From idea to company: how to build a business in America in 9 steps

You've come up with a great idea for a startup company, it's been bouncing around in your head for months, and you know it's something special. But you don't know how to bring this idea to life. Edition Entrepreneur talked about 9 steps that need to be taken to achieve this.

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1. Validate your idea

The best way to test your business idea is to ask people what they think about it. Do not ask for money or investments. Ask them for specific feedback on certain aspects of your idea. For example, if you are opening a new restaurant, ask them what kind of food they like to eat in restaurants and which restaurants they like to go to most often.

You will get better results if you focus on one specific part of your business at a time rather than asking them if they will use your entire product or service – this will allow them to give more detailed answers without feeling overwhelmed by everything else.

2. Write a business plan and business model

Writing down your ideas and plans will not only help you clarify what you want to do, but also make sure there are no gaps in your plan. Here's what you should include:

• a description of your business, including its mission and goals;
• a description of the target market for your product or service;
• a description of the competition in your industry;
• a description of how customers find out about your product or service;
• how much money is needed for initial expenses and how much for current expenses.

3. Talk to your potential customers

To bring your business idea to life, you need to talk to your potential customers. Everything starts with a conversation.

On the subject: Six business ideas that quickly generate income with little investment

When creating a new product or service, you cannot assume that your customers' needs will match yours. You need to talk directly to potential customers and ask them what they want and how much they are willing to pay for it.

4. Prototype

If you have a great idea for a product or service, but want to know if people will buy it before investing time and money into building it, you need to create a prototype. A prototype is a working model of your idea that allows you to see if it works, what needs to be redone, and how to improve it. This can take many forms, from an Excel sheet or Google Sheets document with all the features you want in your product, to a fully functional website that mimics the final product.

5. Test and validate the concept

It's time for testing.

Test your business idea in a simple way. For example, if you want to become a freelance writer, write some sample articles and offer them to some clients for free. If you are considering starting a food delivery business, prepare one or two meals and sell them at one or two events. You can also use tools like Google Analytics or SurveyMonkey to see what ideas are most popular with customers before launching your business.

6. Understanding the legal implications and registering your business

A big part of starting a business is choosing one affordable business structure. In the United States, no government agency is responsible for registering new businesses. Instead, many different types of legal entities can be created for small businesses, including corporations, limited liability companies (LLCs), partnerships, and sole proprietorships. Each type of organization has its pros and cons and is suitable for different types of companies. Once you have determined what type of legal entity is right for your business, you can register it with the appropriate agency.

7. Funding and investors

Not all startups fail, but those that fail usually make one of two mistakes. First, they run out of money before they have created a market for their product or service; secondly, they fail to convince investors to give them money in exchange for shares. The best way to avoid these mistakes is to demonstrate that people will want enough of your product or service to pay for it.

8. Raise market awareness

Before you start realizing your business idea, you need to increase the awareness and trust of potential customers. Start by building a website, social media profiles, and a mailing list. Reach out to people who can help you get feedback on your idea; find out which business is best for your skill set and where there is enough demand for it in your area. There are many ways to get started without spending a lot of money on marketing materials or advertising campaigns.

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9. Hire employees

When you complete the above steps to open a business, start hiring employees. You must hire people for customer service, sales, marketing and accounting. At first, the best way to hire employees is through word of mouth. If someone has a positive experience with you, they will tell others about the experience and recommend applying for a job at your company.

If you have a brilliant business idea, you have to work hard to bring it to fruition, but here's a final piece of advice: before you start your own business, be sure to research what the competition is all about. Study advertising and marketing strategies and the areas in which they have succeeded and where they have failed. Don't steal their ideas, get inspired by them and come up with what works for you, as every business is unique.

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