Take the first step in starting your business
Turning your dream into a reality
Every business starts with an idea. For many it’s the lifelong dream of owning your own business, however for others its a new service or problem solving solution. Regardless of your reason, the first step in launching your business is to cast your vision. This is where many organizations fall flat. Entrepreneurs are so passionate, they focus on the “what” and forget all about the “why”.
You must match your passion for why you are starting this business with the actual business you are conducting. By creating a synergistic relationship between the what and the why, you will create an emotional connection with your brand for your staff and clients.
Let’s do a little exercise to get our thoughts “on paper”. Below we will identify the 6 primary areas of your business.
Offering / Identity / Niche
Market
Competition
Streams of Revenue
Resources Needed to Conduct Business.
Income Potential
You may not have all the answers. That’s OK. If you don’t know the answer, make a note to work on that area.
Ok, here we go. Don’t overthink things, we are just modeling. Go with your first thoughts.
Step one / Identify your business.
What is it?
Are you creating a new industry?
Are you solving a problem?
Has anyone else done what you are doing?
Step two / Identify your niche.
What is unique about your business?
Step three / Define your Market / Customers competition?
Who are your customers?
Who is your competition?
Step Four / Revenue Modeling
How will you generate revenue?
Services?
Hourly / Subscriptions?
Products
Reseller / Manufacturing?
Step Five / What Resources Will You Need to Run Your Business?
Office
Brick and Mortar
Virtual
Staff
Full Time
Part Time
Contractors
Technology
Computers
Data Centers
Internet
Storage
Support / Security
Professional Services
Accounting
Legal
Branding / Marketing
Step 6 / How much money will be left after your bills are paid?
Notes / As we model this out we will define the Cost To Acquire Customers and a Lifetime Value while creating a 3 yr. Proforma, which will identify our capital needs, which we will use to raise money, manage cash flow, invest in your life goals and succession plan.
Mission / Vision Statement
Don’t under estimate the power of communication.
An effective mission / vision statement defines your unique selling proposition, values and purpose over the short and long term.
Be clear when creating a mission / vision statement. This is critical to your success. Creating passionate followers within your staff and clients requires an emotional connection to your mission and vision.
Business Canvas
A business canvas will define every aspect of your business so you know exactly how your organization fits into the industry it serves, how it will generate income and where the risk corridors are.
This is an extremely important part of business planning.
That spark of inspiration living inside of every great business idea is a glimpse into the fire that will ultimately keep an entrepreneur going through tough times.
— Darron J. Scanlon, Founder & CEO Radix North America