Everyone knows someone (or many someones) who have started a company. But very few actually understand what it takes to start a company. In today’s show we tackle several of the myths that are out there about starting a company and how to do it in a practical way.
Do you need a big pile of cash? Or a business plan? Lots of employees? What’s it really take to start? We advise our clients and those looking to start a company to keep it simple. You will want the basics of a business plan that are rooted in the 7 Keys to Success, but don’t go crazy with 30 or 40 pages of stuff. Put that time and energy into getting the business off the ground.
One of the biggest keys is getting your product or service out there for people to try it out. Can you give it away at first? If not, you need to continue to tweak it. If you can give it away, work on getting your first paying customers.
Don’t make the mistake early on of making the business support your needs in terms of taking a “paycheck”, but instead keep as much cash in the business as you can so it can be reinvested to improve your business. If it’s good, it will eventually support all your financial needs and then some!
People, Companies and Resources We Mentioned in the Show
- MVP 3 Circles
- MVP 7 Keys to Success
- Business valuation firm Spardata
- Department of Forgings in the Commerce Department of the Federal Government.