I have never really thought to dedicate an entire blog post to starting a business the smart way, but I feel now that it is long overdue. Business is a touchy subject for many people. Especially if it is the entrepreneur's life goals and dreams that are on the line. I have been hearing a lot of people lately who haven't taken the necessary steps in starting their business, and they wonder why they keep hitting certain obstacles and dilemmas along the way. I have learned the following steps from experience... and now they are steps that I always make an effort to take when starting a business of my own, or helping a client get their business or new venture off of the ground.
Legalities- So you’ve got this wonderful, superior, awesome, cool, neat, and unique idea for a new business start-up, product, or service, and you’re all ready to get it up and running like yesterday. I’ve seen many cases of the “OH MY GOSH, MY IDEA IS GREAT” syndrome. The only problem is, you haven’t protected yourself before sharing your ideas with peers, investors and other potentials who may be involved in the business. If you have an idea, check around on the internet to see if there are similar products or services out there. Check inventor’s databases for lists of patents based on what your product may be. Trademark anything that is the driving-force behind your idea. As soon as you have an idea that you feel can’t be beat, be sure to contact your lawyer! At this point, your lawyer is the only person you can likely trust with your business’s trade secrets and info. Make sure to have him or her draft your Non-Disclosure Agreements for potential investors and people who would like to be involved to sign. This is imperative… really. Don’t let yourself fall victim to sleezy investors and so-called colleagues. I know many people who have, and you’d be surprised to hear how stupid their mistakes were that made them vulnerable.Take a Step Back - I say this because to one person, an idea may seem like they just struck gold, but to others, it may seem cheesy, lame, or worst of all…. unorganized and amateur. If your idea is serving a need or cause that is currently NOT being served, you likely have a good idea. Get the opinions of good friends and spouses whom you know will be completely honest with you. There is nothing more embarrassing than putting time, money, and resources into an idea that no one really finds interesting or needed. Gain clarity on your market, and sit in a quite room. Write a list of pros and cons of this business’s start-up and operation processes. Try to go into any large commitments with a totally clear state of mind.Do Your Research - Search the internet for similar businesses and services. Note all of their current advertising trends, search engine optimization strategies, and other important information. Order a product or consultation with them if you can. Take note of their packaging, customer service, processes, and anything else that will be useful. Take special notice of the mistakes they made, and how their processes could be improved.Write a Business Plan - This is a must, and everyone should do it…. even if you don’t plan on gaining investor backing. This business plan should not be basic, but should be very detailed. Don’t skip over planning sections because you “know” what you will do in that situation. Having it apart of your business plan should set it in stone, depending on the direction the business goes. The business plan should be your go-to guide for what you need to accomplish. Write a corresponding list of things that need to be done to achieve goals set forth by the business plan. This to-do list should be looked at everyday….. and the motivation for doing things in a timely fashion.Set Goals, and Dream Big. You should have an even more detailed set of goals set forth, that outlines goals needed from the business plan, and how they correspond to your personal life. For instance, a goal could be to achieve $100,000 in sales in the first quarter, and a corresponding goal could be that if this goal is met… you will be able to put a down-payment on a home in a nice area that you’ve always wanted to live in. For every goal in your business plan, there should be a corresponding personal goal as well. I find that this has helped me keep in line with my businesses, and realize how their performance directly affects my personal life. In addition, start shopping for that new home NOW! Go on home tours and realize the lifestyle you want. When you see it in front of you…. it makes it seem more real to obtain.Terra Andersen is a veteran entrepreneur and internet business expert who specializes in fresh and innovative ideas for up and coming businesses and ventures. She is the author of the popular business blog, Better For Business. http://www.betterforbusiness.com A designer since the tender age of 13, she has seen the changes and evolution of the internet through the eyes of a child, a teen, and now as an adult.
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