Cheat sheet for starting a business

Dreaming of starting a business but not sure where to begin? We are here to help. Here's a cheat sheet for starting a business, broken down into key steps:

1. Business Idea & Market Research

• Define your idea: Ensure it solves a problem or fills a market need.

• Market research: Study competitors, target audience, and industry trends.

• Validate your idea: Test demand through surveys, focus groups, or small-scale launches.

2. Create a Business Plan, make sure it includes the following:

• Executive summary: Business overview, goals, and vision.

• Market analysis: Research on the industry, target market, and competitors.

• Product/service line: Detailed description of what you're selling.

• Marketing & sales: How you'll attract and retain customers.

• Financial plan: Forecasts for revenue, expenses, and profitability.

3. Legal Structure

• Choose a structure: Options include Sole Proprietorship, Partnership, LLC, Corporation.

• Register your business: File with your state or country.

• Apply for an EIN: Employer Identification Number (U.S.) or equivalent tax ID.

• Trademark: Consider protecting your brand name or logo (this is optional!)

4. Finances

• Startup capital: Decide how much money you'll need (self-funding, loans, investors).

• Open a business bank account: Separate personal and business finances.

• Set up accounting: Use software or hire an accountant for bookkeeping and taxes.

5. Licenses & Permits

• Research: Find out what licenses, permits, and regulations are required for your industry and location.

• Zoning: Make sure your business location complies with local zoning laws.

6. Branding, Marketing & Sales Strategy

• Name & logo: Create a name and logo.

• Website & social media: Build a website and set up social profiles (consider e-commerce if relevant).

• Domain & email: Secure a domain name and set up professional email addresses.

• Build your brand: Consistent branding in all customer touchpoints (website, social media, packaging).

• Marketing channels: Identify the best channels for reaching your target audience (social media, SEO, email marketing, ads).

• Sales funnel: Understand the steps from attracting leads to converting them into paying customers.

7. Product Development

• Create a prototype: For physical products, develop a working model.

• Test & iterate: Gather feedback from early users or testers.

• Source materials/manufacturers: If necessary, find reliable suppliers.

🎉 Launch 🎉

• Soft launch: Start with a small, controlled rollout.

• Gather feedback: Use customer reviews and feedback for improvements. Pro Tip: not all feedback is feedback that needs to be acted upon. Stay true to your vision.

• Official launch: Use PR, social media, and events to promote your full launch.

  
  

Post Launch

Operations & Scaling

• Build a team: If necessary, hire staff or outsource tasks.

• Optimize processes: Automate tasks or refine your operations to improve efficiency.

• Plan for growth: Have a strategy for scaling your business (expanding services, new markets, or products).

-——

Some helpful things to keep in mind:

• Networking: Join industry groups or attend events to meet other entrepreneurs and potential clients.

• Monitor finances: Regularly review income, expenses, and cash flow to stay profitable.

• Adaptability: Stay flexible and open minded; be prepared to pivot based on market changes or relevant customer feedback.

---

This cheat sheet should help you organize your thoughts and take actionable steps towards launching your business!