Research the Internet to see how many others have the same idea using your idea’s key words. If your idea is already in play in a big way, go on to your next idea.
Prepare a concept statement. Share what the product looks like, how it will work, and what it will accomplish or if it’s a service, what it is supposed to do and accomplish.
Define your ideal customer or group of customers. What is their persona? What are their needs and wants? How does your product or service benefit your customers?
Define your brand. How does it look–colors, shape and size? Is it emotionally appealing to your target customers? Check to see if the name is already registered and/or the URL is already used. If so, find one that is not used as a URL or registered with the state.Create an original logo.
Purchase the URL’s to use to set up your website –Go-Daddy etc.
Outline your communication and financial plans. Research these to see which route works best for your business.
Write down how your sales and marketing plan will operate. Research and determine which strategy is best for your business.
Tell how you plan to implement your social media plan. Learn the best way to use social media for marketing and modify it to suit your business.
Decide on legal business structure–Sole Proprietorship, Partnership, LLC, S-Corp, Corporation or an LLC with S-Corp elected for tax purposes. Prepare your articles of organization before registering.
Get a Federal EIN and then register your business with the state and file your articles of organization.
If you form an LLC, finish and sign an operating agreement
When you receive your state number go to your city offices and get a local business license
Set up bank accounts – savings, checking (checks or online checking?) and apply for a business debit or credit card
If doing business online set up a merchant or PayPal account
Set up a post office box or brick and mortar business mailing address
Set up a business phone number with sufficient lines to handle business volume. Consider a Skype account when appropriat
Figure out how you are going to track your finances- what type of accounting, which system, who will do your taxes etc. Accountants suggest that Quicken or Quick Books are the best for new businesses.
Set out schedules so you know when taxes, accounts, payments and purchases need to be made.
Set up your purchasing system and register with your vendors.
If your doing your business online, build a website and include a shopping and checkout system.
Sign up with a shipping vendor or drop shipper if needed. This can wait until you are in production and have sufficient orders to outgrow UPS.
What is ELP all about and what can it do for you?
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Newsletter for Utah Residents
We want to thank our sponsors for their support. They include:
Business Resource Centers
Miller Innovation Center
Women's Resource Center
We are currently looking for entrepreneurs willing to assist with our website.