Here is a seven-step checklist -- including
finding a manufacturer and pricing strategies -- you can use for your own
product development. A major point the article highlights is that when you’re
actually crafting the product, you should focus on two things: simplicity and
quality. Your best option isn’t necessarily to make the cheapest product, even
if it lowers manufacturing cost. Also, you need to make sure the product can
grab someone’s attention quickly.
To become an officially recognized business entity, you must register with the
government. Corporations will need an "articles of incorporation"
document, which includes your business name, business purpose, corporate
structure, stock details and other information about your company. Otherwise,
you will just need to register your business name, which can be your legal
name, a fictitious "Doing Business As" name (if you are the sole
proprietor), or the name you've come up with for your company. You may also
want to take steps to trademark your business name for extra legal protection.
It might
slip your mind as something you'll "get around to" eventually, but
purchasing the right insurance for your business is an important step that
should happen before you officially launch. Dealing with incidents like
property damage, theft or even a customer lawsuit can be costly, and you need
to be sure that you're properly protected.
If you don't anticipate seeking financial support, a simple
one-page business plan can give you clarity about what you hope to achieve and
how you plan to do it. In fact, you can even create a working business plan on
the back of a napkin, and improve it over time. Some kind of plan in writing is
always better than nothing.
Your small business can be a sole proprietorship, a partnership, a
limited liability company (LLC) or a corporation. The business entity you
choose will impact many factors from your business name, to your liability, to
how you file your taxes.
Lastly, if you are a true solopreneur hitting the small business
road alone, you may not need employees or contractors, but you will still need
your own support team. This team can be comprised of a mentor, small business
coach, or even your family, and serves as your go-to resource for advice,
motivation and reassurance when the road gets bumpy.
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One of the easiest ways to utilize feedback is to focus on “The Lean
Startup” approach (read more about it here), but it involves three basic
pillars: prototyping, experimenting and pivoting. By pushing out a product,
getting feedback and then adapting before you push out the next product, you
can constantly improve and make sure you stay relevant.
On the surface, this seems like a major problem, but a lack of
personal capital shouldn’t stop you from pursuing your dreams. In fact, it’s
entirely possible to start and grow a business with almost no personal
financial investment whatsoever -- if you know what you’re doing.
Do you already have a killer business idea? If so,
congratulations, you can proceed to the next section. If not, there are a ton
of ways to start brainstorming for a good idea. An article on Entrepreneur, “8
Ways to Come Up With a Business Idea,” helps people break down potential
business ideas. Here are a few pointers from the article:
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