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!
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.
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
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.
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 should detail the relationships of the organization internally and externally. Also include an explanation of each business segment and product line.
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.
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.
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
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
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!
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 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.
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.
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 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.
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.