Step 1: Discover an Idea
Where Do Ideas Come From? Ideas come from Everywhere.
- Activities of friends/relvatives, family members etc
- Chance Events
- Hobby/Personal Interest
- Prior Job
Research is an essential part of the process of developing an idea and building a new business. This is a critical time to start doing some research because you want to develop an idea and you want to define exactly what you are doing and where you are going.
Step 2: Choose a Business
While choosing a business it is necessary to find the answers to the following questions:
- What type of business are you creating?
- Where do want to go with that business?
- What do I need to develop that kind of business and what tools do I need to do so?
Step 3: Target Your Market
To build a solid foundation for your business, you must first identify your typical customer or target market and tailor your marketing pitch accordingly. The important question here is “Who are your Customers?”
Get to know your Customers, inside and out, demographics & psychographics.
Step 4: Target your Competition
- Who are they?
- What are their strengths and weakness?
- How is your company different from the others and how can you do better
Step 5: Build a Marketing and Sales Plan
- Choose and build your identity, name, logo, tagline, colors and elevator pitch
- Four P’s: Product-Place-Promotion-Price
Step 6: Build an Operation Strategy
An operation strategy is a critical component of any business plan because it presents the company’s action plan for executing its vision. The operation strategy must detail:
- The processes that are performed to serve customers every day (short-term processes) and
- The overall business milestones that the company must attain to be successful (long-term processes).
Step 7: Management Structure
An organizational structure is a pattern or arrangement of jobs and groups of jobs within an organization. This pattern pertains to both reporting and operational relationships, provided they have some degree of permanence. Ideally, organizational structures should be shaped and implemented for the primary purpose of facilitating the achievement of organizational goals in an efficient manner.
By this time you should be writing a business plan. It will be helpful during the process of planning, structuring, organizing and then implementing a business.
For more information:
Business Plan in a Day by Rhonda Adams
Passion to Profits by Rhonda Adams
Please refer to the Resource section of this site as well.