10 Easy Steps to Building a Solid Foundation for Your Business Start-Up

1. The Business Idea.

Write it down, for only then it becomes real. Be able to

articulate it in less than twenty-five seconds or as long as

a short ride on an elevator. This is called the elevator

speech and makes you think long and hard about what it is

you’re trying to do.

2. Develop a Business Plan.

Entrepreneurs never plan to fail at a start-up, they fail

to plan. A good business plan forces you to understand every

aspect of the proposed business. It also forces you to run a

financial analysis to prove that the business is financially

feasible and to calculate the capital you need to start the

business and to pay for the operating expenses while the

revenue stream is being developed.

3. Create the Business Identity and Image

Choose a name for the business and a name for the web site

which you will need in today’s environment. Get a logo if

necessary and make sure that they all fit with the product

or service you’re trying to sell.

4. Paperwork and Forms

Decide on a legal structure for the business (single

proprietorship, partnership, LLC or corporation).

Understand the licenses you need and the forms that are

required by the different government entities you’ll have to

deal with.

5. Start-Up Capital

A good business plan will have forced you to size up and

justify the amount of start-up capital you need. Determine

where it will come from and make arrangements to get a

commitment for it. This would be the first place you’ll

need a copy of a well developed business plan.

6. Start-Up Operating Expenses

You’ll also need enough capital to cover the on-going

operating expenses until the business begins to produce

enough positive cash flow. Again a good business plan will

have identified the cash flow and the break-even point.

7. A Marketing Plan

Who are your customers and how will you go after them. How

will you package your product or service and what price will

you charge for it. Will your customers be satisfied with

your product/service for the value they’ve received.

8. Identify Relevant Technology

We live in a technological age and need to make good use of

all available technology. Whether it is the Internet, good

manufacturing equipment or current office equipment you need

to be sure that you are utilizing the most user friendly and

economically feasible products.

9. The Right People Resource

A good leader always surrounds him/herself with excellent

people. Play to your strong points and understand your

weaknesses so you can build a team to fully complement your

skill set.

10. Live As If Today Were Your Last

Do not forget family and friends as you begin to work the

16/18 hour day of the entrepreneur. Remember that you’re

doing this to provide a good life for all concerned -

including your employees. Make the business a fun and

rewarding place for all.