The Business Launch Formula

I always like for entrepreneurs tow work through a series of questions before they start a business. So, let's get real honest about why you want to be an entrepreneur. Because when things get tough, and they will, your "why" is what will keep you going.

So you want to be an entrepreneur? That's great. But why do you want to be an entrepreneur? Is it for the money? Maybe you want to express yourself creatively. Whatever it is, you need to know before you get going.

One of the best questions to ask yourself, in order to determine what type of business might make sense for you, is what people call you for advice about.

Starting a business based on a passion has its benefits. But then again some experts say not to build a business around a passion.

In this lesson we talk about those view points as well as how using the Japanese concept of Ikigai can help you find a business that you can thrive in.

I ask these three questions of every entrepreneur I talk to when they are wanting to start a business. These three questions alone will make sure your expectations match your reality.

Some people allow a lack of money to stop them from starting a business. Don't be that person.

So far we have talked about a lot of reasons to be an entrepreneur. But you may be noticing some reasons that you may not want to start your entrepreneurial journey right now.

There are three main business models to consider. Let's talk about them as well as some pros and cons of each model.

When you are starting a new business, you have to decide between selling services or products.

Here is how I'd choose.

When are you making decisions about your business you want to keep the end game in mind. Meaning, are you building something that you plan on owning the rest of your life or will you sell the business? It is decisions like that which can change how you structure your business.

Build a business that can eventually run on its run or largely on its own with minimal supervision. Otherwise you have just created a job for yourself.

Get ready. In the next lesson we are going to go over a document I created to help you start planning out your business model. You will want to download this, it is attached to this lesson, before the next lesson as I cover the concepts on the document and walk you through how to complete it in order to start uncovering what your business model might look like.

In this lesson I walk you through my Startup Business Model Planner that challenges you to start designing what your business will really look like.

As you prepare to do your research, I am going to use a fictitious business as an example and show you how I would research the competitors and more.

Desktop research is a great way to learn more about the validity of your idea. In this lesson you get to watch me due some research on a fictitious business idea.

In this lesson, I talk about my favorite type of competitor research and the questions I ask to get to the juiciest information.

The quickest path to failure for a new venture isn't a lack of money. It is a lack of product market fit.

In this lesson I'll talk about completing a feasibility study and what should go into that, as well as how to conduct potential customer interviews to ensure your product meets their needs.

Understanding your target user persona is critical to building a product or service that people will pay for.

To get my user persona template, you will need to follow these steps:

1) create an account at Notion.so. They have a free plan, so don't worry.

2) Google how to duplication a Notion template.

3) Head to the following URL and duplicate my template. Yes, the URL is legitimate.

https://fluffy-dog-021.notion.site/User-Persona-Template-dfbc8eb08e2e4b3f8c81d64929cf77e2

Starting a business always carries risks. Some you can prepare for and others you can only be prepared to respond to.

Let's set the stage for this section and talk about the various documents we will be going through and how they will impact your business.

Now that you have done some research let's revisit your Startup Business Model Planner (you did complete that in a previous lesson, right?) and see what you would change based on that research.

A Business Model Canvas is different than my Startup Business Model Planner. But it is important to complete because it ensures you will have additional, deeper, information about the business model you are building. Plus, this information will feed into your Business Plan.

Let me be clear. Business plans aren't always a good idea. Especially really early in the lifecycle of your business. But they can be handy and they may be necessary if you are seeking for loans to fund your growth.

Preparing financial projections is a critical task for understanding how you will make money and what it will cost you do so.

In this section I will talk about some of the Administrative things you should consider when starting a business.

My goal is NOT to tell you exactly what to do. Because on many of these topics you need to talk to a qualified professional.

However, I do plan to give you some input from my experience and to provide you some things to think about.

When starting your business you need to decide whether you will focus on a personal brand or a business brand.

Naming a business is exciting. But overthinking it can cost you time.

Here are a few thoughts on naming your business and logos.

Your business's digital assets are the modern business card for your business.

Before you run off and pay someone to turn your business into a legal entity here are some things to think about.

You will need to consider if there are any intellectual property rights you need to claim such as patents, copyrights, or trademarks.

Accounting and bookkeeping are two different things. One, bookkeeping, I recommend doing yourself if you have the ability. The other is something must people should outsource.

What is an EIN? Will you need one? What about if you are a sole proprietorship?

Not only do you have to deal with Federal rule but many states (especially in the U.S.) have state licenses you have to apply for.

I recommend working with a bank or credit union that understand small businesses and likes to work with them.

When setting up bank accounts consider separating your money into these three buckets.

What insurance considerations should you think about? There are four main types of insurance I think you need to ask your agent about.

A simple thank you from me.