How to Start a Business: Step by Step

Quality Business Plan offers a 12 step by step program to help entrepreneurs start their business.  From my experience, most people want to start a business but just do not know how to go about doing it.  This lack of knowledge often leads to frustration and paralysis in potential entrepreneurs.  By following this process, potential entrepreneurs may become serial entrepreneurs in just a matter of a few days or weeks.

What to Expect from Our "How to Start a Business" Series:

Reader should expect in-depth, professional advice for specific steps to take in starting a business.  Below is listed the outline used for constructing the series.    This outline has been used by myself and others as a path towards creating a flourishing business.  Further, each step in the outline is sequential. By following the steps noted below, entrepreneurs should be able to identify problems in the market, easily develop solutions, which may be translated into business opportunities and then take specific steps to exploit market opportunities through the implementation of proven business strategies.

Brief Overview of "How to Start a Business" Series:

In this overview, we briefly discuss each section of "How to start a business: Step by Step".  Further, the information below has attached links to the different sections. This will help you better locate certain parts of the entrepreneurial process.

 

How to Start a Business: Sections

How to start a business: Market Opportunities

In starting the entrepreneurial process, potential entrepreneurs need to be able to identify market opportunities.  Market opportunities are simply problems that people are having and are in need of a solution.  A.k.a. a business.  This section will explore strategies and helpful tips for people seeking to start their own business and how to go about it.

How to start a business: Business Ideas

In this section, we explore how to turn customer problems into viable businesses.  The section builds off of the previous market opportunities segment.  Further, once business ideas are identified, specific steps are discussed related to narrowing your focus onto a select few business ideas.

How to start a business: Target market

With our business identified, we need to then focus on our target market.  The target market is the certain group of people who have a problem that our business is going to solve.  The segment will discuss strategies for identifying the target market and how to best constructed the business to solve their unique challenges.

How to start a business: Formulate Business Idea

Once we have a better understanding as to who are business locator too, then we need to lay out our vision for the company.  From this vision, the mission statement and value statement need to be constructed to set parameters for future business.

How to start a business: Evaluate Competitors

On to evaluating competitors.  For most of us, there are already businesses out there that are attempting to solve our customers problems.  We need to now better understand how they are solving our customers problems.  Also known as how they are doing business.  From this, we can explore our competitors’ strengths and weaknesses.  This exploration will allow us to devise strategies that will help our company best compete and gain market share in the industry.

How to start a business: Operations

In this segment, we explore how an entrepreneur should set up their vision for operations that will attract their target market, while taking advantage of competitors’ weaknesses.  Operations section will include how the business will run and what the company will and will not do.

How to start a business: Resources

At this point, we already have an excellent idea as to how our business will compete in the marketplace.  Now, we need to explore which resources are firm will need in order to execute business strategies.  Resources evaluated include employee skill sets, operational machinery and other vital pieces of the business.

How to start a business: Funding

Some resources we may already have.  Unfortunately, there will be resources for the business that will need to be attained.  Further, attaining these resources, at the present time, may be outside of our ability.  This leads to the need for funding.  In this section, we will discuss various types of funding opportunities such as investors, loans, and friends and family.

How to start a business: Business Plan

At this stage of the game, you should have an excellent idea as to your business, competitors and target market.  With all this information, potential business owners need to create one document with all their thoughts and ideas about the business and external environment.  This leads to the need for a business plan.

How to start a business: Business Strategies

With the business plan complete, strategies need to be developed and how to exploit various market opportunities using our company is scarce resources.  Business strategies will include marketing, operational, synergistic and networking.

How to start a business: Business Execution

 The best strategies and business plans are completely wasted without execution.  Further, just going out and selling is definitely a strategy but not a very good one.  Be sure to remember all the steps taken to create your business and specific strategies.  From this, execution is critical in all business strategies towards attracting your target market, while exploiting competitors’ weaknesses.  From my experience, this section may be the hardest for new entrepreneurs to master.

How to start a business: Business Evaluation

Unfortunately, we are not done yet.  Once this is starts, evaluation is critical.  Not all business strategies are going to work out as planned.  From this, specific steps need to be taken to evaluate the business and strategies to ensure optimal performance for the company.

How to start a business: Revision and Re-execution

After the evaluation is complete, revisions and re-execution is needed.  This process is continual.  Firm that continually evaluate, revise, and execute tend to lead industries through superior customer service and the continual introduction of innovative products and services.