You know that you want to start your own business and you’re excited about what the future holds. You have a general idea of what you’d like the business to do, based on your own skills and abilities and the research you’ve done on the local market. But you don’t have an actual business plan in place yet.
The more planning you can do in advance, the better. It gives your business a better chance of success and it helps you avoid issues that may crop up otherwise. Since the value of this plan is so high, it’s important to know how to get started. Here are a few things to keep in mind.
What structure do you want to use?
One of the first questions to ask yourself is simply what type of structure you want to use for your business. Maybe you’re just going to run a sole proprietorship on your own. Perhaps you’re looking to start a partnership with someone else in your field. Maybe you want to set up a Limited Liability Corporation to protect yourself. There are many other options, but this is one of the first things you need to add to your plan.
What is your overall vision and your goal?
On the other end of the spectrum, you want to have a general idea of your long-term goal. This way, every part of your business plan can work toward that goal. Maybe you’re just hoping to create a successful local business that you can pass on to your children. Maybe you’d like to grow your business until you can sell it to the competition or merge with another company. Understanding your end goal helps everything else fall into place.
What steps will you take?
Once you know what type of business you want to start and where you want to end up, then it’s time to begin putting in the specific steps. What types of products will you create? How will you distribute them? What type of price point do you think is useful? What is your advantage over the competition? How are you planning to advertise?
There are many questions to ask at this point, and those listed above can help you get started, but it’s not an exhaustive list. It can help to work with an experienced team that ha done this before. That’s especially true as you consider all of the legal steps you need to take.