How to Start a Business the Right Way by Taking a Closer Look at Your Business

Have you considered (or decided) what you will do and how to do it?

Here are six points for starting a business the right way by taking a closer look at your business:

1. Write a brief mission statement in 30 words or less that explains your reason for establishing your business. Be direct and put on your “thinking cap!”

2. Develop Company Goals and Objectives: Goals are destinations – where do you want your business to be? Objectives are progress markers along the way to achieving your goals. For example, a goal might be to have a healthy, successful company that is a leader in customer service and that has a loyal customer following. Objectives might be annual sales targets and some specific measures of customer satisfaction.

3. Business Philosophy: What is important to you in business?

4. To whom will you market your products?

5. Describe your industry. Is it a growth industry? What changes do you foresee in the industry, short term and long term? How will your company be poised to take advantage of them?

6. Describe your most important company strengths and core competencies. What factors will make the company succeed? What do you think your major competitive strengths will be? What background experience, skills, and strengths do you personally bring to this new venture?