Well, you are ready. You have long cherished the idea of starting your venture and becoming your own boss. Great, that is why we are here, to help you to succeed.
We are committed to improving your chances of overcoming the “Three years mark” (We can send you a copy of the HBR article, send us a note in the comments section)
Follow several of the steps you need to complete before opening the doors of your new venture:
A) Select a Business Idea:
We all have “wants” and “Passion,” and most of the time, we devise our business ideas around those. Just make sure you can answer clearly and concisely the following:
- What Problem does it solve, or what needs it fills?
It will help if you make sure there are customers (in addition to yourself)
B) Market Research – Feasibility
Market research is an essential task you must complete before starting your business. You have to conduct research for facts, figures, and market experiences about your business potential and how feasible it is for you to create traction in the marketplace. Get information and data about the Industry, Market, Customers, and Competition.
Score Broward (https://score.org) provides access to many experts and information you need in this phase.
C) Write your business Plan
Many small businesses fail before three years because they need more planning. I know, many believe this step might be tedious or confusing, and this is your compass to your survival and success. Spend some time thinking about your business and envisioning your business plan (Check the Canva Business Model)
D) Funding
Starting a business nowadays (Technology and government support) cannot be as complex as before. Still, a constant if you require capital, and a great Business Plan will let you know what you need to bring your business idea to fruition.
D) Business Structure
Sole proprietorships, partnerships, LLCs, etc. Every single business needs to have the proper structure. Could you make sure you cover all the basics?
E) Register your business
We are almost there; you must register your business, get federal and state IDs, and apply for permits and licenses.
The fun begins, and we are here to support and walk with you toward bringing your dream business to reality.