SDH 193: What to do When You Want to Start a Company But Don’t Know Where or What to Start
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In this podcast episode, I’m going to cover what to do when you want to start a company and know exactly what you want to start and what to do when you want to start a company but have no clue or too many ideas that it becomes overwhelming and you shut down.
Write down the list of ideas you have:
Keep in mind what you're good at. If you're in a full-time job, what is it that you do well at and what do you enjoy doing
This is a judgement FREE zone. Let your mind and creative process flow.
Ask yourself what are some daily frustrations you have? What are problems that you want solved in your own life?
Circle the top 5 ideas that you have that you're excited about
Number them 1-5, 1 being the first thing you're going to explore and 5 being the last thing you're going to explore
Remember that iterating is a process. In the beginning you may feel overwhelmed because you're doing so many things, that is okay. That is part of the process. Each time you do whatever it is that you do, you get to iterate it, make it better.
Be patient. Entrepreneurship and creating a business requires a ton of patience and persistence.
Once you're in the the thick of it....
If you're struggling because you can't figure out the name of what you want the business to be, use what I like to call a place holder. Create the content and the meat of your biz and then go back. Don't get hung up on trying to create the best name for your business.
Chose the correct business entity
Apply for an EIN in order to obtain a business checking account to help keep personal and business expenses separate
Create a one-pager business plan. Be sure to include a marketing plan, path to revenue and service/product that you're offering and what need are you solving. Check out this interview for a full rundown of what goes into your one-pager.
Hope you guys enjoy! And for today's mini episode I'm sitting down with Katie Lord who will be covering all aspects of marketing at the She Did It Her Way Summit.