How to Start a Business - Steps Included

How to Start a Business - Steps Included

Knowing how to start a business can be confusing. In fact, just this week I have been working with an entrepreneur from Bulgaria. Our work together has identified that there is virtually no one (never say 100% no one) doing exactly what his business model intends to do. There are some companies doing pieces of his business model who I consider indirect competitors. Which means that he will need to scale quickly in order to keep those competitors at bay. After finishing our first project together, a feasibility study [https://www.southernstartups.com/do-you-need-a-feasibility-study-or-business-plan/], he admitted to me that he wasn't entirely sure what steps to do next. He had a few steps in mind but just wasn't completely sure about the order he should follow. This is a pretty common question that new entrepreneurs have. They just aren't sure the steps to follow in starting a business. So, I thought I would lay out the process we follow here at SouthFound with our ideation-stage clients. ________________________________________________________ Link to the document from step #1 - sbmp.southernstartups.com If you know of a startup founder whose story would make for a good interview on the podcast please send them here [https://southernstartups.com/feature/] to be featured on the show. Looking for guidance for your startup or business? Our team includes former C-level banking executives, 3x startup founders, business consultants that have grow companies form $3M to $75M, and more. Learn more about what we do [https://southernstartups.com/services/].

A Business Plan has Two Main Purposes

Business Plans are not always necessary for a startup. In fact, in many instances startups that are at the ideation or pre-revenue stages need to produce different documents.  But business plans do serve two main purposes. The key is knowing your audience and then writing to fulfill the purpose of that message. __________________________________ If you know of a startup founder whose story would make for a good interview on the podcast please send them here [//southernstartups.com/feature/] to be featured on the show.  Looking for guidance for your startup or business? Our team includes former C-level banking executives, 3x startup founders, business consultants that have grow companies form $3M to $75M, and more. Learn more about what we do [//southernstartups.com/services/].

Feasibility Study or Business Plan?

There are a variety of documents that can be used in the planning process for a venture.  While most companies can benefit from developing any of these documents the stage of growth your business is in often times determines which document your business would benefit the most from.  For example, ideation-stage startups should focus on the business model canvas or lean startup canvas and then develop a pitch deck that tells the story of their idea. Whereas more established businesses benefit from developing business plans.  However, both can benefit from a well-researched feasibility study. ________________________________ If you know of a startup founder whose story would make for a good interview on the podcast please send them here [//southernstartups.com/feature/] to be featured on the show.  Looking for guidance for your startup or business? Our team includes former C-level banking executives, 3x startup founders, business consultants that have grow companies form $3M to $75M, and more. Learn more about what we do [//southernstartups.com/services/].

What is a B Corp?

On today's episode we talk about what a B Corp, or Benefit Corporation is as well as the goals of a B Corp and the benefits. ------------------------------------------------------------------------------------------------------------------------------------------------- If you know of a startup founder whose story would make for a good interview on the podcast please send them here [//southernstartups.com/feature/] to be featured on the show.  Looking for guidance for your startup or business? Our team includes former C-level banking executives, 3x startup founders, business consultants that have grow companies form $3M to $75M, and more. Learn more about what we do [//southernstartups.com/services/].

Startup investors should be respected, not worshipped

Last week I was listening to the Wharton Fintech Podcast [https://www.whartonfintech.org/podcast-page] and host Miguel Armaza [http://twitter.com/miguelarmaza] interview Craig Lewis [https://www.linkedin.com/in/mrfutureofwork/] of GigWage. During that episode Craig made the comment that many entrepreneurs worship the ground that investors walk on. He even made a solid case that it is the entrepreneurs who create opportunities for the investors and not the other way around. I tend to agree with Craig's assessment. If you take the discussion a bit further it makes sense. So, bear with me. -------------------------------------------------------------------------------------------------------------------------------------------------------- If you know of a startup founder whose story would make for a good interview on the podcast please send them here [//southernstartups.com/feature/] to be featured on the show.  Looking for guidance for your startup or business? Our team includes former C-level banking executives, 3x startup founders, business consultants that have grow companies form $3M to $75M, and more. Learn more about what we do. [//southernstartups.com/services/]