HOW TO TRANSFORM YOUR IDEA INTO A BUSINES IN 10 EASY STEPS

1. Perform market and product research:
Market research is essential to become familiar with the market you are trying to get into. Learn about competitor sizes and volume. Find similar products and compare them to the ones you want to introduce in the market. Once you obtain all this information prepare a SWOT analysis to identify the strategies you need to implement.

2. Build a business plan summary:
Identify all your needs to start operations: processes, materials, knowledge, distribution channels, human resources, licenses, etc. Based on that, create a cash flow to understand your funding needs. Lastly, create a list of tasks or steps to take to initiate your business.

3. Create an LLC:
Although there are other legal structures for businesses, normally LLC is the most convenient to start a business, because it protects the owner’s property from risk and gives the flexibility of having one owner or many partners.

4. Open a bank account and start your company’s accounting:
Don’t wait until starting operations, because you may lose information about initial expenses. Keeping all your accounting transactions from the beginning will allow you to know your financial results at any point in time.

5. Look for funding if needed:
There are different options for funding, such as loans or investors. Leverage is a common way to start a new business. However, if you are going to borrow capital, make sure that your profits will be greater than then payable interests.

6. Obtain Licenses:
Don’t start operations until you are fully compliant with regulatory. Operating a business without required licensing may be a cause for denial of license at the time you apply. In Virginia, you can find information about licensing with the State Corporate Commission or with DPOR.

7. Obtain insurance:
Insurance is more important than what people normally consider. All operations have inherent risks. Whether it is because of accidents or liability, the cost of not having insurance can be too high.

8. Find your resources:
After you obtain funding, hire personnel, buy equipment and other initial resources to start operations.

9. Advertise/Marketing:
Create marketing campaigns to let others know about your products or services. Introduction promotions help to encourage new clients to try the new options you are introducing in the market.

10. Now open for business
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