- Start With An Idea
Developing an idea or a product that you are passionate about and believe in will make this journey so much more enjoyable and profitable. Once you have figured out exactly what product or idea you are going to ‘sell’, making it into a reality is the next step. Is this something that will enhance people’s lives? Does this product work?
- Develop A Business Plan
Developing a solid business plan will help guide you going forward. It is equally important to have a business plan so that you may present your idea/product to potential investors. Your business plan should include the following:
- Company Summary
- Executive Summary
- Product Offerings
- Description of Your Target Market
- Financial Projections
- Cost of the Operation
- Funding Request
The U.S. Small Business Administration has an excellent guide on how to get a great business plan together.
- Identify Your Market, Determine The Costs & Create A Budget
Do your homework to assess where your market is and target the customers that are most likely to make a purchase. Performing a competitive assessment and budget is crucial to a successful start. Also, determining the costs associated with creating your product and marketing within this industry will not only help you manage your business more effectively, but potential investors will want this research as well. This will help them determine if it is worth their time and money to invest in your business plan.
- Find & Listen to Investors/Mentors
Finding an investor who shares the same passion that you do is equally important. You will need someone that you can work with that believes in you and your idea. It is so important to listen to your investors and mentors. They have a great deal of knowledge in business development, but also make sure that everything makes sense as you are to be working together as a team to make this into a profitable business for both of you.
From here you should be able to follow your investor or mentor’s lead as far as legal structures, business names, insurance and anything else your business may need.
Should you need additional help or guidance, please contact IgniteHQ. We can help you find a mentor to help you on your journey to a successful business!