9 Essential Steps to Launching Your Dream Business
Calling all aspiring entrepreneurs! If you're ready to embark on the exhilarating journey of building your small business, then you're in for a treat. This guide is designed to be your compass, leading you from dream to reality. Just the idea of starting a business can be overwhelming.
Yeah, sure you have an idea, but where do you go from there?
What exactly should you do first?
And then what?
This step-by-step guide will get you from concept to first client before you know it.
From Brainwaves to Business Ideas
Before anything can happen, you need to come up with that perfect idea.
Imagine this: you're taking your morning jog, and suddenly, a brilliant business idea hits you like a lightning bolt. These "brainwaves" are the first seeds of innovation – don't let them fade away! Capture every idea that comes your way, no matter how unconventional or seemingly absurd. Even the most successful businesses started with a spark of creativity.
Seriously, they're the spark to your entrepreneurial fire. Jot down every bizarre, ludicrous, and seemingly crazy idea. Remember, someone once thought selling pet rocks was a good idea. Let your inner genius run wild.
So, take some time to fill that notebook or spread out those sticky notes. Narrow down your ideas by thinking about who your customers would be and in what way you can serve them.
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You’ve picked your business concept, BUT DON’T TOSS OUT all those other ideas. You may be able to find a way to add them on as services or products to your business at a later phase.
Step 1: Navigating the Jungle of Market Research
Let's start by debunking a myth: Market research isn't only about stalking your competitors like a detective on a stakeout. It's more like sipping a cup of coffee with your potential customers and having a casual chat. You want to know what makes them tick, what keeps them awake at night, and what makes them reach for their wallets faster than a toucan chasing a banana. So, grab your imaginary coffee cup, and let's get started!
Know Thy Customer
Market research is like dating; you need to understand your potential partner. Identify your target audience - their age, preferences, habits, and pain points. Don't be creepy, just be curious!
Find out where they hang out, digitally and physically. Join their Facebook groups and engage in conversations. Go to local coffee shops or bookstores and observe (again, don’t be creepy). See what they are reading or talking about. These are great ways to find out what your future customers need and want.
A Little Sleuthing Goes a Long Way
You need to know who your competition is. Check out their websites, social media, and customer reviews. What are they doing right, and where are they falling short.
But, it’s not all about critiquing your competitors. Become friends with them. Maybe find a mentor in your specific space. Ask them out for coffee or to have a Zoom chat about how they started their business, what their challenges are, and industry trends. These are important relationships to build. They are your entrepreneurial allies, and people you could potentially collaborate with in the future.
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Other research techniques to implement.
•Run polls or surveys to both your ideal clients and competitors
•Subscribe to industry newsletters
•Follow trendsetters on social media
•Attend tradeshows, conferences, and local events related to your niche and/or where your customers might be
•Network, network, network
Throughout this process you will need to analyze your strengths, weaknesses, opportunities, and risks surrounding your new venture.
Remember, market research isn't a one-and-done deal. It's an ongoing process, like maintaining your favorite plant or keeping up with the latest Netflix series. Stay curious, adapt, and you'll be navigating the market jungle like a pro in no time!
Step 2: Crafting the Perfect Business Moniker
Now comes the task of christening your brainchild with a business name that resonates. While a name like "John's Consulting Services" is straightforward, consider infusing a touch of personality. Think along the lines of "ConsultWiz: Where Johnny Bravo Meets Consulting Excellence." A clever name not only attracts attention but also leaves a lasting impression.
At this point you also need to secure your domain. Nothing is worse than figuring out that perfect business name and then finding out your ‘.com’ isn’t available. There are plenty of places to get your domain, like Squarespace (formerly Google Domains), GoDaddy, or Hostinger. To save yourself one step later on, I would suggest getting your domain from the platform you plan to use for your website. But if you aren’t sure of that yet, don’t worry. Linking or transferring your domain to a website hosting platform is super easy.
While we’re at it, let’s start putting some thought into your branding. You want to make a memorable first
impression, right? Let's walk through some essential steps to make sure that happens.
•Soul-Searching Session: First, sit down with a cup of coffee or your beverage of choice (pass the wine please). Ask yourself, "What's my business's personality?" Is it quirky, professional, eco-friendly, or maybe a mix of all three? Your brand personality sets the tone for everything.
•Know Thyself (and Your Audience): Imagine your brand as a character in a rom-com. What are its quirks, values, and aspirations? Then, think about your audience – what do they want, need, and dream about? Your brand needs to be the perfect match.
•Craft a Memorable Logo: Your logo is your business's face, and you want it to be more memorable than a cat riding a skateboard. It should be simple, unique, and reflect your brand's essence.
•Colors and Fonts: Pick a color palette and fonts that match your brand personality. If your brand were a superhero, these would be its costume and theme music.
•Slogan or Tagline: Sum up your brand in a catchy phrase. It should be memorable, like a song that gets stuck in your head (in a good way).
•Social Media Swagger: Choose your social media platforms wisely. Not every platform is right for every business. Your brand should be as comfortable on social media as a cat on a windowsill.
•Consistency Rules: Keep your branding consistent across all channels. It's like wearing giant red clown shoes to the beach – people are going to remember you.
•Stay Flexible: Your brand should evolve with time. Trends change, and so does your business and audience. Be ready to tweak and refresh your branding when needed.
•Legal Matters: Don't forget to check trademark availability for your brand elements. You don't want a cease-and-desist letter raining on your brand parade.
Remember, branding isn't just about colors and logos; it's about telling your business's story in a way that resonates with your audience. So, let your brand be like the charismatic protagonist of its own blockbuster movie – captivating, unforgettable, and ready to conquer the world.
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It is very easy to get stuck at this step. Don’t over think it at this point. Anything can be changed, and quite frankly, several things probably will as you settle into your new business.
Set a timer, give yourself only 10-15 minutes for each bullet point above. If you need to skip one, do so and then move on.
Step 3: Location Matters: The Step No One Tells You To Do
This step is specifically for all the freelancers and home-based entrepreneurs.
This may surprise you, but if you have committed to starting your business and making it official, at this point you need to open a P.O. Box for your business. Why do this first? You will need to provide an address for any official business paperwork to come in later steps.
You may not plan to have an address on your website, which is fine. But that in itself doesn’t protect your privacy as an at home business owner. If you file your business with the government, anyone can look up the company and see the physical address.
Getting a P.O. Box keeps your private home out of the mix,
A P.O. Box is fairly inexpensive, and you can get one at any local post office, postal exchange store, UPS, or FedEx location near you.
Step 4: Drafting Your Business Plan
Your business plan is the foundation of your venture, and it need not be a dry, monotonous document. Infuse your unique voice into the plan, sharing your aspirations and strategy in a clear and engaging manner. Remember, this plan isn't just for investors; it's your roadmap to success.
This can seem like a huge undertaking, and I won’t kid you, it is. But it is the crucial next step towards your goal of owning your own business. Check out our FREE easy-to-follow Business Plan Workbook for help with this process.
Step 5: The Business Legalese Unveiled
Incorporation, permits, and licenses may not be the most thrilling parts of entrepreneurship, but they're essential for your business's legitimacy. Approach this step with focus and determination. Consider it a necessary chore that brings you one step closer to your entrepreneurial dreams.
You will want to check with your specific state to see what permits and/or licenses are required for your type of business.
Business Structure
Establish your business structure. If you are a gig worker and have been doing freelance work here and there for extra cash, congratulations you are a sole proprietor; no paperwork required. But we are getting more serious than that here.
As a sole proprietor your personal assets are not protected from your business liabilities. That said, if you ‘f’ something up for a client and they decide to sue your behind, your house, car, and life savings could be on the line.
So, at a minimum, if you are getting serious about running your own business, file for an LLC, S-Corp, or other business type that suits your company and make it official. Use your old friend Google to find your states Secretary of State’s website and look for the business filing application. This takes only a few minutes to fill out, and in most states except our friends in California, it is pretty cheap to do.
EIN
Next, you need to file for an EIN (Employee Identification Number). This is FREE unless you want an official certificate, which in my state was $15.
This is like a social security number for your business. You will need this to open a business bank account, along with many websites to market your company and prove you are legit.
Business Insurance
Getting small business insurance is like putting on a helmet before embarking on an exhilarating motorcycle ride. It's not just a precaution; it's a vital safety net that can save your business from unexpected twists and turns. In the unpredictable world of entrepreneurship, where even the best-laid plans can go awry, insurance is your financial guardian angel. It shields you from the financial repercussions of accidents, liabilities, and unforeseen disasters that could otherwise derail your dream venture. So, while it might feel like an extra expense, small business insurance is your ace in the hole, ensuring that you can weather any storm.
Step 6: Navigating the Financial Landscape
Auh, funding - the bridge between dreams and reality. Let’s be real, no matter the business, there will be some kind of startup costs. However, that amount can vary quite drastically from one business to the next.
If you have the savings or credit to cover your initial costs, or would qualify for a bank loan, then more power to you. Go ahead and use those funds to set up a business checking account and get a business credit card and head to the next step.
If your startup costs are substantial, you certainly could knock on your wealthy uncle's door. But instead, maybe consider exploring crowdfunding platforms. Craft a compelling narrative that showcases your passion and vision, and watch as backers rally around your cause. Crowdfunding isn't just about funds; it's about building a community of supporters and those supporters could become future customers.
You can also go through traditional avenues and find outside investors. This will require a little more leg work on your part. It will be even more important for you to have a strong business plan to present, along with an effective sales pitch.
Wondering where to open those bank accounts?
We recommend choosing a bank separate from where you keep your personal finances. This isn’t crucial, just another border between your personal and business life.
Most business bank accounts can easily be set up online versus having to go into a bank branch, and it can all be done in less than 30 minutes.
Some things you may want to consider, but that aren’t imperative, are, would travel rewards be beneficial, maybe cash back bonuses, or a low APR (annual percentage rate). Do not spend too much time on this as you can always change cards later.
A few popular banks I’d recommend checking out for your business accounts are Capitol One, Chase, and CIT Bank. They all have online banking capabilities and great customer service.
BOOM! You have accomplished a lot at this point. Now let’s bring some life to your business.
Step 7: The Website; Crafting Your Digital Storefront
Your website is the face of your business in the virtual world. Even if you plan to have a physical location where you will operate all your business functions, you still need a website to help your customers know where you are. If you aren’t a techie person, don’t worry, you don’t need to dread this part. There are plenty of resources to help you incorporate witty copy, engaging visuals, and a user-friendly interface that invites visitors to explore and engage with you.
OK, let’s determine the best platform to host your website. This can seem to be a daunting task, so let me narrow down the options for you.
The main thing to consider when choosing a website platform is what it is that you are selling. If you are full on e-commerce, selling thousands of products; collect your ‘get out of jail free’ card, ‘do not pass go’ and head straight to Shopify.
As the leader in e-commerce, Shopify has more robust software geared towards that style of business. Some say you cannot customize your website as much as other platforms; but consider any large retailer you frequent. Their websites aren’t anything special. You’re not shopping on their sites for a ‘wow’ factor, you’re looking for a specific product to solve a specific need.
If you are selling handmade products (like a couple hundred different products even up to a thousand) and any type of service, like landscaping or plumbing, to alternative health care, yoga or dance studio, photography, coaching, accounting services, etc. (you get the point), you can really choose any other platform.
A popular platform is WordPress. It is free to start but since it is open source there is no direct customer service department if you run into problems. So, if you aren’t tech savvy you could be spending a lot of time in forums trying to solve a simple problem.
You are also likely to need plug-ins to get your website to function the way you need it to for your business. WordPress isn’t all that intuitive so if you are at all nervous about this step, I’d suggest using another platform.
There are a lot of very basic low skill options like Wix, GoDaddy, and web.com. The features and user-friendliness vary from platform to platform. If you are looking for tons of customization options and the most user-friendly platform to run your business on Squarespace is the place to be.
Using Squarespace is like talking to your best friend, you naturally complete each other’s sentences. What other platforms have as ‘plug-ins,’ is naturally integrated into Squarespace. Sure, you can use custom code if you want, but it’s not required. They have trained customer service agents available 24/7 to help with any conundrum that may come your way.
That alone is priceless!
We all know you don’t need to be a tech wizard to build a website these days. If you are a DIY’er but want a head start on launching your website, built for your brand, with only the functions and pages you need, check out our DIY Template. This template makes it easy, fast, and affordable for you to bring that sticky note dream to reality.
Now, if you know building a website isn’t in your wheelhouse and you have no desire to waste time trying to learn it, I applaud you. We all need to know when to stay in our respective lanes. I would never pretend to know how to fix a broken dishwasher and have no desire to ever learn how. I’m calling the professionals for that.
Not only can I help you manage the technical part of your website, but it is important to note that design skills can make a world of difference in converting site visitors into paying customers. Learn more about how I can help you build the business of your dreams. If you’re ready to connect and keep this ball rolling, click here.
Step 8: Nurturing Customer Relationships
Your customers are the lifeblood of your business. Treat them with utmost care and professionalism. Craft thoughtful email responses, surprise them with exclusive offers (who doesn’t love a freebie or discount code) and maintain a customer-centric approach that demonstrates your commitment to their satisfaction.
Not everything about starting a new business has to be complicated and overwhelming. It’s as simple as the old adage, ‘treat people how you want to be treated.’
Step 9: Pivot, Don't Plummet
Flexibility is the cornerstone of entrepreneurship. Be prepared to adapt, pivot, and refine your strategy based on market feedback and evolving trends. Remaining open to change isn’t always easy, but if you are open to it and expect it, it can take the pressure off along the way.
Conclusion
You now hold the playbook for launching your small business. Remember, building a business is a journey that demands dedication and adaptability. By combining your expert knowledge with these steps, you'll be well-equipped to navigate the challenges and triumphs that lie ahead.
If you need more resources to help you through the process of starting a small business, I highly recommend checking out SBA (Small Business Association). They provide a variety of free services and resources for entrepreneurs. See what is available in your state.
