By Bill Hoke
Ready to Take the Next Steps? Take the time to do the research so you can build a strong foundation and then create your own unique product or service business. Then consider the following questions to decide if this is the right business for you:
• Is your business name available? Does your business name describe what you do and what you sell? Don’t waste your money on a fancy logo! Sell your name + a tagline that says what you do.
• How much monthly income do you need/want from your business? Is it full time or part time?
• What is your business category? Can you locate a free business plan for a business like you propose to start?
• What about buying a business or franchise? Perhaps go to work there and do every job. Get legal advice before you sign anything. Weigh the pro’s and con’s carefully.
• What is your unique product/service and what is your #1 benefit? (Dominoes delivers!)
Research: Conducting research, including Internet and database searches, is critical to building a solid, realistic foundation for your business. Make an appointment with a business librarian at your local library for assistance in answering these vital questions.
It’s critical that you understand the market conditions and trends for your proposed business, including: Who are your competitors? How many are there? What do they charge and where do they make sales? What do they do to retain their customers? What are industry (sales) trends?
• Who does it best? Identify your most successful competitor and study (and study) how they have achieved their success.
• How do you know there is a market for what you propose to sell? Is there unmet demand?
Operating the business
• Build a database from Day One so you can mail thank-you cards, follow up on leads and begin to build the lasting relationships and contacts that will be the heart of your business success.
• Sales Plan Step #1: List your 10 best prospects for what you propose to sell (not including family!).
• How will you attract and keep staff? What do taxes and benefits cost?
• What are the basic insurance and special licenses required and their cost?
• Manufacturing? You must understand your COGS, (Cost of Goods Sold) right down to the penny.
• Selling (consulting) time by the hour? How many billable hours can you realistically sell?
• Develop your initial startup and operating budgets and complete your feasibility study.
• Plan to write and mail thank you cards to everyone who helps you along the way. Forever.
A very valuable resource: https://bls.dor.wa.gov/startbusiness.aspx
Bill Hoke is a former advertising agency creative direct. He’s about 20 years into his second career of volunteering to help startup companies. You can contact him at hoke@hokeconsulting.com.