IDENTIFYING BUSINESS

IDEAS
WHAT IS BUSINESS IDEA?
• A business idea is a concept that can be used for financial gain that is
usually centred on a product or service that can be offered for money.
• An idea is the base of the pyramid when it comes to the business as a
whole.
• A business idea is often linked to its creator who needs to identify the
business' value proposition in order to launch to market and establish 
competitive advantage.
characteristics of a promising business idea
1. INNOVATIVE
Meaning of innovation
For businesses, this could mean: creating new ideas, new 
product development through research and development, or improving
existing services.
Innovation can be the central focus of a business and this can help them to
grow and become a market leader if they execute their ideas properly.
Businesses that are focused on innovation are usually more efficient, cost-
effective, and productive. Successful innovation should be built into the 
business strategy, where you can create a culture of innovation and drive
forward creative problem-solving.
UNIQUE SELLING PROPOSITION

• A unique selling point (USP) is the factor that makes a company or a

product stand out from its competitors, whether it is through; pricing,
quality, customer service or innovation.
• Each successful company has a unique selling proposition (USP). A
USP can be created through the element of being first to a market.
PROBLEM SOLVING

• Business ideas that solve problems are fundamental to developing the

world.
PROFITABILITY

• Profitability is a business's ability to generate earnings compared to its

costs over a certain period of time. This is possibly the most
important aspect of any business idea in the long term, as this is what
makes a business survive in order to keep having the impact that it
has.
• Profitable ideas need a strong revenue stream against its costs and
this tends to create the success of the business.
How to Come Up With a Business Idea?

• Starting a business takes time and energy, and one must undergo
periods of extended self-reflection to find a business idea that's both
realistic and viable. 
• Start by analysing yourself and your strengths. What interests you?
What are you naturally good at?
What are you good at?
• If you are a person who is good at certain chores or tasks, this might
be a golden opportunity to turn that skill or talent into a business.
• It's important to choose something you are passionate about and can
see yourself doing day in, day out.
What do others tell you that you're good
at?
• Maybe you have a hidden talent that others see in you that you never
thought of as a big deal.
• If this is the case and that skill is something you could see yourself
doing more of, it could be a great business idea.
• Talk with your family and friends, and see what they think.
What service do you wish existed that
currently doesn't?
• what problem exists that needs a solution?
How to determine if you have a good business idea?
Does it solve a problem?

• The best business ideas are those that solve a problem in some way.
Will people pay for it?

• It's paying customers who validate an idea and determine which ones
have the greatest chance for success.
• An idea is just an idea until you have a paying customer attached to it.
What's your price point?

• Once you have determined that you are solving a legitimate problem
in a scalable way, you need to determine not only the value that it
delivers to the world but what people would pay for that value.
Is there a sizable market for it?

• Without a large enough market, your idea may never get off the
ground.
• You need to determine if a market exists for your idea. You're better
poised for success if your business improves upon what's already out
there – a novel response to a recognized need.
Are you passionate enough about it?

• Your business will likely consume all of your time, so make sure you're
passionate about it to make it successful.
• It's important that your idea is something you truly care about, not
just something you've targeted because it seems like it could be
lucrative.
Have you tested your idea?

• You won't know if your business is viable until you test it on strangers.
• "Test it – not just with friends who will be too polite to tell the truth
but with honest people who would make up your ideal target
audience, and then listen to the feedback.
Are you open to advice?

• If you're not open to changing or adapting your idea to fit what your
customers want, your business idea might not be worth pursuing.
• Success happens when you are willing to listen and consider others'
advice.
How will you market your business?

• Many entrepreneurs think about the problems their business will

solve but not about how they intend to market their business to their
target customers.
• If you have a solid go-to market strategy and a decent product, you'll
probably be successful.
• But if you have a great product without any idea how to reach
potential customers, then it's going to be really tough to make it
successful.
Are you being realistic about your goals?

• As excited as you may be about a new business idea, it's important to

stay grounded and be realistic about it.
Helpful sources to spark new ideas

Study successful entrepreneurs

It's hard to know where you're going if you don't know where the great
entrepreneurs before you have been.
Read origin stories and study successful businessmen and women. How
did they come up with their business idea? What advice do they have
to up-and-coming entrepreneurs? Learn all you can before you embark
on your own journey. 
Can you find similar products or services
using search engines?
• The internet is incredibly helpful when it comes to finding products
and services that you are in the market for.
• But have you ever searched and searched for something, and not
been able to find it?
• That should be a tipoff of a potential opening in the market that
should you act on.
Turn to social media
• People on social media are often quick to identify issues and
problems they have with current products, places, processes, etc., but
few take the time to come up with a solution.
• Reading through people's grievances can give you great insight into
problems other people have that you can solve. Online review sites
can offer the same.
GENERATING BUSINESS IDEAS
What is idea generation?
Idea generation is described as the process of creating, developing and
communicating abstract, concrete or visual ideas.
It’s the front end part of the idea management funnel and it focuses on coming
up with possible solutions to perceived or actual problems and opportunities.
Idea generation is the creative process or procedure that a company uses in
order to figure out solutions to any number of difficult challenges. It involves
coming up with many ideas in a group discussion, selecting the best idea or
ideas, working to create a plan to implement the idea, and then actually taking
that idea and putting it into practice. The idea can be tangible, something you
can touch or see, or intangible, something symbolic or cultural.
• Idea generation (ideation) is an emerging buzzword representing the
creative process of generating, developing, and communicating new
ideas, while an idea is understood as a basic element of thought that
can be visual, concrete, or abstract.
METHODS OF GENERATING
BUSINESS IDEAS
• Focus Groups
• A focus group is defined as a group of individuals providing information in a
structured format. A moderator leads the group of about 8 to 14 participants
through an open, in-depth discussion rather than simply asking questions to solicit
participants’ responses.
• For a new product or services area, the moderator focuses the discussion of the
group in either a directive or non-directive manner.
• The group is stimulated by comments from other group members in creatively
conceptualizing and developing a new product or service to fill a market need.
• The focus group is an excellent approach for initially screening ideas and concepts.
Existing company can use this method to expand a section or department to be able
to achieve greater productivity in its services
Brainstorming
• The brainstorming method allows a group of individual to be stimulated to greater
creativity by interacting with each other and participating in organized group
experience.
• Most of the ideas generated from the group have no basis for further
development, yet there are times that a good idea emerges. This has a greater
frequency of occurrence when the brainstorming effort focuses on a specific
product or market area.
• For this approach to be successful there should be no negative comment or
criticism, quantity of ideas should be encouraged, the wider the idea, the better
and combinations and improvements of ideas are encouraged.
• Many modern commercial banks successfully used brainstorming techniques to
develop a series of product for their clients or customers.    
Problem Inventory Analysis
• Problem inventory analysis is a method for obtaining new ideas and solutions by
focusing on existing problems. In this approach, the customers or consumers are
provided with a list of problems in a general product category.
• Thereafter, they are asked to identify and discuss product in each category that
have a particular problem. This method is effective when an improved
service/product is desired.
• When known product or services are related to suggested problems, a new
product idea emerges. Result from product inventory analysis must be carefully
evaluated as they may actually reflect a new business opportunity.
• For maximal result, it is advisable that problem inventory analysis should be used
primarily to identify new product ideas from existing product before further
evaluation.
Tools and techniques for generating ideas

• Idea Challenge
• Idea challenge is a focused form of innovation where you raise a
problem or opportunity with the hopes of coming up with creative
solutions.
• The point of idea challenge is to participate in ideation and generate
ideas around a pre-defined theme for a limited period of time.
• It allows you to form a specific question and direct that question at a
specific audience to receive new ideas and unique insights.
• Before setting up an idea challenge, it’s important to define what you
want to accomplish with it.
• Because there are two types of idea challenges, problem centric
and solution centric approaches, you should first clarify whether
you’re looking to identify challenges or develop potential
solutions for them.
• Keep in mind that idea challenge is the best technique when you need
to generate lots of new ideas. It may not be the most effective way to
generate ideas if you only involve a few experts in your ideation
process as it’s proven to be more useful for engaging large audiences.
• Although idea challenge enables you to gather lots of ideas fast,
careful planning takes time and might not be worth the effort if there
are no resources to execute it properly. Also, right timing is necessary
for it to succeed.
SCAMPER Technique
• The SCAMPER technique is created by Bob Eberle, and is a method
used for problem-solving and creative thinking. It’s a holistic way of
applying critical thinking to modify ideas, concepts or processes that
already exist.
• The purpose of the SCAMPER is to make adjustments to some parts
of the existing idea or process to reach the best solution. It consists of
seven actions that can be used to replace parts in the process:
• 1. Substitute – Substitution technique refers to replacing a part of your
product, concept or process with another to achieve even better outcome.
• 2. Combine – The combine technique explores the possibility to combine
two ideas into a single, more effective solution.
• 3. Adapt – Adaptation analyses the possibilities to make the process more
flexible and focuses on other similar incremental improvements to the
idea, process, or concept.
• 4. Modify – Modifying the idea looks at the problem or opportunity from a
bigger perspective and aims for improving the overall results, not just the
idea.
• 5. Put to another use – This approach focuses on finding ways to use
the idea or existing solution for another purpose and analyses the
possible benefits if applied to other parts of the business.
• 6. Eliminate – The elimination technique is quite straightforward: it
examines the possible outcomes if one or more parts of the concept
were eliminated.
• 7. Reverse – This action focuses on reversing the order of
interchangeable elements of an idea.
Opposite Thinking

• Opposite / Reverse thinking  is a technique that can help you question

long-held assumptions related to your business. It’s a useful tool to
consider if you feel your team is stuck with the conventional mindset
and coming up with those “out-of-the-box ideas” seems to be
difficult.
• Often, finding the best solutions aren’t found through a linear thought
process. Although our brains are wired that way, opposite thinking
can help us question the norm.
• With this type of thinking, you consider the exact opposite of what’s
normal. You can even think backwards to find unconventional
solutions.
Brainstorm Cards

• Brainstorm cards are a useful tool created by the Board of Innovation

 for coming up with dozens of new ideas related to whatever
challenge or problem you are currently working with. Brainstorm
cards help you consider external factors such as: societal trends, new
technologies, and regulation in the context of your business.
• This approach allows you to generate a great number of ideas with
little effort. Although many of the ideas won’t make sense, this tool
can still be very beneficial for getting you out of the rut if you’re
suffering from a creative block.
Analogy Thinking

• Analogy thinking is a technique for using information from one source

to solve a problem in another context. Often one solution to a
problem or opportunity can be used to solve another problem.
• Analogy thinking can, for example, be used for analyzing a successful
business, identifying what makes it great, and then applying those
same principles for your business. This is an effortless method for
coming up with new ideas that are pre-validated.
• The aforementioned techniques are some of our favorites for
generating ideas but definitely not the only ones out there. The ones
that work for you can be found by testing different options.
Succeeding with Idea Generation

• Before engaging more people to use these tools and techniques for
generating more ideas, there are a few more tips that can help you
get more out of your ideation methods.
Define the problem or opportunity

• Although this seems obvious, the more accurately you’re able to

describe your current or perceived problem or opportunity, the better
chances you have of actually generating useful ideas.
• Before you start, try to gather as much information about the
problem as possible to get to the heart of the problem. Identify what
you already know about it and what information is still needed.
Involve the right people

• For your ideation to be as productive as possible, it is important to

involve the right people to the process. Engage those people who
know about the topic and are genuinely interested in making a
change in your organization.
• If your plan is to engage a larger group of people to generate ideas,
make sure your audience is relevant and well informed on the subject.
Set constraints

• Communicating that any idea is a good idea may hinder creativity, so

make sure your goals are ambitious and specific enough. One way to
get more of actually creative ideas from your audience is to set
constraints.
• If your general goal was to reduce costs, it’s likely that people would
suggest ideas such as spending less on office equipment or buying
cheaper coffee. However, the ideas you’ll get will be a lot different if
you’d ask: “What could we do to save 70% on costs?”.
• Without constraints, people typically come up with small suggestions
for improvement with little or no creativity. But when describing the
challenge in more detail and setting more ambitious goals, people
really need to use their imagination to achieve a desired outcome.
Conclusion

• The purpose of generating new ideas is about improving what already

exists as well as coming up with something new.
• Often when trying to solve a problem or approaching a new
opportunity, people use existing solutions or mental models instead
of trying to come up with new ones. The problem with this approach
is that it doesn’t allow you to explore different opportunities and it
narrows down the number of possible solutions.
ASSESSING AND SELECTING A
VIABLE BUSINESS IDEA
• INTRODUCTION
Many of us are faced with business opportunities on a regular basis.
Deciding what’s worth embracing, though, can be difficult.
Whether you’re starting a new business or whether you’re trying to
expand your current business with a new opportunity, it’s vital to know
how to appropriately evaluate it.
As you look forward, here are some things to consider when deciding
whether a business opportunity is worth embracing:
1. Market Size

• One of the most important factors when evaluating a business

opportunity is market size. Do a little market research. Figure out if
there is a market for the opportunity — and how big that market is.
• Before you move forward, you want to be sure the demand is there.
You don’t need to appeal to a massive market, but it does help if you
understand the market. Additionally, knowing how engaged the
market is and how likely they are to pay for what’s being sold can
help.
2. Relationships

• Does the business opportunity come with some relationships? For

example, do you have an “in” that can help you leverage the
opportunity?
• If you know someone who is technically minded, that can help you
with certain aspects of the opportunity. What are your relationships
with potential investors or customers? When you have more
relationships, the opportunity is likely to run smoother.
3. Ability to Manage Cash Flow

• Next, you need to look at the ability to manage cash flow. Is there
start-up funding for the business? What about ways to keep funding
the business each month. Figure out how the cash flow will be
managed, and take a look at the business plan. You want to make sure
that the business is likely to sustain itself after a period of time.
4. Management Skillsets

• What are the skillsets of those involved? If you are evaluating your
own business opportunity, you need to be honest about what you
bring to the table, and what you need to make up for. When looking
for a business opportunity to invest in, or expand into, look at the
management. What skills do they have? Are they appropriate and
diversified? Do you trust the competence of the principals to make
the opportunity a success?
5. Passion and Persistence

• Even if there is a bit of a talent deficit, it’s possible, in some cases, to

make up for that with passion and persistence. Are you working with
people who will get the job done?
• Do you trust that they have the passion to make things happen? Will
they approach problems with a can-do attitude in order to solve them?
• When dealing with your own startup, you need to make sure you have
the passion and persistence for the opportunity. Will you push through
even though things get a little dark? If you’ve done your research, and
you are confident in your team and your plan, then being able to push
through is vital
6.Diversified
• I never want to have all my eggs in one basket. I don’t want my life to
be dependent on one customer or employer. I don’t want one trend,
industry, or customer group to effect everything I’m doing. It’s easy
for investors to diversify. For entrepreneurs it’s a bit harder, but
possible. I personally don’t have a very wide portfolio now, but I plan
to.
7. Quantity and quality of work
• How enjoyable will the work be? How much time will it require? Most
opportunities will require significant time investments. Overall
lifestyle is an important factor to me, so I wouldn’t want to spend 100
hours a week doing something I hate.
Ability to validate.
• How confident can I be, or quickly get, that I’m pursuing a viable
business? If I can’t get 10 customer development interviews within a
week, and begin to prove there’s a viable business within a few months,
I don’t want to do it. I know that massively limits my upside, but again,
my goals are specific. Does it require product development to get
validation (ie something like Snapchat)? Do I have to sit through 10
month sales cycles to know if it can be sold? Those are risky paths to go
down.
• That’s part of the reason I’ve been interested in companies solving
known and validated problems or in existing and validated markets (
second movers).
• To evaluate your business ideas and opportunities, you need to
contemplate about various factors like market analysis, risk
assessment, financial components, required skill set, differentiation,
network, self-analysis, identifying the need and quantity of work.
Thus, by evaluating all these factors, one can choose the perfect
business opportunity.
1. Market Analysis

• According to the business idea, you should analyse as to how big your
market is? What kind of audience do you intend to cater? Does it
focus on a particular age group or is available to all.
• You should also analyse how fast the market is growing and does it
account for a profitable business. In case your business is the niche
market you might have difficulty in availing the funding. For example,
if you are planning to take up a Overseas Education Franchise, then
you should do your research and analyse the prospects
2. Risk Assessment

• Another important factor while evaluating the business opportunity is

the risk associated with it. The potential risks are to be calculated
while selecting the business domain. There can be certain factors that
might hamper your business, for example, the current state of the
economy, weather events and competition. Such risks will have to be
analyzed along with other inevitable factors that might come up like
the level of credit available to you, your team size, etc.
3. Financial Components

• Evaluating your resources is crucial while selecting any opportunity.

The investment required to purchase the existing business, franchise
or start-up costs required initially. Banks usually expect entrepreneurs
to come up with a portion of the investment to show that they can
take the risk with the lender. You can assess the financing available
through the seller, banks, and investors while evaluating your chances
of success.
4. Required Skillset

• It is quite obvious that the business that you want to start should
match your skill sets. Embarking on an opportunity without having
the necessary skills will not help you and will leave you clueless.
• The field of business should at least be in alignment with your
interests or your educational background. Having a hands-on
experience of the work can be an added advantage.  Of course, you
can learn new tactics and skills, but that comes with extra costs and
risk.
5. Differentiation

• If there are a lot of competitors in your business, then you need to

identify what makes you unique. You also need to figure out
something that sets you apart and serves as an exclusive selling point
of yours. This factor is important as it will help you get a competitive
edge on the market. If you haven’t identified any such trait yet, you
should give it a thought and go that extra mile to discover it since it
will help you build the most successful and promising business. It is
advised for a brand new business since your services will speak for
your brand.
Network

• Having a good network connection with the customers, partners and

investors can save a lot of time and reduce costs. Already having
established relationships with significant people in the industry will
help you start your business smoothly rather than forming new
connections. Having contacts with individuals who have the technical
expertise will help you take off your business faster as you can partner
with them.
7. Self-Analysis

• When you do get an idea about the kind of business you want to take
up, you should also consider your ability to manage resources. Before
analyzing the feasibility of your idea, you need to examine your
talents, goals, and desires. You should review your marketing skills to
ensure that you have the necessary background to make your
business successful.
8.Identifying the Need

• You need to figure out the mission of your business. You should
determine what need you are filling in the marketplace and how big is
its appeal to the customers. Before starting to deliver your services
you should do some research if the customer indeed requires it.
Instead of conducting internet survey you can go to a place where
there are a lot of people and ask them to evaluate your ideas. A
genuine feedback in the initial phase will save you a lot of mistakes.
9. Quantity of Work

• Apart from other factors, you should also check how much time will it
take to deliver your services and what is the output. You should
measure the quantity of work and efforts that are invested and then
you should see if the quality is maintained as well. You need to hire
the necessary staff accordingly and utilize their skills to deliver the
services that your brand offers.
DEVELOPING BUSINESS
OPPORTUNITIES
• Entrepreneurs often live with the hope that if they build it, customers
will come.
• But in today's economy, it takes a lot more than hope to get people to
purchase your products or services: New business-building practices
are a must if you want to expand.
Focus on your core product
• It's common in small, service businesses that the entrepreneur feels
he or she must do everything the "big guys" do to compete.
• The truth is, small-business owners can really never compete in the
same way. So it's essential for small businesses to differentiate
themselves by focusing on the unique capabilities and core products
they bring to prospects.
• Specialization is the entrepreneur's greatest asset.
Keep your pitch simple
• The last time you asked someone at a party what their company does,
did you get a clear, concise response? Or did your eyes glaze over by
the time they got to the end of their explanation? My guess is, it was
probably the latter. Now imagine that same pitch being presented to
prospects who don't have a glass of wine in their hands to distract
them! It's not a pretty picture.
• What every company needs is a simple "elevator pitch." That's a short,
concise message that can communicate your message to a prospect in
30 seconds or less. It explains the value your product or service
provides so the prospect understands why it's applicable to them.
Stay true to who you are
• Knowing who you are and what gets you excited (and bores you to tears) will
help you reach your goals. Nothing can derail a growth plan more than
discomfort and procrastination-it's simply human nature to procrastinate
over things that cause discomfort.
• And there are dozens of daily business requirements that every business
owner detests. If you're finding yourself putting things off, it's time to start
delegating. Stay true to who you are and what you do best: Hand off those
tasks that will blow you off course because you don't like doing them, so you
don't! Stretch and grow your capabilities in alignment with your interests and
expertise. If accounting is your nemesis, hire a bookkeeper. If your personal
organization is out of control, hire a temp to set up a new filing system
 Map it
• Mapping your capabilities with your target clients' needs is an
excellent way for you to determine your service strategy. You'll find
that while you may be perfectly skilled in many areas, you're going
after customers who don't need your particular expertise.
• One common trait among many entrepreneurs is the urge to "cast a
wide net" by being all things to all companies. In almost every case,
however, a small business flourishes because it has a narrower service
offering. Remember, a small company's value is that it can specialize
in unique, top-quality services.
Utilize marketing tools that work best for
you
• When deciding on a marketing strategy, implement one that fits your
personality and the customers you serve. For instance, if you're
terrified of getting up in front of a crowd, don't schedule yourself to
participate on a panel in the hopes of generating business. You'll derail
your efforts if you don't perform well.
• Identify the top two marketing tools you've used in the past that have
worked for your company. Let's say that's cold calling and a Web site.
Then start adding new ideas for a fresh perspective. When selecting
your marketing tools, also evaluate them from a financial and cost
basis. Decide what will yield the best return on your efforts. Each tool
should lead to a revenue-producing result in one way or another.
Implement a plan of action
•  Up until now we've been in the planning mode, but now it's time to
dig in and put it to work. Your action plan will also give you the map
you can use to measure your progress.
• Establish goals that can be reviewed at three and six months. At
incremental points within each three-month period, keep checking
your plan to see if you're meeting your goals. If you find you're
missing the target, ask why. Were the tools appropriate for your
target customer? Did you integrate the strategy, or did you just focus
on one of the tools?
Exercise the plan
• Complete the daily actions, and then do something extra to
accelerate your success plan.
• Don't let unplanned tasks waste precious time that should be applied
toward reaching your goal. And most of all-enjoy the process!
ESTABLISHING AN ENTERPRISE
• INTRODUCTION:
When establishing a small to medium enterprise, it is VITAL that an
entrepreneur considers establishment influences, which can often
determine the success or failure of a business to flourish. These
establishment influences consists of those in the internal and external
business environment and include the business idea, legal
considerations and influence of government on SMEs and market
considerations.
Do Your Research

• Most likely you have already identified a business idea, so now it's
time to balance it with a little reality. Does your idea have the
potential to succeed? You will need to run your business idea through
a validation process before you go any further.
• In order for a small business to be successful, it must solve a problem,
fulfill a need or offer something the market wants.
Make a Plan

• You need a plan in order to make your business idea a reality. A 

business plan is a blueprint that will guide your business from the
start-up phase through establishment and eventually business
growth, and it is a must-have for all new businesses.
Plan Your Finances

• Starting a small business doesn't have to require a lot of money, but it

will involve some initial investment as well as the ability to cover
ongoing expenses before you are turning a profit. Put together a
spreadsheet that estimates the one-time start-up costs for your
business (licenses and permits, equipment, legal fees, insurance,
branding, market research, inventory, trademarking, grand opening
events, property leases, etc.), as well as what you anticipate you will
need to keep your business running for at least 12 months (rent,
utilities, marketing and advertising, production, supplies, travel
expenses, employee salaries, your own salary, etc.).
Choose a Business Structure

• 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.
• You may choose an initial business structure, and then re-evaluate
and change your structure as your business grows and needs change.
Pick and Register Your Business Name

• Your business name plays a role in almost every aspect of your

business, so you want it to be a good one. Make sure you think
through all of the potential implications as you explore your options
and choose your business name.
• Once you have chosen a name for your business, you will need to
check if it's trademarked or currently in use. Then, you will need to
register it.
Get Licenses and Permits

• Paperwork is a part of the process when you start your own business.
• There are a variety of small business licenses and permits that may
apply to your situation, depending on the type of business you are
starting and where you are located. You will need to research what
licenses and permits apply to your business during the start-up
process.
Choose Your Accounting System

• Small businesses run most effectively when there are systems in

place. One of the most important systems for a small business is an
accounting system.
• Your accounting system is necessary in order to create and manage
your budget, set your rates and prices, conduct business with others,
and file your taxes. You can set up your accounting system yourself,
or hire an accountant to take away some of the guesswork. If you
decide to get started on your own, make sure you consider these
questions that are vital when choosing accounting software.
Set Up Your Business Location

• Setting up your place of business is important for the operation of

your business, whether you will have a home office, a shared or
private office space, or a retail location.
• You will need to think about your location, equipment, and overall
setup, and make sure your business location works for the type of
business you will be doing. You will also need to consider if it makes
more sense to buy or lease your commercial space.
 Get Your Team Ready

• If you will be hiring employees, now is the time to start the process.
Make sure you take the time to outline the positions you need to fill,
and the job responsibilities that are part of each position.
• The Small Business Administration has an excellent 
guide to hiring your first employee that is useful for new small
business owners.
Promote Your Small Business

• Once your business is up and running, you need to start attracting

clients and customers. You'll want to start with the basics by writing a 
unique selling proposition (USP) and creating a marketing plan. Then,
explore as many small business marketing ideas as possible so you
can decide how to promote your business most effectively.