Get Smart! About Starting Your First Business


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Failure is one of the best teachers – Sir James Dyson

How are you going to pay for the things that you need to do in order to get to profitability? Come up with a name Coming up with a name can be harder than doing the business plan! Generally speaking, here is what matters: You have to be confident in the name. Honestly, this is probably all that really matters. At least that is the plan! You need to pick something unique. Your name must be memorable, brandable and simple. You need to have the. This is critical! If you want people to take your business seriously, make sure you have the.

A good process for coming up with a business name Brainstorm words, concepts, ideas, beliefs, descriptors, etc. Brainstorm names based off your initial brainstorm in step 1. Check the names in Google.


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Delete any options that are already a known business — especially not one in your space. Make sure the domain name can be acquired. Check out our guide on how to buy a domain name for help here. You really need to invest in a domain name for your business name. If you have a tight budget, get creative! More tips for coming up with a name Imagine your name with a logo on a big sign in your future office space.

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Imagine your name on a T-shirt. Say your name out loud.

Ten Tips for Starting Your Own Business - By

Do you like how it sounds? Bounce your options around and talk to people about it. Spend some time thinking about it and let it sit for a while. Do you continue to come back to the same name? Next, create your business and marketing collateral V1 3. Buy your domain name Again, do not take this lightly! Set up a G Suite account G suite is the most important tool for our business. Create a basic, foundational website Your website can be a very big project depending on your business.

Get some business cards Your brand identity package from 99 Designs will come with business card designs.

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Now, get your business legally squared away 9. Find an accountant and an attorney This one is easy to put on the back burner. Open a business bank account Pretty straightforward. Sign up for your key operating tools Set up a payroll service for employees and contractors As I said, I really like Gusto.

Put a basic accounting system in place The best bet here is to work closely with your accountant. Start using a project management solution from day one The biggest thing here is to get in the habit of tracking all of your work. Set up a Slack account Everyone loves Slack.

Nail the basics

Set up 1Password By now you are starting to see the theme here: Reduce future headache! Create a subscription tracker This is easy but often overlooked. Now, plan your goals for your first year in business Determine what you need to do in order to reach your goal. What projects or activities will you need to perform? Figure out what metrics or parameters you can use to monitor progress. Now get out there--the economy is waiting! Entrepreneur Media, Inc. In order to understand how people use our site generally, and to create more valuable experiences for you, we may collect data about your use of this site both directly and through our partners.

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There are no Videos in your queue. See Latest Videos. There are no Articles in your queue. See Latest Articles. There are no Podcasts in your queue. See Latest Podcasts. You're not following any authors. September 10, 7 min read. You can dismiss many of the boxes in a few seconds e. The easiest way to do this is go column by column. Pick a business or pricing model, think of a few existing businesses that use it, and spend 5 minutes reading about them to get your head into that space. Then, apply it to each potential customer or audience group: how could it fit?

What are their priorities, what gets in their way, where are they wasting time or money, what do they depend upon? Browse discussion forums where they participate or are discussed. See what they care about, what people complain about. Search online for other companies that already compete to offer them products and services. What are they? It speeds up after that.

Each time you come up with a keeper, type it into the corresponding box.


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For example, providing after-sale customer management for retail insurance agents? Or, a debt auction business for startups looking to raise seed funding? Type it in. Try to come up with at least 6 solid ideas. Then, create another tab in your spreadsheet and list all of your ideas there.

In addition to writing down the ideas themselves, you should state the goal, audience s , and model s for each one. These will change over time, but it is good to start grounded with something you can work-back towards. For example:. What does your gut tell you, what would be fun, where are you most comfortable and confident? Congratulations, you have come up with 3 solid ideas! There are three basic steps for doing this i. As previously mentioned, there are a lot of startup ideas, but few people with the time, energy, or know-how to implement them. The benefits of getting good feedback early on outweigh the risk that someone will steal it.

So, don't tell people that won't benefit you, and avoid telling direct competitors that are in a position to do it themselves, or to block you from doing it, but generally don't worry.

Get Smart! About Starting Your First Business Get Smart! About Starting Your First Business
Get Smart! About Starting Your First Business Get Smart! About Starting Your First Business
Get Smart! About Starting Your First Business Get Smart! About Starting Your First Business
Get Smart! About Starting Your First Business Get Smart! About Starting Your First Business
Get Smart! About Starting Your First Business Get Smart! About Starting Your First Business
Get Smart! About Starting Your First Business Get Smart! About Starting Your First Business
Get Smart! About Starting Your First Business Get Smart! About Starting Your First Business

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