Originally published: 12/10/2017 10:24
Last version published: 12/10/2017 15:06
Publication number: ELQ-53749-2
View all versions & Certificate
Last version published: 12/10/2017 15:06
Publication number: ELQ-53749-2
View all versions & Certificate
How to Start a Business TODAY for (Almost) Nothing - The Ultimate Guide
A 10 step methodology with tips to start your business very quickly and for almost nothing.
by Yuri Kruman[email protected] |Startup Instructor |Forbes Contributor |Helping You Plan & Switch Careers + Find Your Dream JobFollow
Introduction
There was a time, and not so long ago, when starting a new business meant expenses through the roof. Where do I start? How do I test the concept? And how about the name? When should I start a company? Should it be Corp. or LLC? And what about the logo? AAAAH!!!
Today, there is a huge selection of free tools (or at least cheap ones) available to anyone with time and an idea to plan out, to start and run a business from the comfort of their home and laptop. But sorting through the garbage and the scams, false leads, dead ends and such can take the wind out of your sails.
We've done the hard work for you to find only gems.
Here is the good stuff, broken down by category:
- Step n°1 |
Test Your Idea for Relevance and Find Potential Customers.
i. Create a landing page on LeadPages or UnBounce. Do optimized A/B Testing to see what works and what doesn't to attract potential customers.
ii. Sign up for GoogleAdWords. Here's a free $100 Credit to start (https://www.jm-seo.org/tutorials/adwords-coupons/ )
iii. Launch a Google Ad (here's a quick guide) (http://quickmvp.com/?utm_source=five-minute-technique&utm_medium=post&utm_campaign=Inc )
iv. Define what "success" means to you. Is it 100 signups or 10,000? Be clear and measure your results against your success goals. If you reach your goal or get close, you may be on to something with your business idea. If not, it may be wise to drop it altogether or at least change your concept significantly and try again.
v. Follow up with those who sign up first. These often become your most valuable supporters and beta testers for your product(s). Treat them really well, but ask for honest, constructive feedback.
- Step n°2 |
Create a Business Plan and Present It to Potential Investors, Employees and Customers.
Here's a good primer on the process: https://lifehacker.com/5833967/how-do-i-create-a-business-plan
i. In short,
a) Create an Executive Summary and Company Description.
b) Describe the Organization and Management, Products and/or Services you're planning to offer.
c) Define your Strategy for Marketing and Sales.
d) Perform an in-depth Market Analysis.
e) Project out your Finances out for a few years. Use conservative assumptions for sales targets, expenses, revenues, etc. Anticipate any debt you'll need to take on or equity rounds you'll need to raise.
f) Create a sample Request for Funding.
ii. Carefully (and concisely) define your company's mission and never let go of it in your mind or how you discuss your company with others. Passion is critical to the success of the business.
iii. Do a SWOT Analysis: (http://www.dummies.com/business/start-a-business/business-plans/how-to-conduct-a-swot-analysis-for-your-business-plan/ ) Discuss your concept and its viability with experienced people in the industry and field that you trust. If the overall analysis (plus gut feeling) tells you that it makes sense to go forward, given the risks, market dynamics, available resources (financial, intellectual and otherwise) and timing, then continue below. If not, it may be time to get out before you're in too deep, or at least to keep tweaking and testing your concept until you hit on something that generates interest among potential customers, investors and/or employees.
iv. Create a short-and-sweet Pitch Deck (https://guykawasaki.com/the-only-10-slides-you-need-in-your-pitch/ ) for potential investors, employees and customers (tweak it for the appropriate audience).
v. Create and practice your Elevator Pitch (https://guykawasaki.com/how-to-create-an-enchanting-pitch-officeandguyk/ )to anyone who'll listen.
vi. Create a blueprint for a Minimum Viable Product (MVP) (http://hatchery.io/blog/how-to-do-mvps-right ) that you can build and scale quickly. If you're a non-tech founder, here is a good guide to building an MVP (https://www.slideshare.net/Koombea/how-to-build-a-mvp-app-as-a-non-tech-founder )
vii. Define a clear and compelling go-to-market strategy (https://www.slideshare.net/mtarrant/developing-a-goto-market-strategy )
viii. Build a core team to execute on your mission and MVP blueprint. Here's a good primer on how to do this most critical of things for your business - and well (http://www.businessinsider.fr/us/how-to-build-the-best-team-for-your-startup-2014-2/ ) - Step n°3 |
Protect Any Intellectual Property You May Have.
i. File any trademarks or copyrights.
https://www.youtube.com/watch?v=foghfEKXz7o
https://www.uspto.gov/trademarks-getting-started/trademark-basics/how-do-i-file-trademark-application
ii. Consider filing a patent (another detailed discussion here) - whether on your own or with help from a licensed patent attorney, if relevant.
http://science.howstuffworks.com/innovation/new-inventions/how-to-file-a-patent.htm
https://www.nolo.com/legal-encyclopedia/getting-patent-yourself-29493.html
https://www.thoughtco.com/inventions-4133303
by Yuri Kruman[email protected] |Startup Instructor |Forbes Contributor |Helping You Plan & Switch Careers + Find Your Dream JobFollow
