Starting Out, First Define Your Business

People discover entrepreneurship in different ways.  You’ll hear stories about how a well know entrepreneur started as a child, or how a business owner started after a successful (or unsuccessful) career.  For many of us, business ownership may be an unexpected consequence following a layoff or just being fed up with working for someone else. 
 
In many cases, the first step in a new business may be taken with little forethought.  It would help I those cases to take a breath and begin with a simple step.  It sounds simple, but a key first step in getting started with your business is to actually define what you want your business to be.

​It sounds simple, but a key first step in getting started with your business is to actually define what you want your business to be.

The definition of your business will probably shift and change over time, however, it is important that you always have a clear sense about what your business is at the moment and where you want it to go.  To start, define what you see in your current vision of the business.

Some key questions to help you set a clear definition.

1. Do you provide a product (or products) or services, or both?
2. Do you need to work from a set location?  Where will you need work - from home, at an office, a retail location, rented space?  Do you expect that this will change, and if so, at what point?
3. Will you need to work with employees, a partner or subcontractors?
4. What supplies and resources will you require?
5. Who are your suppliers?
6. What are your compensation or income needs for the business, both immediate and one year from now?

By thinking about and answering these basic questions, you will be in a better position to frame your thinking for what to do next and where you need to focus your attention.
 
Use this simple worksheet to write down your initial answers to these questions.  This exercise helps your business idea to gel, and to help you start to refine your business idea as we work through future steps.