How to Start a Successful Business
Getting a plan together before you spend a lot of money on your launch is a smart move. We outline the steps to getting your business off the ground
1) Start With The Business Model Canvas
- The business model canvas helps you organize your thoughts, below is an example of a business model canvas for a paleo takeout restaurant.
Business Model Canvas
The business model canvas is the map for internal and external business processes.
Internal processes are:
- Key partners
- Key activities
- Key Resources
- Cost Structure
External processes are:
- Your Value Proposition
- Customer Relationships
- Customer Segments
- Channels of sales
- Revenue Streams
To learn more about the business model canvas, check out this YouTube video here.
2) Proof of Concept
Before launching a full business plan of what your business will look like, it's time to test whether your product/service has a target market (the external process above). You can use social channels such as Facebook marketplace, Instagram, Linkedin and YouTube to find your customer segments, your channels of sales and different revenue streams.
If you have a product, you can test your proof of concept on Amazon before you go into full production mode.
3) Full Business Plan
Yes, you do need one of these if you want to borrow money for your startup. Investors and the bank expect that you have done your homework!
4) Find a Mentor
If you want to avoid startup mistakes, mentorship can help you avoid all the pitfalls of new businesses. Think of joining communities that offer mentorship. If you are a woman entrepreneur, The Women in Biz Network might be just what you need.
We put together a podcast with the founder of the Women in Biz Network, Leigh Mitchell, to cover all the steps for a successful business launch. Listen to our podcast here. (And get a 30% discount on a membership to Women in Biz Network!)