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Workshop Scenario:
Please think of yourself in the following scenario as you complete this workshop.
Are you an independent thinker? Are you frustrated with employment, or have you ever imagined a better way to complete a process? Would you like to be in control of your work environment? Can you imagine yourself building something great, something that's YOURS? Have you ever thought of starting your own business?
Your objective for today is to learn the different steps of the entrepreneurial process.
Important Questions to Answer While Reading:
In order to be successful in this lesson, you must be able to answer these important questions.
What step within the entrepreneurial process do you think is the most important?
When Should You Start A Business?
There is always a better time to start your business. However, having the opportunity and access to funds, time, and energy help to make the process smoother.
Steps For Starting A Business
Conduct Market Research
Market research will aid in turning your idea into a successful business. It helps to provide information on customers and companies in your area.
To help you succeed, you will need to:
Identify Target Audience
Conduct Market Analysis
2. Write Your Business Plan
Your business plan is the roadmap for structuring your business. This includes your mission statement. This document will help you secure funding from a bank or venture capital. (See example Business Plan Template HERE.)
To help you succeed, you should include these in your business plan:
A SWOT analysis (strengths, weaknesses, opportunities, and threats)
3. Fund Your Business/ Open a Business Checking Account
Your business plan will help you figure out how much money you'll need to start your business. You'll need to raise or borrow the capital if you don't have that amount. Fortunately, there are more ways to find the money.
A small business checking account can help you handle legal, tax, and day-to-day issues. The good news is that it's easy to set one up if you have proper registrations and paperwork.
To help you succeed, you will need to be mindful of the following:
Start-up cost
Conducting a break-even analysis (canvas)
Determining Profit Margins
Pricing your Products- add variable costs, profit margin, and fixed costs
Bootstrapping your business- minimizing risk by investing profits back
4. Pick Your Business Location
Where you will conduct your business is a hugely important decision. Whether setting up a brick-and-mortar business or launching an online store, your choices could affect your taxes, legal requirements, and revenue.
To help you succeed, you will need to:
Choose a business structure- this will impact your business registration, personal liability, and how much you pay in taxes.
5. Choose Your Business Name & Register Your Business
Choosing the right name can be challenging- make sure your choices reflect your spirit. Additionally, you'll want to ensure your business name isn't already being used by someone else. After that point, you'll want to register with the federal and state governments.
To help you succeed, you will need to be mindful of the following:
Articles of incorporation and operating agreements
Employer identification number (EIN)- Do you need one? IRS checklist to verify
Securing business insurance
Apply for federal and state tax IDs.
Employer identification numbers (EIN) are essential to growing your business.
6. Build a Website and Market Your Business
A solid online presence, particularly a website, is of utmost importance for your business. The quality of your website affects how customers view your product and the legitimacy of your business. An online presence allows clientele to get to know you and feel at ease working with you. Regardless of the industry, having an online presence can make or break generating revenue.
To help you succeed, you will need to be mindful of the following:
Investing in organic marketing
Email
Google
Social media
7. Update Your Business Plan With Your Vision For Growth
After your business is established, it is essential to ensure it is not only maintained but sustaining. Business growth is how entrepreneurs guarantee this.
To help you succeed, you will need to be mindful of the following:
Business grants
Crowdfunding
Grow your team
Closing Assessment:
Please respond to the lesson email with answers to the following questions, and one of our instructional design mentors will respond with feedback.
What step within the entrepreneurial process do you think is the most important?
Advance your understanding by participating in the 24/7 Discussion Forum:
Please answer the following questions in the comment section below and interact with learners from around the world.
Do you feel like you can start a business now? Why or why not? What circumstances would change for you to feel comfortable taking the leap into opening your own business?