Starting a business is exciting!!
Or it should be…
We don’t ever want it to stay small but often times that’s where we’re stuck for years if not forever. But why?
You are good at what you do, you get referrals and repeat customers… Why can’t you grow? Sometimes, oftentimes, from my years in consulting companies in various industries and countries is that the issue is typically twofold:
1) Lack of competitive strategy &
2) Lack of systems.
But if large companies miss this, how is a Small Business Owner (SMBO) supposed to be witty enough to know what to do to ‘grow’ ?
The answer? WE CANNOT BE.
The good news? #1 & #2 above aren’t that hard to achieve but it requires some retooling of your nogging. We gotta re-learn what is the real business you’re in, what is expected versus what you assume is expected, what is valuable and learn to ignore the norm and stand out as a result.
Start with this simple checklist to make sure you’re off to a good general start before you go get a license and all that.
I share tips and advice to make running your business fun and profitable.
Whether you are a REALTOR or SMALL BUSINESS OWNER here in El Paso or elsewhere, this list should give you a pretty direct plan outline. I hope it helps you shortcut the learning curve I had without sacrificing the values that give you that advantage. I simplify everything to easy-to-do tasks that build up to massive effect.
Stay organized and cover all your essential business startup needs:
(*) MARKS ITEM THAT NEEDS WORKSHEETS WHICH ARE AVAILABLE TO MY AGENTS AND SMBs THAT I COACH ONLY.
Define Your Business / Idea:
- Conduct Market Research:
- *Study your target market, competitors, and industry trends.
- *Identify customer needs, preferences, and potential demand.
- Develop a Business Plan:
- *Outline your business goals, strategies, and financial projections.
- *Marketing Plan (adv.soc.media, logo, paid ads, seo, niche, etc.)
- Operations Plan
- Financial Plan (will vary depending on who is seeing this and for what)
- Establish Legal Structure:
- Choose a legal structure (sole proprietorship, partnership, LLC, etc.).
- Register your business with the appropriate government authorities.
- Secure Financing:
- Determine your itemized startup costs and create a budget. (This is often your first test from a lender/investor’s perspective)
- Explore funding options such as loans, grants, or investments.
- Set Up Business Operations:
- Obtain necessary licenses, permits, and registrations.
- Set up a business bank account and bookkeeping system.
- Build Your Team:
- Determine the roles and skills required for your business.
- Hire employees or contractors as needed, and establish HR policies.
- Sometimes your team is remote or SaaS based. Do your homework before committing out there.
- Develop Your Brand:
- *Create a compelling brand identity, including a logo and website.
- *Craft a strong value proposition and key messaging.
- Plan Your Marketing Strategy:
- *Identify your target audience, watering holes, interests, dislikes, etc.
- *Identify needs, wants, urgencies, channels,methods, etc.
- *Develop campaign strategies for online marketing efforts.
- Develop a schedule or handbook for simple, repeating tasks.
- Establish Systems and Processes:
- Set up efficient workflows and operational processes. (Once you know what your real business and role are)
- Implement inventory management, sales, and customer service systems.
- Obtain Insurance:
- Protect your business with appropriate insurance coverage.
- Consider general liability, property, and professional liability insurance.
- Ensure Legal and Regulatory Compliance:
- Continue educating yourself with local, state, and federal regulations.
- Comply with tax laws, employment regulations, and data privacy requirements.
- Launch and Monitor Performance:
- Execute your launch plan and monitor initial performance.
- Continuously evaluate and adjust your business strategies as needed.
Remember, each business is unique and additional steps may be required depending on your industry and specific circumstances. Regularly review and update your checklist to adapt to changing needs and opportunities. Good luck with your journey! I’m here if you need me.
If you use this let me know your thoughts, I’d like to explore ways of improving it. Also, Realtors don’t be afraid to reach out with questions.
