7 Things You Need to Start Your Business

An Idea Targeting a Need in the Market

Great businesses start with great business ideas. But what makes a business idea great? Target a need in the market of your choice. What do your target or ideal clients need that they can’t find in the market? You can start by identifying a need that you may have and know others have as well. If you can fill a need in the market, you’ve identified a potential business.

A Business Plan

After identifying your business idea, having a business plan is the next step. While a business plan may sound like a complicated concept, it’s really about understanding the purpose of your business, as well as your product(s) and how you will promote and market them. You will also need to determine who will be part of your team. Last but not least, clearly understanding how you will make money and achieve a profit is crucial. One of my favorite resources to create a business plan is provided by the U.S. Small Business Administration (SBA).

A Legal Setup

It’s important to ensure that you have the appropriate legal resources and paperwork in place. When setting up your business, you want to have your business properly and legally registered, and ensure that your legal filings are completed accurately and on time. A great resource to use to set up your business structure and complete your required filings is LegalZoom.

Some Money

Starting a business can be costly. While you may be able to save on a few expenses by working from home and opting for the DIY way, you’ll still have to invest some money into your business.

Some Space

As mentioned earlier, you can save by working from home. However, you may want to dedicate a specific and separate area of your home for your business. This is so you can actually focus on your work and not fall victim to distractions around you.

Online Presence

In the age of social media, having an online presence for your business is important. However, do not spread yourself too thin by spending too much time online. Pick two to three social media networks you are most comfortable with and that provide you with the most exposure and influence.

Some Support

Starting a business is challenging, and it can also be lonely. While few people may understand what you’re trying to do, strive to build a supportive network around you. It may be your family and friends, or other business women and men who understand and share in your mission.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Ellevate Network

Ellevate Network

A community of professional women committed to helping each other succeed.