1. Write down your idea in a Business Plan
This will help you make important first decisions and create an initial outline for the business. Think of it as your first map. It will help you meditate & plan your Product or Service, Sales, Marketing, Advertising, Costs, and Profit Projections. We created a simple ONE-PAGE BUSINESS PLAN to help you get started.
2. Validate & Make your first sell
We tend to get very emotional about or first venture baby. An important and hard lesson to learn as an entrepreneur is that you cannot let one idea cloud your perception of what truly will work. So ask yourself, why does this business exist? Does it make a difference? Is it something your audience wants, or something you want your audience to want? Validation from inception, and making your first sell, can say a lot more about your idea than a business plan ever will… so confirm your idea with your market, and see early on if it’s worth chasing.
3. Choose a Business Structure
We have a lot of resources to help you with this part. You can choose to become a Corporation, Limited Liability Company, Partnership, or Sole Proprietorship. You should always consult with a legal and/or tax advisor that can help you choose what fits your business best. Educating yourself on how it will benefit your business can have huge benefits in your liabilities and bottom line.
4. Get a Tax ID#
Getting a Tax ID for your business is as important as it is easy. You can use a service like THIS ONE to help you get a tax ID#. If you feel you can do it yourself, print out an SS-4 application form from the IRS website and you can apply for one yourself. Once you have this number, you have a Tax ID# to conduct business with.
5. Set Goals & Get to work
Before you start making phone calls, sending emails, and tweeting everyone, you want to take 15 minutes to SET GOALS. This doesn't have to be elaborate or detailed. Simply write down 1-3 things you want to accomplish this week. Then, choose the most important of those three, and get it done TODAY! Easy, right? Sometimes the hardest step to take is the first, so get it out of the way so you can move on to the fun stuff.