What is the first step in starting my business?

What is my first step to start my business?Sowing seed

Most people start with a product or service and then look for a customer. I believe you start with the problem that needs to be solved or a need that has yet to be filled, then you make key decisions. Knowing who you want to serve helps you make better decisions on how you will serve them, including the product/service you will sell. These are critical elements and impact the type of business you set up, where it is located, and how you do business. I can walk you through the mechanics of starting a business what do you need to legally and for the taxman. But more important is developing the plan and the strategy to get the first customer and build a business that will succeed (be profitable).

The most critical aspect of building a successful business is focus. This focus means selecting a specific problem to solve, result to generate, customer to serve. The difference between starting a business and starting a successful business is your ability to clearly define who you are serving. The more focused you are on a specific customer, the easier it becomes to find that customer (and for them to find you).

Once you have developed your focus, your targeted niche. then you develop your strategy and a plan to reach your customer and how you will serve the customer. The more time you spend on defining your business in the beginning the more effective you will be. I recommend to my clients that they:

  • Identify your value proposition – the result you deliver
  • Define a specific goal
  • Write a business plan
  • Develop a budget
  • Set performance metrics
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