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There are many steps to a successful business, lets look at a few of these steps and what they mean to a business.

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Entrepreneurs typically start with a "bug" What bothers you about a day to day activity or even specialty activities that, in your opinion, need a solution?

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So you have found a "bug" or something you think can be fixed, what's next? Finding a solution may not be easy, but when you have found a solution that could be profitable you can start the planning process.

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When planning a business venture, there are always a few ways to plan your venture. In this case we will start with the idea.

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When planning a business you must always think of how it will pan out long term. When creating a product you must plan how the product will work and how you will create it. A service may be different. How do you plan for a service style business?

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Each product or service must be tested before distribution to the customers at a mass level. For a product this includes a prototype that shows the product itself and how it is used. A service will need to show results. For something such as plumbing businesses, you can use family as examples or even your own house to show quality of work and craftsmanship. All of which are important to building clientele down the road!

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When starting something new, there is always research involved. For a product you will find how to increase quality and create the product at larger quantities. Services may include researching what licensing and certifications are needed and how to acquire each needed piece to provide the products you desire.

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To continue your planning you must then look into the costs of providing your products or services. How much does production, marketing, buildings, labor, etc. cost in order to create and sell the product or service you are providing. This is key for the future steps to get funding for your idea.

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When creating a product and even providing a service there are many pieces to such a puzzle. Items such as equipment must be included in planning as there are many types, brands, and price points. You must have an idea of what kinds of machines or equipment you need for running and operating a business (example: ice cream machines and freezers for an ice cream parlor).

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When planning an idea, certain criteria such as the physical location, how you are going to market the idea, how much the idea costs, and even where you are going to get the supplies to provide the idea are very key in getting funding. How do we go about this next step?

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Financial funding for a business is very important as it is the money you will use to pay employees, purchase equipment, and market your business. There are multiple ways to find funding. Some prefer family and friends to help fund a business however it can be very important to know the dynamic and troubles that may arise. Others will get a business loan or investors who will help to fund the business initially and possibly after the business has become successful.

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When looking for funding and investors you must find what fits you and your business best. In family and friends investing you may run into troubles like stated previously. When talking the idea over you must be able to properly prepare for the unexpected. Unfortunately not every business is successful and you must ensure these relationships will not change if this happens and must ensure each scenario is discussed and agreed upon with clear and mutual acceptance.

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Finding an investor can also be tricky as again there are many aspects to the idea. If you find an investor you must ensure that they have a good standing and track record amongst investments. You will also want to ensure they have the same ideas and values that align with your company. You will be working with this person for quite some time and need to work out any fine details prior to initiating a business deal with them.

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When applying for a business loan, it is important to have all of the planning details laid out for the bank to see. This is what helps them not only see the vision but ensure that it is something they can provide funds and receive the payments for on time. This is why business plans are important. Most banks will request to see a business plan that covers each aspect of your business and its path to success.

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Many other options do exist such as grants, crowd funding, credit cards, etc. It is up to each business owner to identify which fits their business best and what they will be able to pay back in the future!

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Why is design important to a business that is just starting out?

Design is something that can catch the target audience and real them in. When you are first starting out, it is important to grab attention. If you have a plain blue box for a kids toy with nothing but the name, most parents wont purchase it and children will not ask for it. Each product needs a wow factor, this is what grabs their attention to get the sale.

This goes for any webpages or advertising. Everything must flow well together as consistency is key (unless it does not work, in that case you must try something new).

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Most small businesses will have to provide customers or consumers with a higher quality at the market price than the competition. This is because as a new business, it will take more effort and time to build a clientele. When the business grows and you have created your brand, you may then start increasing the price to reflect the quality of the product as you have already built the customer base. Starting competitive is always key to grabbing the attention of potential customers!

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How will you reach out to customers and bring them to your business?

There are many ways to do so. You may market on social media, posters or flyers at other markets, the newspaper, tv commercials, and more. The more ways you get your business out there, the better.

Once the business picks up you may find it easier to attract customers and reach new ones, however marketing and out reach never ends!

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You must first find your target market. These are the consumers who you aim to purchase your product. For example, baby toys (although for babies) must appeal to parents. The older the target market, the more you target market will shift from parents to the children as they will need to show interest for the parents to purchase it.

Without a proper expectation for the target market you may just miss the mark, this will cause lack of sales, excess inventory, and possibly business closure if not considered carefully.

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Now you get to open the business. You have made a plan, found funding, ensured proper quality and marketing are performed. You now can open your business to the world!

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When you open your business it is important to ensure you have the proper planning. How much do you expect to sell, what items specifically do you need more of, and when will you break even (a break even analysis should be done when you are setting up your business plan and before you actually open).

This ensures you may provide for the expected customers without to much left over products.

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One last thing to remember, ensure each employee is prepared and has a good understanding of their role in the business. This keeps everything running smoothly, especially on opening day.

Many businesses will run a sort of trial or soft opening with family and friends to ensure any bugs can be worked through before a hard pr official opening.

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Now you can open your business. It is important to step back and take a wide look at the business as a hole. There will be hiccups along the way but do not worry, this happens to each new business.

Taking the time, ensuring you are mindful and present in your business, and listening to employees and customers concerns and feedback go along way!