New Business

Discovery

Here you find yourself with a mere idea, a love, a desire to share, a simple wish to help others with the amazing things you find joy doing and have determined others need!

All small businesses start at this very simple point in time.  You explore your skills, and your special gifts to the world and find that you have something unique to offer.  How about that?  Ideas are just that until you implement a plan.  Questions may overwhelm you about how to go about creating income by doing this thing that you love.

Market Research

Whether you actually embark on a traditional market analysis or you just take note of a need in your community, that qualifies as market research.  The goal is uncovering the need that you can fill (demand) the amount needed (supply) to meet your financial need as well determining a potential for growth.

Things to make note of: Who needs this? Who else can do this (competition)?  What is the going rate for this service or product?  Who could collaborate with you?  What cost is associated with the employees, contractors or other 3rd parties you’d need to pay?  Could you create enough income to pay possible expenses yet still leave enough money for you to receive a financial benefit.

Business Planning

There are all sorts of planning tools out there.  Some are offered at no cost through the Small Business Administration.  You can purchase a multitude of different types of programs that help you write a business plan or you can ‘wing it.’  I am a big proponent of ‘winging it.’ I have found great joy in the challenges of dealing with obstacles as they present themselves then making a plan to overcome it on the fly.  It serves as internal proof to me that I am capable of balancing all that it takes to run my business as well as DO what I love to do.  That method does not always work for everyone, which is why there are tools out there to help you.  In this information technology age a little research goes a long way.  You can easily find groups of like minded business people locally.  Most are willing to give you their suggestions and bless you with the ability to pick their brains for helpful solutions to challenges.

Whatever course you take the benefit will be apparent as you complete your first year of business.  You can see where you started and where you are not.  Recount your challenges and who helped you along the way.  Skills you have learned and ones you are still developing.  Its an amazing journey!

So you have some work in front of you.  If you are planning on creating a product based business you may need to work a bit to create an inventory.  This way when you open your storefront in a physical shop or your internet presence on Etsy or Ebay or any other number of other websites; you will have an inventory to fill the first of your orders.  You will want to calculate how much the inventory will cost you to create and the amount of time you need to allow yourself to complete a beginning inventory.

If you are planning on creating a service based business you also have work in front of you of a different kind.  Aside from market research you may need to ensure you have all the tools needed to service your clients.  What is your education?  Do you need further professional development to appear as competent?  Are you willing to publish your credentials?  Do you have computers, printers, phones, transportation, a work space?  Making lists of items you may need to enable you to work for multiple clients will be a helpful tool.

No matter what type of business you are interested in, there is no substitute for a mentor.  Seek out others that have been through the process.

Get Started!

I know it will seem scary!  Just start!  Make a short list.  Next to each item write a date or time to address that item.  Pick a place to start and DO IT!!  You can do this.  You are unique!  There is NO ONE like you in this world!  You have the most amazing gifts!  Its time to shine!

Resources

https://www.sba.gov/business-guide/plan-your-business/write-your-business-plan

https://enloop.com/  – With this tool, you add in your information, and Enloop automatically writes your plan based on your details.

https://www.liveplan.com/  – LivePlan is an online service that simplifies the business planning process while providing assistance with budgeting, forecasting, and performance tracking.

https://www.rocketlawyer.com/form/business-plan.rl#/   -Business owners can create a customized, printable business plan with RocketLawyer by following an online step-by-step interview process.

https://www.stratpad.com/?__c=1  – StratPad’s step-by-step approach and cloud-based business planning software help small business owners create a plan in less than a day.

https://www.score.org/resource/business-planning-financial-statements-template-gallery   – A collection of business planning templates that are for both new and established businesses.

https://www.bplans.com/downloads/business-plan-template/  – A downloadable template that gives you a clear idea of what a traditional business plan should look like. (Free sign-up is required to download.)

https://www.officedepot.com/a/businesstools/tools/buspln_m/?cm_mmc=Affiliates-_-CJ-_-2617611-_-11272891  – These templates include the most important elements of a business plan that demonstrate how the nature of a business and the target audience for the plan impact the content.