drives your customer base and thus your profitability. Design and maintain a timetable for marketing activities. The plan should address how to widen your customer base, maintain customer satisfaction, and to get feedback from previous customers. Include an analysis, justification, and examples of the media ads that you will use to promote the organization; different radio stations, print ads, television ads, social media marketing platforms, etc. This is also the ideal section to include short and long-term goals and your strategy to accomplish them. Financial Projections With information taken from research on the target market and competitors, design a chart of projections. While projections normally align with the fiscal year, they may be weekly, monthly, yearly, or span the course of multiple years. Determine each expense and revenue; be specific, for instance include things like bad debt, depreciation of assets, etc. |