Starting a business can be exciting. The secret to keeping it exciting in a good way and not a bad way is doing the necessary legwork.
Brainstorming and Researching
A new business usually starts with an idea but most such ideas are only half baked at best when the business starts. Fleshing out the idea can help improve the odds that the business will actually succeed.
Fleshing it out involves two things:
- Asking oneself to clearly define the intended purpose of the business.
- Getting feedback from potential customers.
The initial idea might be “I want to sell clothes.” The refined idea should specifywhat kind of clothes and to whom.
Once the business is clearly defined, it’s time to start doing some basics like choosing a name and writing a business plan.
On the one hand, the name is important and will need to meet certain legal standards. On the other hand, business names can and fo change sometimes as the business evolves.
So one should take the process of naming it seriously and do their due diligence, but they shouldn’t get too hung up on it. It shouldn’t become an excuse to put off more important tasks essential to actually launching a business.
It’s a good idea to write up a business plan even if it isn’t going to shown to anyone else. It can help clarify what service or product is being sold and how it will make money. A written business plan can also be a necessity for getting a loan or grant.
Some businesses need only a little bit of paperwork and legal structure. Others need a lot. How much will depend on the type of business.
It’s not a business until it has paying customers. While not unimportant, getting a business bank account or registering the name is all window dressing if it’s not making money.
Launching involves getting enough pieces put together to actually provide a product or service and connecting with paying customers. Remember: There are no soft launches.