Small Business Checklist

Don’t put the cart before the horse

Starting and managing a business takes motivation, desire and talent. It also takes research and planning

Many small business owners try to put some steps in front of others without any real reasoning behind it and it costs them time and possibly money. For example, trying to create a website when you don’t know what your business will be or know what the purpose of your website is. “I just need a website, because that is what I was told,” is not the reason you should build a website before you understand you product/service and who your target market is. Stop wasting time.

To increase your chances for success, then take the time up front to explore and evaluate your business and personal goals. Use this information to build a comprehensive and well-thought-out business plan that will help you reach your goals. Fire, ready, aim will not work well in starting a business.

I am not suggesting that you need a full business plan. The process of building your plan is MUCH more important for you to understand what the purpose of your business is and who you serve and how you are going to do that. Your plan will become a valuable tool as you start your business to keep you on track and provide you milestones to gauge your success.

1)     Getting started

Before starting out, list your reasons for wanting to go into business. If you think you want to be a business owner to work less and make more money, that is a big dream for the first 5 years. You need to be prepared to have a plan, execute on your plan, stay focused and work your butt off for very little to no money at the start. Some of the most common reasons for starting a business are:

• You want to be your own boss.
• You want financial independence.
• You want creative freedom.
• You want to fully use your skills and knowledge.

2)     Determine what business is “right for you.”

Just starting a business without knowing what you like and don’t like to do is like a chicken running around with its head cut off. If you are not passionate about what you are about to endeavor on, then it will be difficult to get your business launched. Don’t start a business without knowing your strengths and weaknesses.

• What do I like to do with my time?
• What technical skills have I learned or developed?
• What do others say I am good at?
• Will I have the support of my family?
• How much time do I have to run a successful business?
• Do I have any hobbies or interests that are marketable?

3)     Identify the niche your business will fill.

As the saying goes, “the riches are in the niches.” If you don’t know who your target market is, their problem and the solution you provide them, then your business will not be successful. You need to know what problem you solve with your product or service and who has that problem.

• What business am I interested in starting?
• What services or products will I sell?
• Is my idea practical, and will it fill a need?
• What is my competition?
• What is my business's advantage over existing firms?
• Can I deliver a better-quality service?
• Can I create a demand for my business?

4)     Developing your plan is a pre-business checklist.

This is where you may need some help. Get a Score mentor, attend “how to start a business” classes. If you cannot visualize your business and put it on paper, and explain it clearly in one to two sentences, then you need to go back to the drawing board and get some focus on what your business is.

• What skills and experience do I bring to the business?
• What will be my legal structure?
• How will my company's business records be maintained?
• What insurance coverage will be needed?
• What equipment or supplies will I need?
• How will I compensate myself?
• What are my resources?
• What financing will I need?
• Where will my business be located?
• What will I name my business?

Your answers will help you create a focused, well-researched business plan. that should serve as a blueprint. It should detail how the business will be operated, managed and capitalized.

One of the most important cornerstones of starting a business is the business plan. A modern alternative to a business plan is the Business Model Canvas. Once you have completed your business plan, review it with a friend or business associate. When you feel comfortable with the content and structure, make an appointment to review and discuss it with your Score mentor. The business plan is a flexible document that should change as your business grows.

Don’t put the cart before the horse. You need to really know what your business is, what problem do you solve and for whom, how you are going to solve them, how you are going to market your business. Stay focused, be clear and get some help if needed.

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Steve Feld, MBA, provides training and business performance coaching to business owners, professionals and executives. Steve also speaks to organizations, conducts workshops and training. Focusing on the lead generation and revenue creation to get growth results for the business. Contact Steve today to see how he can assist you grow your business, [email protected], or www.bizcoachsteve.com. He is in the business of growing businesses. #bizcoachstevef #entrepreneur #smallbusiness #business #smallbiz #coaching #businessowner #businesscoach #leadership #marketing