These are some loose notes about getting started!
Most businesses fail because they don’t do the proper amount of research on the front end. Don’t adhere to the “field of dreams” business model, if you build it they may not come. You need to see if there is actually anyone interested!
Spend the time to create a profile of your ideal customer.
In internet marketing parlance, you can think of your ideal customer as a collection of attributes; height, weight, age, gender, ethnicity, net worth, etc. Please keep in mind that these are just example attributes!
For each product, there is a certain person that will buy it every single time. The trick is to identify that person and sell to them. For consumer products, it might be tempting to create something tasteful. Don’t do that. Very few people have good taste, and you want to sell to everyone else!
A Delaware S-Corp can be transitioned into a Delaware C-corp, which is essentially the standard structure for publicly traded companies.
It’s also worth noting that there is nothing wrong with sole proprietorships. This is still America, there is nothing stopping you from getting started NOW.
If you don’t have the best offer in your market, you’re just providing contrast to your competitors. What you’re looking for is an order of magnitude improvement over the next best thing, assuming you can’t find a blue ocean to dominate.
Ideally, you won’t even have any competitors. The best companies create entirely new markets, so that should be your aspiration.
Who likes lawyers? I can’t stand them, but you need one! The trick is to find one that is not a spectacular asshole. Try to find just an average asshole.
Virtually all busineses have some form of liability. Trade associations in a lot of industries offer cheaper insurance, and it’s worth investigating.
Wait as long as possible before bringing on any employees. Simple!
It’s easy to reverse engineer a problem given a goal. Keep the goals in front of you as much as possible, never lose sight of them.
Set a reasonable goal. Then double it… and then double it again.
Now you’re in the right ballpark.
Althought a business may not be built to sell, that should certainly be a thought. Laborious notes are incredibly helpful to everyone involved!
Demonstrable excellence in bankroll management makes a company more attractive to investors and potential buyers, and it is the essence of business.
These were just some loose notes. I may expand on some of these!Written on January 28th, 2017 by Alex Caudill