This is the first of a series of articles entitled; Checklist for Starting a New Business – Steps to Starting a Business. On more than one occasion, someone has asked me, “Do you have a checklist for starting a new business? It would be nice to have a checklist for starting a new business. Where can I find a checklist for starting a new business?” So here is the first part of the series of random articles. First on the checklist for starting a new business is to determine the Keywords of your business and then place them in your article to strategically get a 4% density so as to be organically searched on Google or some other search engine. Kidding… or am I… checklist for starting a new business, checklist for starting a new business, checklist for starting a new business! Take that Google crawlers!
Let’s start with step 1 Background Research. You got’tah KNOW befo you GO! Listen to the words that are coming out of my mouth… DO YOUR HOMEWORK. Believe it, cause it will pay off in the long run. Some business owners spend months or even years in research before launching a new business. Take for example the company, Code Nutrition. This is a company that had to do extensive background research before entering the market and it has been well worth the investment. In fact, their entire product line is research based! (I can’t prove it but I’m pretty sure they love doing background research so much that they married it.) Here are four items that need to be addressed when putting your research together:
1. Define the Problem – The first thing you should do is define the problem you are solving. Look at the main problem and then drill down on all the ancillary problems.
2. Common Solutions – Identify the common solutions that exist in the world today. Avoid adding what you think your solution is. Fixate only on the solutions that are available in the current marketplace.
3. Market Research – You can never collect too much market research. Determine the size and demand of the market you will be entering. Then define who your target market will be and determine what they look like in terms of demographics and psycho-graphics. Last, decide who your main competitors are and describe them in detail.
4. Economic Conditions and Specific Regulations – Research the economic conditions and specific regulations in your industry to determine the impact on your new business.
In conclusion, first on the checklist for starting a new business is Background Research so get on with it. Start using those skills you learned in Mr. Stanley’s 11th grade physics class and do the research to reduce risk and increase your chances for more Freedom and Security.
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