The 5 main steps for starting a business

I’m working on a process to make starting a business simple to understand. I have worked with over 100 entrepreneurs now and in reality the process is the same and can be summed up in 5 steps:

1. Self Assessment: an examination of one’s readiness to commit time, money and resources to the success of a new endeavour

2. Market Assessment: the willingness of a market to buy a product or service based on their actual or perceived need

3. Writing a business plan: creating a strategy to guide efforts, control spending and manage time towards the success of the business

4. Get Money: using the business plan as proof to investors to confirm the commitment especially over a specified period of time to demonstrate the high probability of reaching set targets

5. Launch: start business activities with targets and goals in mind.

I understand that there may need to be further clarification or direction needed for each of the steps but overall these are what must be done in order to start a business.

Am I missing anything?

Proud mom of 5 and founder of the amazing company MarketStart.

Posted in Business Plan