50 Steps Every Entrepreneur Should Follow When Starting a Business

To begin your business, follow these steps in whatever order that suits you best:

1. Allow yourself to be inspired. The first step is to become motivated to become an entrepreneur. You’re probably already there if you’re reading this article.
2. Have a deep desire to do something you’re passionate about. Few entrepreneurs succeed unless they are driven by a strong sense of purpose. Find a cause that you truly believe in.
3. Get educated. You don’t need a college diploma to run a business, but you should be aware of the risks and reality.
4. Come up with a concept. Coming up with an idea that has the potential to become a full-fledged business is the difficult part.
5. Conduct a preliminary study on the concept. Look around the internet to see what you can come up with. Are there any other firms that operate in the same way?
6. Interact with others. Check-in with your friends and family to see what they think of your idea, and be open to criticism.
7. Expand on your concept. Make a list of probable problems and major advantages.
8. Conduct research and start to write a business plan. This is your opportunity to become more engaged. Find out who your competitors are and do some research to develop a full-fledged business plan (use the next steps to help you).
9. Define your target audience. Your target customer will not be everyone. Make a niche for yourself.
10. Produce a financial model. What are your rates going to be? What will it cost to run the company? How much money can you make?
11. Create a model for operations. To keep manufacturing going, who and what do you need?
12. Create a recruitment strategy. Make a list of the individuals you’ll need to get things started.
13. Create a sales and marketing strategy. This isn’t a waste of time. Your company’s growth will be fueled by sales and marketing.
14. Create a growth plan. In the first year, how do you plan to scale? What about the second and third years?
15. Choose a legal structure for your company. Every legal structure has benefits and drawbacks. Consider what will work best for you.
16. Decide where you want to begin. Consider the people, resources, and capital you’ll require, and create an “ideal” and “minimum” range.
17. Evaluate the risk objectively. Calculate how much money you’ll lose if the company fails.
18. Quit your current work if you’re ready. If everything appears to be in order, take the plunge and devote yourself to your business full-time.
19. Obtain capital. Withdraw funds, borrow from friends, seek funding, or open a bank account — or a mix of these options.
20. Look for resources and assistance. Join a small-business development center to learn about available resources in your area.
21. Keep an eye out for potential customers. Keep a lookout for people and businesses who could be interested in buying from you, and the sooner the better. Before you invest a cent, try to attract at least one client.
22. Make a business name registration. It’s a basic step, but one that must be taken.
23. Obtain a tax identification number. Remember to take care of your tax obligations.
24. Submit your state and local tax returns. This is an important financial step that should not be neglected.
25. Obtain any permits or licenses that are required. Additional legal registrations may be required for your company.
26. Enlist the help of one or more mentors. Find experienced entrepreneurs who can assist you with the following tasks by providing advice and insight.
27. Make a list of your essential locations. Making significant judgments about your office location, operations headquarters, and other associated concerns is important.
28. Develop a unique brand. Discover what makes your company special and build a brand around it.
29. Begin to develop a personal brand. Create a personal brand for yourself while you’re at it.
30. Develop a proof-of-concept product or service. If you like, you can call it a prototype. If you haven’t already, make a sample.
31. Identify important vendors and partners. To help your business succeed, find contractors, vendors, and suppliers.
32. Understand and put into practice your employer’s responsibilities. You’ll have to provide specific perks, terms, and withholdings.
33. Recruit your first team members. To get started, hire the bare minimum.
34. Establish a human resource strategy and company culture. Make a set of rules and hire people who will follow them.
35. Begin to sell. Go out there and sell as much as you can.
36. Get a website up and running. Create an internet presence as soon as possible.
37. Create a digital marketing strategy and launch it. Digital marketing is low-cost, simple-to-use, and effective. Start with search engine optimization, content marketing, and social media.
38. Make connections wherever you go. Make an effort to meet new individuals. You never know who might turn out to be a new customer or employee.
39. Find at least one long-term, stable client. Make securing at least one long-term client a top priority.
40. Use discounts and promotions to attract new clients. In the beginning, profitability is less crucial than recognition.
41. Use customer input to improve your products or services and offer a second version. Make changes to your services.
42. If necessary, hire more personnel. Expand the crew when you’re ready.
43. Improve the efficiency of your activities. There is no such thing as a perfect operating strategy. Look for methods to make yours better.
44. Maintain a positive cash flow by taking the necessary precautions. Cash might be the death knell for a business that is otherwise profitable. Don’t ignore it.
45. Make your sales plan more scalable. More should be done.
46. Make your marketing plan more scalable. Extend your reach.
47. Spend money on infrastructure upgrades. To make your consumers happier, improve whatever you can afford to enhance.
48. Become more knowledgeable about your field. Make contact with competitors and attend industry events.
49. Establish yourself as a thinking leader. Speak, write, and hold webinars to establish oneself as an expert.
50. Evaluate your progress so far and make any necessary changes to your company plan. Determine where you are about where you expected to be, and consider any assumptions you had that were incorrect. Re-evaluate your company plan and make any necessary changes to match your current circumstances and knowledge.

Because each company is different, the formula may or may not work for you. Use these phrases as a loose guide for the development of your company, and engage yourself as much as possible in the process.