To build the best business, kick things off by building a game plan that hones in on your pitch, irons out a structured executive summary, creates initial budgeting forecasts, addresses ideal markets, and so forth.
There are too many variables to tackle in your first couple years. The most dependable way to improve your odds of success is to take serious time to get your game plan straight.
Take Action: Check out our 100% free Business Planning Guide designed to get you from A-to-Z as pleasantly as possible.
Quick Note: If you still need a business idea and want to explore some great options, Business Ideas by TRUiC has an awesome resource for helping you find the right one.
The next step is to form your business with the state. This will protect your personal assets (house, car, etc) and secure your brand name.
Most entrepreneurs form an LLC because it has all the benefits of a corporation without the disadvantages like double taxation, boards of directors, and corporate officers.
Depending on the type of business you’re in, your business structure, whether you’re hiring local Illinoisans, and where you set up shop, syncing with the tax code can happen as easily as hockey melded with Chicago.
If you don’t have or can’t yet afford legal help, consider reaching out the the SBDC near you with any questions.
For many small startups it’s just basic requirements, but it can get complex quickly if you’re opening a clothing store downtown, for example.
We suggest you have a look at a free PDF online called “The Benefits of Doing Business in Illinois” published by the Illinois Economic Policy Institute back in 2014. As you’ll see, the regulatory environment can be very startup-friendly.
This step can be as simple or as time consuming as you want it to be. All you’re really doing is establishing your brand’s finances through two components: your dedicated business bank account and your accounting software. Once that’s in order, your books are building on autopilot, all clean and tidy in one place.
Where you choose to set up shop is critical, whether it’s downtown Chicago, its immediate suburbs, or somewhere else in Illinois.
The idea is to find somewhere with the best resources that makes managing your business easier. For every downside of the location (and there will be some), there should be 3 upsides.
Take Action: We know picking a spot can be tough if it doesn’t somehow happen naturally through your personal/professional networks. If you’d like to brush up on everything that goes into making this decision, refer to our friendly guide on How to Choose the Perfect Location.
Don’t be shy, because Illinois has every financing and funding option known to humankind both in terms of conventional loans, state/local grants and programs, CrowdFunding communities, and more.
All that matters is how strong your ambitions are and how resourceful you can be.
Take Action: The email course we mentioned in Step 1 really comes in handy here because planning and finances go together like The Windy City and snow. You can also browse our guide on How to Finance a Business to start generating ideas.
No one’s saying your business website has to be majestic, but in order to be taken seriously you need a digital presence.
Potential customers need to be able to Google you and investigate your business. They need to have digital payment options. They need contact forms and blog-content in some cases to see what your brand is all about.
If you can’t market a product or service in Illinois then you might want to re-think things a bit. Illinois is truly one of the biggest cultural melting pots in America, so it has plenty of niche consumer populations. The challenge is not getting lost and in over your budget’s head.
Take Action: We hammer down on this a lot – start marketing as close to home as possible. If you only have one or two clients/users/customers, then show them as much love as you can. Shower them with incentives in return for honest feedback or perhaps a referral.
Along your path to greatness, we hope you add Startup Savant to your bag of goodies.
Around here we focus our efforts on valuable ongoing education, exploring the newest software solutions for new businesses, and sharing insight from fellow change-makers, ambitious creatives, and innovators. Sound good?