Here is a list of things you need to consider as you begin the process of starting a business. Remember, actually visiting the National Entrepreneur Center for FREE business coaching, low-cost training, or the powerful networking events is always a good idea… at every stage of your business!
_____ Brainstorm your idea - Think outside the box!
_____ Skill Match-skills inventory - What do I do best?
_____ Knowledge Match – Do I know a lot about this business?
_____ Friends & Family – Are my family and friends supportive of this idea?
_____ Patent/Trademark - Do I need a patent to protect my product or idea?
_____ Competitor Analysis - Who else does this? Why are they successful? Or not?
_____ Collect Demographic Data - Who is going to buy this? What would they pay?
_____ Market/Industry Size - Who is my target client?
_____ Regulations - Are there state or federal laws that govern this industry?
_____ Feasibility Planning - Can this make money?
GUIDANCE & ASSISTANCE
_____ Visit the National Entrepreneur Center - Locate resources, networking and other assistance.
_____ Meet with Advisors - Set an appointment with a business counselor.
_____ Talk to Family & Friends - Seek advice from others.
_____ Interview people who know the industry.
_____ Professionals - Line up professionals you might need.
_____ Associations - Seek out any related trade organizations.
_____ Focus Groups - Test your idea and your product at every opportunity.
_____ Prototyping - Do you need to build a working model?
_____ Process Flowcharting - Write down everything that needs to happen before you open.
_____ 3 & 5 year sales projections.
_____ Project your expenses and cash flow.
_____ Identify sources of funding.
_____ Estimate your expected returns.
_____ Calculate a break even & various financial ratios.
_____ Develop a detailed Sales Strategy.
_____ Decide how you will get the word out about your business.
_____ Determine the costs of your promotion and advertising plans.
_____ Determine your financial allocations to marketing, advertising, and promotion.
_____ Develop your road map for success.
_____ Register your business with the required local, state, and federal agencies.
_____ Determine your corporate structure.
_____ Choose a business name.
_____ Apply for any required licenses.
_____ Determine occupational license & zoning requirements (these vary by city and county). www.orangecountyfl.net
_____ Determine occupational license & zoning requirements (these vary by city and county). www.cityoforlando.net
_____ Apply for an Employer Identification Number (EIN) at www.irs.gov
_____ Register with state of Florida sales tax - Florida Dept. of Revenue.
_____ Visit the National Entrepreneur Center for individual assistance, ongoing training, and support resources.
_____ Protect your financial resources by keeping overhead low and focusing on activites that produce income.
_____ Launch your marketing plan to ensure that clients are aware of your services.
_____ Establish strong financial controls and record keeping.
_____ Sources of funding for growth.
_____ Networking options to expand your market share.
_____ Marketing strategy and message.
_____ Employee acquisition and retention.
_____ Outsourcing tasks.
_____ Leasing vs. purchasing of equipment.
_____ Efficiency and streamlining techniques.