Business Guideline

Let’s Get to Business

Starting a New Business Guideline

Keep in mind that the guidelines identified below are just high-level, and that there will be additional steps in between, differences depending on your business type, as well as questions to be answered. That's why we are here.

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Initial Business Idea:

For initial brainstorming sessions for business ideas, try considering the following:

  • Is there a demand or need for the product or service which you plan to provide?

  • Make sure your product or service is aligned to attract your preferred class of customers.

  • Where will your business be located, and what contact information will be shared with your customer base?

  • Think of a marketable business name that properly aligns with the business values. Take some time to think about this because rebranding can be expensive.

  • How do you plan to fund your business?

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Write a Business Plan

Developing a new business with a business plan is highly recommended. A detailed business plan will help to answer most of the questions for your business and could be structured to give an estimated 3-to-5-year projection.

The standard business plan should include:

  • Mission Statement & Company Vision 

  • Success Factors & Organizational Goals

  • Business Location & Contact Information

  • Legal Structure (Sole Proprietorship, Partnership, Limited Partnership, Limited Liability Company, Corporation) 

  • Industry Analysis

  • Customer Analysis (Identifying the expected needs of the target customer)

  • Competitive Analysis (Identifying the top 3 competitors)

  • Marketing Plan & List of Services or Products Provided

  • Business Operations Plan

  • Management Team

  • Financial Plan (Including a detailed list of startup costs and a 3-to-5-year financial projection)

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Getting Started

Once you’ve got your business plans established, it's time to get started. Below are some of the next steps to consider:

  • Fund your Business

  • Finalize the Company Name and Apply for your EIN and Articles of Organization within your state.

  • Apply for trademarks (if necessary)

  • Secure the business domain (website) and business email address

  • Ensure that the proper tools and resources are available and ready

  • Begin marketing your business and get started

If you want to call with a few questions, or just wanted to drop in to say Hi, the experienced team at Kay Felton Consulting will be here to help and support with your various needs and requests. Call or text us today! 240.719.933