How To Start A Business In 924 Words

I get this question a lot and it's so big I sometimes avoid answering it. In the real world, this is a question that people spend years answering. But that doesn't mean I can't take a shot at giving you the Cliff Notes.

Everybody has to start somewhere right?

I’m going to focus on how to "start" a business with the idea that some of this exercise will also help you "build” a great business. If you "start" without doing some due diligence around your skills, loves, and ideas, you will waste a lot of time and likely have a foundation that is not scalable, efficient or profitable. And what's the point of that?

It will help if you think of the process in three chunks:

1. What are your deepest passions that also intersect with things you are already very good at and that also might be of value to your audience if you were to teach or share them?
2. What do you absolutely need to know before you spend time and money starting a business?
3. What’s the plan?

CHUNK #1

I believe there is great value in giving yourself permission to work at something you love. You may not ultimately be able to, but you should start by trying. It's true that doing something you love will make whatever you do more enjoyable and therefore more likely successful.

Some people will tell you that this idea is "pie in the sky" and you should focus on things that are more practical. Most of these people are doing something they can't stand because they chose to believe the "pie in the sky" bullshit. People unwilling to take risks themselves will always tell you not to.

You can spend a lot of time digging into this first chunk or you can “cheat” by going and grabbing a free copy of my workbook “Find Your True Purpose” and spending an hour or so following my simple format. It’s challenging because it makes you think, but it’s simple.

The idea here is to get your mind working a bit differently and creatively outside of your traditional thinking. You are unique. How can you leverage that to help others solve a problem that is weighing on them?

CHUNK #2

Once you have that exercise to a point where you are comfortable with a few ideas, then I would recommend that you watch my free video "The 7 Answers You Need Before You Start A New Business". It’s pretty short and basic, but you need all these answers before you invest time or money. I think you’ll find it very helpful.

This exercise will create a good bit of work for you. Each answer will give rise to other questions and other answers.

I have heard many pundits talk about the rate of start-up failures and the reasons behind them. My personal opinion is that most people are simply unwilling to do the diligent research and work that is necessary to anticipate and mitigate the risks involved in starting a new business. Not because they are lazy, because they don't know what the work is.

Many successful people have started successful businesses and left a trail of bread crumbs showing you exactly how they did it. Find them, plagiarize the body of work that suits you then infuse your unique personality into the work to make it yours. Add and subtract, but begin with a model that has already proven to work.

CHUNK #3

The next step is building a business plan. A few things to keep in mind here:

• Spend a lot of time on your marketing and sales plan. Build a very specific customer profile...here is exactly what I mean by this.
• Make sure you have a sales process. Start with a sale (money exchanged for a product or service) and back out the steps it took to get there. Document this process and repeat it...as you grow, delegate it, teach it and scale it.
• Realize that your plan will change so don’t get stuck on perfect. You will move from a business plan to a more strategic plan as things grow and this will be a document that you review and modify often.
• You can “Google” business plan templates. Use one that’s simple. Most people overthink this exercise. Second, only to a good sales process is a sound financial plan. The two most important pieces of the financial plan are a pricing strategy and cash flow projections (when do you charge and when do you actually collect your money?)
• Write it yourself for two reasons. If you need investors, they will expect you to defend it and only give you money if they are confident in YOU. Second, the rigor of the exercise will be very enlightening and make you think hard about things you would not otherwise think of.

This is a very broad and deep topic and it’s one I love to discuss so if you need additional mentorship, I recommend that you seek it out. Find someone who has already done this successfully that also resonates with you (personality, ethics, beliefs, etc…)

I am happy to be considered as a mentor if my message seems to be a good fit for you. The way to take me up on that is to get on my calendar for a free 30-minute coaching call and we can see if it makes sense to move forward.

Either way, I applaud you for taking the leap and I hope you find this information useful.

Peace

Mark

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Author's Note: I mentor entrepreneurs and people in career transition. The easiest way to engage me is to schedule a free 30-minute coaching call here. There is no obligation or selling, it’s simply to see how I can help. If you want further guidance toward a new career or business you can let me know when we’re done. If not, I will leave you with some helpful suggestions. My goal is to be generous and helpful while establishing trust and credibility. Sharing and feedback are encouraged.

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