How to Start a Business: 8 Critical Steps to Success - BusinessTown

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How to Start a Business: 8 Critical Steps to Success

How to Start a Business: 8 Critical Steps to Success

 

You can succeed in business even without any experience and with very little money. But you need to make the best decisions on a number of critical issues. Here’s some quick advice on how to make the best choices.

1-Find an awesome business idea

A great business idea is going to make a difference in the success of your business. Yet many entrepreneurs go about choosing a business idea the wrong way and end up with either a bad business or a business that isn’t well suited for them. Often, they don’t even really choose a business idea. They just drift towards it. Maybe they saw that a particular business had a lot of customers. Maybe they heard that a friend of a friend was making a lot of money in a business.

Instead, you want to choose your business idea carefully. First, you should put together a big list of business ideas that appeal to you. If you don’t start out with a big list of business ideas to consider, you are not going to end up with an awesome one.

start a business idea
A great business starts with a great idea. There are many proven and profitable ideas waiting for you.

Are there really lots of good business ideas out there? Absolutely! And many ideas require little experience or money. I started over 12 successful businesses and most of them I began with under $2,000, usually in fields that I knew nothing about. One of these businesses I later sold for $40 million.

Next, you want to carefully evaluate your favorite business ideas and decide which is the very best one for you. You want to carefully consider factors such as the potential upside of the business, the inherent risk of the business and the suitability of the business for you.

Finding an awesome business idea will go a long way to making your business a big success, so give this process the time and effort it deserves.

For more on finding a business idea check out my course, Start-a-Business 101. In this course, I present hundreds of my favorite ideas. I also give you my 6-step process for finding the very best idea for you.

2-Develop a competitive advantage

Unfortunately, many entrepreneurs fail to truly make their business different from their competitors. They might survive, but often they end up competing on price, struggle to find customers, and suffer from low-profit margins.

It doesn’t have to be that way! A little bit of effort building a competitive advantage into your business will go a long way to making it successful.

Too many entrepreneurs try to compete head-on by being “better” than their competition. Or they simply think they will succeed by working harder and longer. That might work at school or in sports, but not in business. In business, you want to be different and avoid competing directly with the other players.

start a business competitive advantage
Being better is not enough. You have to be different to truly succeed in business.

Competitive advantage has three key components. First, you want to choose a great target market that the existing players are not servicing well. For example, if all the existing restaurants in town serve dinner and lunch, then maybe you want to serve breakfast.

Then you want to “differentiate.” Instead of opening up a bicycle store for the mass market, maybe instead you open up a bicycle store that totally focuses on high-end bicycles for the serious enthusiast.

Finally, you need to clearly and quickly communicate to your audience your competitive advantage. This starts with developing a “Unique Selling Proposition.” A few keywords that convey the core value proposition in a memorable way. The most famous USP is perhaps Federal Express’ “Absolutely, positively overnight.”

Whatever size or type of business you are starting, creating your competitive advantage is extremely important.

For more on creating your competitive advantage, check out my course, Start-a-Business 101. I include an entire module on this critical topic.

3-Carefully create your business plan

A business plan is going to help you build a better business. Even a small, part-time business should have a business plan. If you don’t have a good business plan you will likely end up running your business in a haphazard, disorganized way.

start a business business plan
Even a one-person business needs a great business plan!

A good business plan carefully evaluates all the key factors in your situation including the market, potential customers, the competition and your strengths and weaknesses. This process then leads to an optimal strategy for your business, along with a cohesive operating plan.

A good business plan should be the central road map of your business.

If you are starting a simple one-person business or for the first stages of planning a larger business, a one-page business plan is all that you need.

For more on creating your business plan check out my course, Start-a-Business 101. I will show you exactly how to create a one-page business plan. You will also get a sample plan and a fill-in-the-blanks template.

4-Develop compelling marketing

The big secret about marketing is that it is hard not just for new businesses, but also for existing businesses. If you try to pretend marketing isn’t hard and you decide you are going to pour all your resources into one unproven marketing direction, you could get into trouble really quickly.

So, what’s the solution? You want to try lots of very different types of marketing. And you want to spend as little money as possible on any one marketing campaign until it is proven to work.

Fortunately, there is a lot of marketing you can do for free.

You can build a simple, but effective, website for free. Then you can optimize it to make sure you show up in Google search results.

There are all kinds of exciting “guerilla marketing” you can do for almost no cost. Examples include posters, discount coupons and networking. They work – I’ve used them all.

You can also create your own ads for search engines or even ads on social media such as Facebook. If you can write one sentence, you can create a search engine ad. If you can upload a picture to the internet, you can create Facebook ads. The beauty about online ads is that you can test them for very little money. So, test everything – the ad copy, the offer and the audience – before you spend much money.

start a business marketing
Online ads are easy to test with small amounts of money and allow you to target a specific audience. They can even work well for very small startups.

Marketing is too important, too finicky and too different for each business to just hire an outside expert. As the business founder, you need to develop at least a basic understanding of marketing. Then either do it all yourself or hire an expert in a particular expertise, such as search engine optimization.

For more on marketing, check out my course, Start-a-Business 101. This course is chock-full of free and low-cost marketing ideas that are perfect for a new business. I will show you how to create a marketing plan. I will give you my 50 favorite “guerilla” marketing techniques. I will walk you step-by-step through every aspect of digital marketing. And I will show you how to make sales presentations that will make your product or service irresistible.

5-Create financial statements and projections

Do you need to hire someone to do your accounting? No, you can almost certainly do it yourself. The key is to be organized. You need to record every single purchase and every single sale.

start a business accounting
You can do your accounting yourself. The secret is being organized and willing to learn.

You also need to create financial statements and projections. But it’s easy to learn. The most basic financial statement is the income statement. It provides a summary of your revenue, your expenses and your resulting profit over a period of time. You should also create a balance sheet and make future financial projections.

For more see my course, Start-a-Business 101. I will show you how to create your financial statements and projections. And I will provide you with templates and samples.

6-Finance your business

There’s a lot of ways to finance a small business, even a startup. But especially with a startup, you are not going to get money from a traditional bank. You will need to explore alternatives.

start a business finance business
Before looking for funds, make sure to prepare your business plan and financial statements.

You also need to be fully prepared before approaching any potential financing source, including being able to explain how much money you need, how you are going to pay it back, and why your business is going to succeed. Your background and how you present yourself will also make a big difference.

For more check out my course, Start-a-Business 101. I give you every possible way to finance your business and I explain the ins and outs of each alternative. Plus I show you how to prepare for presentations to potential investors and lenders.

7-Find a great name

It drives me crazy to see business after business with a lousy name! Like anything else, if you give it serious thought and you get some expert advice, you can come up with a great name.

name start a business
A great business needs a great name! Think about your name strategically before committing to it.

Lots of people make the mistake of naming a business after themselves. For example, “Bob’s Painters.” It just doesn’t sound very professional and it could lead to people avoiding your business.

Other names may not lead to people avoiding your business, but they may not help attract them either. For example, “Belmont House Cleaners.”

But a great name will help attract people to your business and serve as a built-in advertisement for years to come. For example, I like the name that a New Orleans inspired restaurant located in Boston used: “Buttermilk & Bourbon.” This name not only shows off its Southern food and drinks, but also makes it sound like a fun place to go.

For more, see my course, Start-a-Business 101. I show you the four types of commonly used names you absolutely must avoid. And I give you my 7-step process for finding the perfect name for your business – using techniques similar to those used by professional naming services.

8-Choose to learn

The more you learn about starting and running a business, the more likely you will succeed. And succeed in a big way.

I can tell you that hard work and perseverance can help. But they aren’t enough. You have to make great choices on key decisions along the way. Learning can make all the difference in making those choices.

It’s hard to find the time to learn. We all lead busy lives. But my course, Start-a-Business 101 can provide you a shortcut to learning what you need to know to start a business.

I have carefully included everything that really matters in starting a business. And it is all presented in a logical sequence. You won’t have to spend hours searching around for what you need to learn next.

I present the course material as efficiently and quickly as possible – in short, easy-to-follow videos.

And I include handy tools such as worksheets, templates, checklists, and samples that will save you a ton of time.

You can learn how to start a business in just 10 minutes a day with my course. If you just watch one video (typically 4 to 10 minutes) a day, you can complete the entire course in about 10 weeks.

With this course, you will quickly become a smart entrepreneur with solid knowledge in all areas of starting and running a business.

Click here for more information on my best-selling course, Start-a-Business 101.


Bob Adams

Bob Adams is the founder of BusinessTown the go-to learning platform for people starting and running their own businesses. Bob has started dozens of successful businesses, including one he launched with $1500 and sold for $40 million. He also has an MBA from Harvard Business School.

BUSINESSTOWN’S #1 BEST SELLING COURSE

Start-a-Business 101

Learn how to start your own business.

Start-a-Business 101 is a complete program for starting your own business.

  Find a great business idea. You’ll get my 6-step method for finding a great business idea. Plus you’ll get my insight on hundreds of proven, money-making businesses that you can start.

 Turn your idea into a profitable business. I’ll take you through every step of starting a business from finding your idea, to turning it into a solid business model, to making your first sales.

 Attract customers without spending a lot of money. You’ll get a ton of my free and low cost ways to land customers. From simple “guerilla” marketing tactics to the latest in digital marketing, I will show you every way imaginable to pull in customers on a shoestring budget. 

 Start small and grow as fast as you want. I’ll show you how you can start small, even part-time if you prefer, and build a highly successful business. You don’t need a lot of time or resources – but you do need to make the right decisions on key issues – and I’ll show you how to do it.

 Get proven strategies and insider advice. You’ll get the exact same methods I used to build one business after the next. I’ll tell you how to avoid problems. And I’ll show what to do at each step of the way, to start your business right.

 Try it risk-free for 60 days. You can try the whole course and then decide if it’s right for you. If you don’t love it, I’ll give you a 100% refund.

 You so inspired me that I started a business and have started receiving orders. Your videos about how to pick a business to start really got me going after I followed your steps to a tee. Thanks so much!

Bill Bennett – Business Owner

Start a business you love, earn more money and live the life you want. With Start-a-Business 101 you can…

Be your own boss. Enjoy true independence and be the star of your own show. Work when and where you want.

Start a business you love. You’ve got one life to live – so why not start the business of your dreams? I’ll show you exactly how to do it.

Make more money. Use my proven strategies to earn the highest profits possible and make a lot more money than you could at a 9-to-5 job.

Start-a-Business 101 is perfect for you…

If you don’t have an idea yet.

Start-a-Business 101 includes the proven 6-step method for finding a great idea. Plus you’ll get hundreds of proven, money-making ideas.

If you have an idea but are not sure where to start or what to do.

In Start-a-Business 101, you will learn exactly how to start your own business from start to finish. You will have access to dozens of videos, worksheets and templates that will walk you along the way.

If you want to make sure that you are doing things right.

Start-a-business 101 covers all the common mistakes that entrepreneurs make when getting started. No room for errors, you will learn how to start your business right.

If you want to get guidance and know exactly what to do at any given time.

Follow my step-by-step process that will get you on your way to business success. It will be like having a business coach by your side at all times.

If you want to start any size business or any type of business.

Start-a-Business 101 will help you start any size of business from a one person home-based business to a larger business. And it will work for any type of business including all service businesses, product businesses and Internet businesses.

If you want to become a knowledgeable entrepreneur.

By watching just one video lesson a day, you will quickly become a knowledgeable entrepreneur. You will be ready to start your own business now or at any time in the future.

Hi there, I’m Bob Adams.

I’m a serial entrepreneur and self-made multimillionaire.

I’ve started dozens of successful businesses of all types and sizes including … bike rentals, house painting, employment service, retail business, multimedia company, book publishing, tourist maps, job fairs, Internet businesses, software business, employment advertiser, and used boat sales. 

Most of these businesses I started in my home on a very small budget. 

My biggest success is my book publishing company that I started in my basement apartment with just $1500 and later sold for $40 million. 

I’ve learned what really matters in business. I’ve discovered the concepts that make or break businesses. And I’ve used them to build one successful company after the next. 

Now, my mission is to share what I learned with you – so that you can succeed in your own business. 

That’s why I created Start-a-Business 101.

Success = recipe + ingredients

In Start-a-Business 101, you will get my exact recipe and ingredients for success. I will show you what to do at every step in starting a business. 

You’re not going to go through years of trial and error. 

You won’t have to make mistakes or learn anything the hard way. 

Because the recipe for business success is waiting for you in my course, Start-a-Business 101

In this course you will get the same proven strategies and tactics that I used to create my successful businesses.

My books and courses have been featured in…

Start-a-Business 101 will show you exactly what to do at each step of starting your business.

You will get proven strategies, real-life examples, ready-to-go templates, checklists and worksheets to help guide you along and save you time. 

You won’t have to guess what you should do next or if you are doing things right.

 You will be following the best advice available today. 

You will be getting the same techniques and strategies that I used to build one successful business after the next including the one I started with $1,500 and sold for $40 million. 

You will put your startup on the fastest and most proven path to success.

Here’s the course for your new business journey. Beginning entrepreneurs will hugely benefit from Start-a-Business 101. The videos clearly explain each element of building a new business. The advice is savvy and on point throughout. I highly recommend it for anyone involved in any kind of startup.

Rick Williams – Managing Director, Williams Advisory Partners LLC

Learn at your own pace and on any device

All devices

You can access Start-a-Business 101 on all your devices, including your computer, your tablet and your smartphone.

Instant access

Get instant access to the entire course, including all the video lessons, all the tools and the discussion board.

Learn at your own pace

Watch just one video lesson per day and you will complete the whole program in about 10 weeks. Or you could even binge watch the entire course in one weekend. It’s up to you!

Full lifetime access

You can access the entire course as long as you want and as many times as you want. For example, you could go through the entire course to quickly build your entrepreneurial knowledge. Then you could go back to specific lessons as you are working on various aspects of your business.

Watch the overview video

 I found great value in the BusinessTown courses. The program is comprehensive, covering everything…It’s like having a team of experienced advisors available 24 x 7.

Dan Sterling –  Founder, Water Hero

Start-a-Business 101 gives you everything you need to start your business.

Rock-solid advice

You will learn my proven strategies and tactics for starting your own successful business.

Easy to follow videos

You will be guided step by step through the whole process by 76 short and easy to follow videos. 

 Business tools

You’ll also get 46 downloadable templates, worksheets and samples to guide you along.

  Start-a-Business 101 Course Content

1.  How to get started with your business

2.  Discover hundreds of great business ideas

3.  How to choose the best business idea for you

4.  How to validate your business idea

5.  Find the perfect name for your business

6.  How to choose the best legal entity for your business

7.  How to create a powerful competitive advantage

8.  How to create your business plan

9.  How to do your accounting and financial statements

10.  How to get the money you need to start your business

11.  How to create your marketing and attract customers

12.  How to build your online marketing presence

13.  How to make sales and land your first customers

14.  The Small Business Toolkit

15.  The Discussion Board

Every step of the course is filled with videos and companion tools to show you exactly how to start your business.

Start-a-Business 101 includes 46 templates, worksheets, checklists and samples

These tools will save you a lot of time, keep you organized and further guide you along the way to launching a successful business as soon as possible.

Fill-in the blank templates make it easy to plan your business.

Watch sample videos

Looking for a business idea? Discover the critical questions that you must ask to find the very best idea for you.

Learn how to create a one page business plan – the most important document for starting your business.

Learn how to find the best customers for your business.

Discover how to create a unique sales message for your business.

   Having run across your videos was a godsend to me. Your method provides me the structure I need to be successful. I am willing to put in the work to go through your complete course which so far has been incredibly helpful.

Phyllis Marks – Starting an Online Business

Will Start-a-Business 101 work for me?

This course is made for you:

  • If you want to generate a new income stream.
  • If you don’t have a business idea yet but want to be your own boss.
  • If you have an idea but are not sure how to get started or what to do first.
  • If you are ready to get started but want to make sure you are doing things right.
  • If you want guidance from someone who has done it before – multiple times.

Start-a-Business 101 will work for all types of businesses. And it will work for all sizes of businesses from one-person home-based businesses to larger enterprises.

Don’t have an idea yet? No problem. I will give you my 6-step process for quickly finding a great business idea. Plus I’ll show you hundreds of my best, money making business ideas, along with my insight on each one.

Wondering how to turn your idea into a profitable business? I will show you how to do it – every single step of the way.

You will learn how to plan your business, how to get the money to get started, how to do marketing, how to do accounting, how to make sales, how to set up your website and much more. You will have access to all my tools – including worksheets, case studies, checklists and templates – that will save you time and money.

I can promise you that you will get the very best strategies and ideas available today. You will get the exact techniques that I used to build my businesses, including the one I sold for $40 million.

Still skeptical? I get it. Sometimes you have to see it to believe it.

I got you covered. You can take this whole course completely risk-free.

You can test drive the entire course for 60 days.

That’s right. You can have full access to the whole course for 60 days. If you decide it’s not for you, or if you don’t love it, I’ll give you a 100% refund. No questions asked.

I can’t promise you that your business will absolutely succeed. No one can.

But I can promise you that I will give you the very best strategies and ideas for every step of starting your business.

And I stand behind that with my 60-day, 100% money-back guarantee.

I want you to start a business. And I want you to start it right.

 I have researched the marketplace for over a month to identify a viable and comprehensive ‘go-to’ guide on how to best launch a small business. This course offering from Bob Adams met more than what I was looking for.

Steve Cox – Experienced Businessman

Get Start-a-Business 101 and get $750 in bonuses – free

I am pleased to tell you that I am adding two limited time bonuses to Start-a-Business 101

These bonuses will make it even easier and quicker to get your own business up and running. 

The Ultimate Checklist to Starting Your Own Business 

This 18 page checklist will show you exactly what to do to start your business.

This extremely comprehensive 18 page document includes all the steps to start a business. Plus I give you my expert advice on every single step. 

This checklist will keep you totally organized and make sure that you are not missing anything important. 

This checklist is the ultimate shortcut in getting your business up and running. It will be your constant companion in starting your business. The checklist has a $500 value but I will give it to you as one of my welcome gifts for joining Start-a-Business 101.

How to Launch a Business Fast and on a Tight Budget Using MVP

Use this video to start your business fast and on a tiny budget.

The second bonus is a game-changing video/lesson. In this video/lesson I will teach you the concept of Minimum Viable Product, or MVP. 

You will learn how to start your business faster and for less money, than any other way possible. 

This important video/lesson has a $250 value but I will give it to you as one of my welcome gifts for joining Start-a-Business 101

So consider joining Start-a-Business 101 now if you want to get these limited-time free bonuses – a $750 value.

 Bob has been a close friend and trusted business adviser of mine for years… guiding me through the challenges we all face as entrepreneurs. Hands down Bob is one of the most talented, and successful entrepreneurs I know. Thanks Bob!

Matt Marshall – Founder, MGM Capital Investments

Frequently Asked Questions

When does the course start and finish?

This online course is completely self-paced – you decide when you start and when you finish.

How long do I have access to the course?

After enrolling, you have unlimited access to this course for as long as you like – across any and all devices you own.

What if I am unhappy with the course?

If you are unsatisfied with the course for any reason, please contact us within 60 days and we will give you a full refund, no questions asked.

What are the course requirements?

This course is for anyone thinking about starting a business. You don’t need to have any previous business experience whatsoever. Even if you have business experience, you will discover a vast amount of powerful new ideas that will help propel your business ahead.

Can I download any of the content?

Of course! All the worksheets, case studies, samples, and templates are downloadable.

Start a business you love, earn more money and live the life you want.

Start-a-Business 101 is the fastest and easiest way to learn how to start a business and become a knowledgeable and successful entrepreneur.

Start-a-Business 101 is a complete proven program that will take you step-by-step through your entire startup journey.

You will get…

  Easy-to-follow videos

  Ready-to-use tools

  Discussion board

  Inside advice

  Proven strategies

  Complete lifetime access

In just a few minutes a day, you will learn how to start your own business.

You can test drive the entire course for 60 days.

That’s right. You can try Start-a-Business 101 risk-free for 60 days. You will have full access to the entire course. If you decide it’s not for you, or if you don’t love it, I’ll give you a 100% refund. No hassles. No questions asked. I want to help you succeed in your own business.

BUSINESSTOWN’S #1 BEST SELLING COURSE

Start-a-Business 101

Learn how to start your own business.

Full Lifetime Access 

60-Day 100% Money-Back Guarantee

Only $19.95

Start-a-Business 101 is only open for a limited time.

Get on board now if you want to make sure you don’t miss out.

Questions? Email bbisson@businesstown.com

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