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Everything You Need to Know About Starting a Business

You may have business ideas but you don’t know how to turn them into reality. We have prepared a month-long plan to help you learn everything you need to know to about starting a business. Prepare yourself for taking notes.


Week #1


Monday

Before starting a business, you need to know to describe your business idea in 3 sentences

Most of the people get stuck at this point, they are not 100% sure about the business model, features, vision… That is fine. More than 70% of business ideas get pivoted in the process, that means you can change it later. Remember, a good business idea is solving some problem for a customer in an innovative way. So start! Go with one option for now. Your business idea, 3 sentences, now!


Tuesday

Join some online or virtual business event and tell people about your idea.

It is easy to book events like that on Meetup or Eventbrite, many of them are free. Why would you do this? Well, because of two things.

First one is when you tell people about your business idea it will sound more real, you will feel how much confidence you have in it when you are speaking about it, and you will get some feedback.

Second thing is – you will meet likeminded people in a similar situation. Many people have a great business idea, but only some of them manage to create a real business. What you need to know about starting a company is that it is similar to raising a baby. You invest your energy, time, money, passion and you think that what you are doing is the best thing in the world. This is how every great entrepreneur started, but it takes a lot more than to build a well-structured business model, trustworthy team and customer acquisition to achieve huge success. Sometimes it is not easy to decide what to do, how to do it or when. That is why you need a group of people who will remind you that you are all in this together.


Wednesday

Idea Validation

If you are doing something that is already on the market, then there is no need to do idea validation. In case that you are thinking about opening ice cream stand, there is no need to validate the idea „you assume that people will be interested in buying and eating ice creams“, that idea is already validated since there are many companies that are doing that on the market. On the other hand, if your idea is already validated, you should think about the size of the market, location, competitors, and how will you be better than them.

Innovative business ideas require idea validation process. If you are starting something new, original, before investing too much time, energy and money in it, you should validate your business idea.

Here are the top 3 ways how to validate your business idea:

  • Prepare a survey

  • Conduct interviews

  • Launch test landing page

And you will see how will people react to your idea.

You can set up a survey for free via Google Forms, and ask questions such as “What do I need to know before starting a catering business? What equipment do you need to start a catering business? What do you think about catering services?”


Thursday

Competitor Research

Market competition motivates you to do better. Competitor research is an important step in developing your business. The main goal is to find some competitors that have been working longer than you and analyze their job. Determine their prices, research their offers, tactics and results. But be careful! Do not copy their work but use them as inspiration to improve your business and be better.