|
ü Think of an idea. Most
likely the toughest part of any start-up business.
ü Refine your idea. Be
specific. Know exactly what you want to accomplish and understand
what is involved.
ü Do your homework. Talk
to friends, family, and advisors about the viability of the
endeavor. Conduct market research and ensure there is a need
for your product in the marketplace.
ü How will you maximize
your skills and compensate for your weaknesses? Evaluate your
personal qualities and skills. Build a team or outsource areas
where you lack the necessary skills.
ü What form will your
business take? Decide on a structure –sole proprietorship,
partnership, or incorporated company.
ü Develop a marketing
plan. Price, product, promotion, plan of distribution, people,
process.
üWhat is your pricing
strategy? How will your pricing reflect on your company’s
image? Do you still make money after paying the bills?
ü Prepare a detailed,
realistic business plan –strengths and weaknesses, key
issues, business objectives, strategies and plans, financial
projections, etc.
üStick to your core competencies.
Sell what you know. Outsource any non-key areas of your business.
ü Location, location,
location. Pick a place that makes sense for you, your customers,
your product, and your employees.
üMoney! How much is required
and what are the sources of funds? Ensure you have more than
you think you need.
ü Have enough money available
to carry your business for a several months or longer..
| 
