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Starting Your Own Business in 3 Easy Steps
Step 1: Assess the Opportunity
Whether you have a innovative website concept or application or a set of new products and services, you must assess the depth of competition in the market to determine if there is a comparable website concept, product or service existing in that market.
If there are comparative products or services, you must determine the market share that each competitor currently holds and then analyze the overall size of the market. Together, how much of the overall market do all competitors currently hold? Based on this information, you should be able to determine whether the market is capable of entry. In other words, does any opportunity exist for an additional competitor in this market? Is the market large and growing rapidly enough to allow this?
If there are no directly comparative products or services, then you are off to a good start! You must still assess the competition to determine what other products and services exist and whether any of these could be substitutions for your offerings. Does your company provide products or services that are special, proprietary or patented in any way so as to create barrier to entry in the market? Lastly, is there a significant enough market opportunity for your products and services? The idea here is to assess whether your customers will have a substantial need for your products and services and will that need be large enough or become large enough to support your company.
Step 2: Assemble a Team
Once you have assessed the opportunity, you must assemble a management team of people that you trust, people that have or will work well together, people that have a deep experience, and people that have an extensive network. Previous start-up experience would also be a huge benefit. Also, remember that when are establishing a team, always rigorously assess the opportunity before involving other people's time. The more homework that has been done upfront, the less likely you will waste people's time, which is a big no-no when starting a business.
Step 3: Plan your Business
Don't just sit down and write a business plan, plan your business. Create a thorough outline with in-depth questions for each and every working component of the business. Then set up meetings with very structured agendas to flesh out each area of the business. Remember it is all about the planning process. The strategy meetings that you have will not only fill in any gaps existing in the current business but it will help to truly develop a viable entity where everyone is on the same page. A business plan document should be should be the end-result and is something that you need to have, but it is not just about having a document.
Download Our Business Plan Template!If you want to create your own business plan quickly and easily, we now offer a business plan template that allows you to develop a professional business plan in hours or days, not weeks or months.
Visit this link to learn more: http://www.growthink.com/products/business-plan-template
OR, Let Us Develop Your Business Plan For You
Our professional business plan consultants can create your entire business plan for you. We will make sure your business plan is sound and ready for investors so you can continue to focus on running your business. Over the past decade, we have created business plans for hundreds of entrepreneurs like you.
For a FREE initial consultation, call 800-506-5728 or complete the form below.
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