Before you go full speed into your new business you’ll need a name for it--pick carefully. Because the name you choose today will stay with you for the rest of your business life. Think about your ultimate objectives and write an in-depth description of these-i.e. what (besides making money) do you expect to accomplish in business?.
Make a list of what capabilities you bring to this business, and which ones you lack. Identify the advantages your company will offer its customers and how you will differentiate yourself from the competition.
Study market demand for your product or service. Know how many potential users there are for what you offer. Study existing prices and decide how you will go about marketing your product. Can you generate increased demand for your business? If so, how? Are there any complementary businesses with whom you can co-market your product?
Review how your business will be managed on a day-to-day basis: how will you attract customers? What kinds of special incentives will you give them to do business with you?
Think about the best ways to capture interest in what you are selling. What advertising sources will you use? Will you use print or media advertising, or will you rely on internet sales?
Consider your financing needs. In addition to the every day office equipment, will you need special machinery or non-standard items? How will you pay for these? Do you need to consider a second mortgage on your home or do you have savings that you can dip into? Might you be able to get a short-term unsecured loan from your bank? Can you put necessary expenditures on a credit card? Are there family members that might agree to help you in the start-up phases?
What about the location of your new business? Does it lend itself to being run from home in the first 6 or 8 months, or will you need an actual office space or a manufacturing facility?. How many staff are you likely to require for your business to operate at peak efficiency?
Spend some time thinking through all of the various scenarios that you can invent. Consider both the good and the bad. Think about joining various community networking groups such as the Chamber of Commerce or the Lions club in order to maximize the number of people you reach each day.
Prepare a so-called ‘Elevator Speech” or a 60 second profile of what your business is and how it operates that you can share with anyone who shows an interest.
Lastly, and most importantly, consider how you can increase your community visibility: i.e. buy baseball caps for the local team; sponsor a breast cancer fund drive, have a bake sale to benefit the humane society. There are a million ways—limited only by your creativity—that you can get your name out there.
Go forth and DO IT!
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