- Make sure that it is a real passion for you and something you strongly believe in. (This will help carry you through the highs and the lows.)
- Do your research. How many other businesses are in this space? Who are your competitors and how successful are they?
- What is the scope of your market? Is it local, National or even Global in outreach potential?
- Who is your niche market? How broad is this market?
- Who is your ideal customer? How will you reach your target customers? What social media platform(s) do they hang out on?
- Pull together a simple business plan with clear goals for at least the first year.
- Figure out the best organization for your business- is it a for-profit, a not-for-profit, is it a social purpose business, women or minority-owned business, LLC? Knowing your target market will help you decide what is the best legal framework for you when you are starting out.
- Make sure your legal framework is solid. When you start out you need to make sure that your business is registered, fees are paid, and you are meeting all necessary legal requirements. Having a lawyer to help walk you through the process or verify what you have in place can be a real timesaver.
- Decide whether you need insurance coverage for the work your company will be conducting.
- Make sure your business has an online presence that best meets your needs.
Wishing you success and happiness!
Founder & CEO