Write a Mission Statement
Your mission statement is a great daily reminder to yourself about what it is you want to accomplish. A good mission statement is short, clear, and should embrace your core values. It should state who you are serving (your market), how you are serving them (your services or products), and what makes your business unique. Once you have your mission statement, you can incorporate it into your business plan.
Write a Business Plan
A business plan can help you map out your ideas and strategies and goals in a way that you can see the big picture and other people can understand your business. It is particularly crucial because lenders often want to see a business plan when considering your application. Spend as much time as you need on your business plan, as it’s a key part of getting funding and sending your business in the right direction.
Conduct a Feasibility Study
Feasibility studies are a great way to answer your own questions, and questions investors will have about your business. For example, a good feasibility study will cover:
Launch: Addresses how you will get your product to market (i.e., how your business will produce, store, deliver, and track its products or services.) Marketing: Looks at the market to assess competition, find niches, and will help you identify who might buy your products or services. Financials: Projects how much start-up capital is needed, sources of capital, returns on investment, and other financial considerations. It looks at how much cash is required, where it will come from, and how it will be spent.
The more you know about your own business needs upfront, the fewer problems you will have in raising capital and getting started when you are ready to launch.
Find a Mentor
If you are new to the business, rely on the expertise of a business mentor. A good mentor won’t tell you what to do. Rather, they’ll make you think through your problems and offer guidance to help you avoid future problems.
Enroll in Free Online Business Classes
Take online courses to help you learn about business. For example, Harvard Business School offers a variety of online lessons taught by faculty and industry experts, and provides access to ebooks that cover strategy, leadership, and entrepreneurship. Santa Clara University offers a certificate program in which you can earn a certificate of completion for working through 35 different business courses.
Borrow Business Books From the Library
Head to your local library to check out books that cover how to start a business. Reputable books are a great way to get step-by-step instructions on how to set up nonprofit organizations, corporations, social networks, your website—and help you understand just about everything there is to know about starting a business.
Low-Cost Options If Your Budget Is Tight
You don’t have to invest a lot of money in your business to accomplish a few fundamental things. Here are a few low-cost things you can do to get started on the right foot.
Buy a Website Domain: As low as $10
Even if you don’t have the funds to develop a website just yet, grab a domain with your business name. You don’t even have to pay for hosting to register a domain until you decide to build a website. If you are planning to build a site right away, budget about $10-$12 per month for web hosting.
Hire Someone to Create Your Business’s Logo: As low as $5
Websites such as Fiverr offer low-cost services from graphic designers who create logos. It is a great place to get affordable help with many basic business needs or to try out other companies’ services before spending more money with them.
Register Your Business Name: Cost Varies
No matter where you plan to do business you will need to register or license your business with your state, county, or local municipality. If you are going to use a fictitious business name (sometimes referred to as “Doing Business As” or “DBA”) you may need to run an ad in a newspaper for a certain number of weeks before you can use the name. The cost for a business name varies depending on where you live.
Open a Business Bank Account: Cost Varies
Though your business may be in its early stages, opening a bank account for your company is a small win that sets you up for success. Keeping your personal expenses separate from your business expenses via a bank account can help you better track your business spending, and it can help make tax season easier for you. Try to find an account with no fees, an account with fee waiver requirements you can meet.
