Happy National Small Business Week!! 

This week Adebukola.com is dedicated to learning, empowering, and providing resources to YOU, a current or aspiring business owner. With small businesses contributing over 40% to the U.S. economy and creating two-thirds of new jobs, there is no better time to explore entrepreneurship. 

If you start a business today and are successful, you’d actually be helping the economy, creating jobs and distributing wealth. 🎉

Starting a business can be daunting (and it is, trust me) but here is my take on five things you can do in the next 60 days to kickstart your business.

1. RESEARCH, RESEARCH, RESEARCH

You have a great idea. It’s literally genius and you know you’ll make a lot of money selling a particular service or product. Chances are someone has the same exact idea too! And they’re already in business!

When establishing a business you must do research to find out who the competition is and what they are doing or not doing. This will help you develop a unique selling proposition (USP). Simply put, it’s the thing that sets you apart from others in your industry. This whole process is known as market research. Market research answers basic questions such as these:

• Demand: Are consumers readily looking for your product/service?

• Market size: How many people would be interested in your product?

• Economic Status: What is the income range of your customer?

• Location: Where do your potential customers live or work?

• Market Saturation: Who are your competitors? How many are there?

• Price: What do customers typically pay for the product?

I just created my buyer persona in minutes with @HubSpot's new #MakeMyPersona tool, try it out…

2. PLAN, PLAN, PLAN

After learning through research the next step is to create the plan of all plans — THE BUSINESS PLAN.  A business plan is a formal, written document outlining what your business is and you plan to operate and fund it.

A business plan contains a  — 

• Company description and goals 

• Market Research Analysis 

• Organization and Operational roles

• Description of service or prototype of product 

• Marketing and Sales Plan

• Budget  

3. FUND, FUND, FUND

To make money, you need money. Don’t be afraid to ask friends and family to invest in your business before you go to the bank. The reality is that many people do not have the capital or credit to get a loan from a bank or attract a big time investor. This is the very reason why a comprehensive business plan is pivotal to your success. Use your business plan as proof that an investment would be profitable. Some businesses with loyal customers can crowdfund and make their growth open to their community or to the public. 

Looking to crowdfund? Use Kickstarter, named the #1 crowdfunding site of 2019.

4. REGISTER, REGISTER, REGISTER

Not all businesses are created equal and in order to be recognized as a real business it is a great step to register your business within your state’s jurisdiction. Registering your business not only makes your business legitimate it could protect your intellectual and physical property. Registering your business includes:

• Getting federal tax and state IDs

• Applying for licenses/permits

• Opening a business account

Legal Zoom is a great resource for business formation. You can buy your LLC in just a few steps.

5. EXECUTE, EXECUTE, EXECUTE 

And finally, all this research, planning, and funding will not be successful unless it’s implemented and evaluated.

Oh and one more thing! Many successful businesses did not partake in any of these steps to actually operate. Yet, you cannot skip steps in business. At some point your company will need to do the necessary work listed in the five steps. It’s better to do it now than later or never!