Assumptions: you're out of the idea phase and have selected one of the following:
- software business selling SaaS or mobile applications
- service based business
- a business that makes or sells physical products
The first step is to figure out who your customers are.
Most aspiring business owners don't listen to people having conversations about what they want or what they need. Uncover what is missing in their lives, and then figuring out if you can build/offer a product or service around it.
Considering you already know what kind of business you want to start, the first steps are:
- Research your competition to see what they are doing that is working for them, as well as their pricing and competitive advantages. Look at companies that have been around for a long time and are obviously doing something right.
- Calculate your necessary startup costs and figure out if and how you need to borrow those funds.
- Branding. Your image is everything especially in the crucial startup stage of your business. You need potential customers to trust your brand new company, and that starts with a very sharp image. Today, a professional logo and website are the bare minimum.
Feel free to schedule a call to discuss further.
Naturally, this question is near to impossible to answer without knowing a LOT more about the business in question. However, when a client of mine is starting a new business, the single most important question I ask them to dive deeply into is if their product/service creates a truly meaningful solution to a need in the marketplace. From there, coming up with a realistic estimate of the size of your target market and gauging exactly how motivated they'll be about purchasing is essential.