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25 Steps to start your business

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  1. Introduction
  2. 1. Business idea
    1.1 Finding your business idea
  3. Turning a hobby into a business
  4. Turning your profession into a business
  5. Identifying a need in community
  6. Finding an idea and improving it
  7. Franchise
  8. Teach others
  9. Unite professionals
  10. 1.2 Defining your products and services
  11. Survey people before starting
  12. Look at your competition, what do they offer, what can you do better?
  13. Go through all aspects, how you want people to perceive it
  14. Can you deliver if the demand increases?
  15. 1.3 Choosing the right partners
  16. Do you need someone else or you can start alone?
  17. Look for people with different skill set than yours
  18. Work with people you like
  19. Make agreements before starting out and make sure everyone upholds them.
  20. Agree how much time and on what terms everyone is ready to invest in it.
  21. 1.4 Setting goals and creating long term strategy
  22. Set achievable goals and make them specific
  23. Set a timeline to what you want to achieve and adjust accordingly
  24. Create a plan for 1, 3, 5 years
  25. What is your vision
  26. Do your goals depend on you or does it involve the responsibility of others?
  27. 1.5 Business model
  28. Subscription
  29. Monthly service
  30. One time purchase
  31. Combined model
  32. Freemium
  33. One time service
  34. 2. Finances & Investment
    2.1 Where to look for investment
  35. Business angels
  36. FFF
  37. Business incubators
  38. Bank loans
  39. Grants
  40. Corwdfunding
  41. Invoice Factoring
  42. 2.2 Creating a business plan
  43. Dont do it just for the bank, do it for your self
  44. Create a one pager for your business, interest hook
  45. Plan for 12-24 months
  46. Create at least 3 projections
  47. Include these points
  48. 2.3 Costs of running business
  49. Fixed and variable costs
  50. Rent, how much space do you need
  51. Cost of goods manufactured
  52. Multiple by year
  53. Dont overspend, but dont cut back on necessary things
  54. Shop around
  55. 2.4 Legal, taxes and accoutnancy
  56. Company formation
  57. Accountancy
  58. VAT and different countries
  59. Extra licenses for your business
  60. Insurance and liability
  61. 2.5 For consideration/adjusting projections
  62. Raising prices
  63. Growing supplier costs
  64. Changes in taxation
  65. 3. Set up and operations
    3.1 Build your brand
  66. Build your online presence
  67. Logo and colours
  68. Copywriting
  69. Pictures
  70. Create a compelling story, be relatable
  71. 3.2 Staffing or outsorucing
  72. Calculate if you need standing employees
  73. Decide if hourly or monthly, do you have the use for their time
  74. Consider outsourcing
  75. Set the right tasks
  76. Choose professionals
  77. 3.3 Suppliers and contractors
  78. Dependency on suppliers
  79. Delivery speed
  80. Reliability of subcontractors
  81. Cutting the middleman
  82. Supply chain problems
  83. 3.4 Optimization and automation
  84. The importance of automatization
  85. Automated E-mails
  86. Automating delivery
  87. Automating social media
  88. 3.5 Day to Day management
  89. Dont micromanage
  90. Trust and treat your people right
  91. 4. Sales & Customers
    4.1 Define your clients
  92. What is their price range
  93. Why would they buy your product
  94. Their demographics
  95. What are their interests
  96. Where to find them?
  97. 4.2 Sales channels & Strategy
  98. Social media
  99. Cold outreach
  100. Live events
  101. Organizations and chambers
  102. Printed media & Distribution
  103. Online Marketing
  104. 4.3 Upselling
  105. The client already trusts you
  106. Add something that compliments the existing product
  107. Create a similar product
  108. Add new features to your service
  109. A better version of the existing product or service
  110. Value your existing customers
  111. 4.4 Build your network
  112. Create groups or prospects and customers
  113. Go out and meet people
  114. Attend events
  115. Make notes of what the people in your circle actually do
  116. Let people know about you and stay in the circles, show your expertise
  117. 4.5 Go the extra mile on your delivery
  118. Small gifts or tokens of appreciation
  119. Overdeliver
  120. Understand the customer, treat them good
  121. 5. Personal Qualities
    5.1 Mindset
  122. Creating habits and routines
  123. Dealing with setbacks
  124. Critical thinking
  125. Dealing with criticism
  126. Keeping a positive outlook
  127. 5.2 Keep learning
  128. General knowledge
  129. Industry knowledge
  130. New tech
  131. Communication skills
  132. Other Soft skills
  133. 5.3 The company you keep
  134. Circle of friends
  135. With whom you spend your time
  136. Supportive community
  137. Knowledgable and ambitious
  138. Learn from other people
  139. 5.4 Find a mentor
  140. Importance of a mentor
  141. Experience
  142. Contacts
  143. Support
  144. Mutual Growth
  145. 5.5 Adapt and be flexible
  146. Adjust your strategy
  147. Plan for change
  148. Admit if something is not working
  149. Learn to bounce back
  150. Be able to part with people
  151. 6. Bonus – some of the mistakes I made along the way
    Wrong people
  152. Double check the suppliers
  153. Overspending
  154. Trying to do things myself that specialists should
  155. Taking up too many projects at the same time
Lesson 108 of 155
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Add new features to your service

Kaspars Vaverins June 15, 2022