To launch a successful business, one must master the art of precise navigation through a complex web of tasks. From initial ideation to product sales, starting a business is a multi-step process fraught with peril.
Bill Schantz’s Step-by-Step Guide
As daunting as this may seem, having a strategy will help you overcome challenges and move steadily toward your goals.
Bill Schantz has written this guide to starting a business to help you make the most informed decisions as you embark on this life-changing adventure.
Idea Vetting and Market Research
A “good business idea,” in Bill Schantz’s opinion, satisfies three conditions:
- It is possible to implement.
- There is a need for it in the market.
- It can generate a substantial profit.
Your big idea may have winning potential, but you should verify this. If you want to make an informed decision, you must have cold, hard data. That’s why businesses should invest in market research.
Suppose you want to gauge your plan’s likelihood of success. In that case, you can do so through what is formally known as “market research,” which is just a fancy name for a simple process of exploring and gathering information on your target market.
Make a Business Plan
Making a well-thought-out strategy is another crucial action before launching a business. Simply put, a business plan is a document that details the measures you will take to launch, manage, and ultimately own your business.
Moreover, it helps you predict early expenses and impress potential backers, financiers, and associates. Bill Schantz advises using business plan templates as they are a great way to get your thoughts down on paper in an orderly fashion.
Put Up a Competent Team
When hiring new staff, finding people with a wide range of complementary skills is essential. As Bill Schantz has said, the best leaders always prioritize hiring the most qualified candidates. It would be best if you weren’t shy about hiring people who are more experienced than you.
Consider your external resources to be equally important members of your group. From a purely pragmatic standpoint, you’ll require technicians, salespeople, managers, a legal team, an accounting firm, and marketing and public relations assistance.
Take Care of Legal Paperwork
After deciding on a company name, the next step is registering it with the federal government and, if necessary, the state government where your business will be based. Concurrently, ensure you have obtained all federal and state tax IDs and licenses required to run your business. Your business structure will likely dictate the type of license you need to operate.
Get the Capital
In many cases, a sizable financial outlay is needed to get a business off the ground. A minimum of three months of operating capital is required to make initial investments and cover basic overhead when launching a business.
Many startup owners resort to borrowing money from family and friends or using their savings to get by. You can continue developing your product or service and marketing now that you have the necessary funding.
Bill Schantz’s Final Thoughts
With your business’s legal bases covered, its shelves stocked, and its promotional flyers widely distributed, you’re ready to expand your horizons and reap the rewards of your efforts. You can now proudly display an “open” sign and throw open your gates, seeing that your company or enterprise is up and running.