Developing Your Business Idea

Before you rush to your attorney to establish your LLC or sign a lease for your new space, it’s crucial to first develop your business idea to ensure it’s viable. While you don’t need to spend months crafting a formal business plan, taking the time to think through some essential questions can set you up for success.

What Are You Selling?

Begin by clearly defining your product or service. Are you offering physical goods, a digital product, or a professional service? Understanding what you’re selling is the foundation of your business.

Who Are You Selling To?

Identify your target audience. Are you selling to consumers, businesses, governments, or perhaps all of the above? Understanding your market will help you tailor your approach and ensure your offering meets their needs.

How Will You Sell?

Consider your sales channels. Will you operate online, through a retail location, or with the help of a sales team? Each option comes with its own set of requirements and challenges, so it’s important to plan accordingly.

What Do You Need?

Think about the physical resources you’ll need to operate effectively:

• Inventory: Do you need to stock products?

• Equipment: Are there specific tools or machines required?

• Software: Will you need specialized software for operations or customer management?

• Office Space: Do you need a physical location for your team or operations?

Who Will You Need?

Your people are the foundation of your business. Determine the team you’ll need to support your business:

• Sales Representatives

• Production Team

• Administrative Staff

• Professional Services: Consider hiring an attorney, accountant, CPA, or IT professional to handle specific needs.

What Are You Going to Call It?

Choosing a business name is an important step. Aim for something that is:

• Easy to Pronounce and Understand

• Descriptive of what you do

• Unique enough to stand out

• Available: Ensure the name isn’t already in use by another business or trademarked

Taking the time to thoughtfully answer these questions will help you build a strong foundation for your business. By addressing the basics early on, you’ll be better prepared to navigate the challenges of launching and growing your venture.