Mel Feller knows that business coaching is a process used to take a business from where it is now to where the business owner wants it to be. A business coach will assist and guide the business owner in growing their business by helping them clarify the vision of their business and how it fits in with their personal goals. Fitting the business vision in with the business owner’s personal goals is a step that is missed by most business coaches, who often only focus on the business goals. In so doing, they are omitting the goals of the business owner altogether. A great business owner seeks to understand why reaching business growth goals is important to them personally, and the impact it will have on their life. After all, the business owner ultimately determines the speed and passion in which the goal is met (if ever), and if it is not linked to the business owner’s personal dreams, goals and plans for themselves, there is no burning reason why getting to that business goal is critical. Mel Feller has created this guide to take you by systematically through how you can start a business. It covers every conceivable thing you could want to know when setting up a business, including:

1. Mel FellerIllustratesthe Steps NeededtoStart Your Businessby Mel Feller
Startinga businesscanoftenseemoverwhelmingandcomplicated.Thereare somanythingsyouhave
to considertostart a business,fromcomingupwithanexcellentideato registeringabusiness,all the
wayto businessplanning,fundraisingandmuchmore.
Mel Fellerknowsthatbusinesscoachingisaprocessusedtotake a businessfromwhere itisnow to
where the businessownerwantsittobe.A businesscoachwill assist andguide the businessownerin
growingtheirbusinessbyhelpingthemclarifythe visionof theirbusinessandhow itfitsinwiththeir
personal goals.Fittingthe businessvisioninwiththe businessowner’spersonalgoalsisastepthat is
missedbymostbusinesscoaches,whooftenonlyfocusonthe businessgoals.Insodoing,theyare
omittingthe goalsof the businessowneraltogether.
A greatbusinessownerseekstounderstandwhyreachingbusinessgrowthgoalsisimportanttothem
personally,and the impactitwill have ontheirlife.Afterall,the businessownerultimatelydetermines
the speedandpassioninwhichthe goal is met(if ever),andif itisnot linkedtothe businessowner’s
personal dreams,goalsandplansforthemselves,thereisnoburningreasonwhygettingtothat
businessgoal iscritical.
Mel Fellerhascreated thisguide totake youbysystematicallythroughhow youcanstart a business.It
coverseveryconceivablethingyoucouldwanttoknow whensettingupa business,including:
Knowyourself asanentrepreneurbefore youstart
Generatingnewbusinessideas
Researchingthe validityof yourideas
Testingyourbusinessideainthe real world
Creatingan initial businessplan
Settingupthe rightlegal structure foryour business
Understandingyourfinancial,accountingandtax obligations
Protectingyourbusinessfromalegal anddisasterperspective (insurance)
Creatingan identityforyourbusinessincludingbuildingabrandand website
Get yourbusinessessentialssortedincludingsettingupinternetandstationary
Fundingoptionsforstartingyourbusinessincludinginvestment,grants,loansandmore
Devisinginitial marketingandsalesstrategies

2. Buildingyourinitialteamincludingrecruitment,managementandcompanyculture
Startingyour businesswhilekeepingafull-time job
Recognize yourselfas an entrepreneurbefore youstart
Startinga businessisaprocessthat requiresanenormousamountof thoughtandcareful examination.
First,youneedto take a good lookat yourstrengths,weaknessesandskills.Thiswill allow youtostart
thinkingaboutwhatyoucan do and whatyou cannotdo. It isimportantto start here evenif youalready
have world’sbestbusinessidea,becauseyoumightnothave the skillsorpersonalitytraitstoenable you
to make it intoa successful business.Youwanttocome up withbusinessideaswhere youare naturally
bestsuitedtobe successful,forexample:
A personwitha decentlevelof programmingskill iswelladaptedtostartingawebdevelopmentagency.
A personthathas a short attentionspanmightnotwant toconsideraccountancyrelatedbusinesses.
A personthatdoesnot enjoyspeakingtonew people wouldnotconsideraheavilyclientfacing
business.
These are justthree general examples,butitgivesyouanideaof the thoughtprocess.The crucial point
isto understandyourself andyourteam,andif youare well suitedtoanybusinessideas,areasof
businessorspecifictypesof business.Itallows youtostart comingupwithideasand narrowingdown
whatbusinesses,youcouldstart.
Determine your motivationfor starting a business
Before youstart a business,youshouldbe clearaboutwhyyouare doingit.That may soundobvious,
but there are actuallymanyreasonswhysomeone shouldchoose toturntheirbackon the securityof a
joband careerfor the uncertaintyof startinga business.Sothe cleareryouare about whatexactlyyou
are tryingto achieve,the betterchance youhave of achievingit. Wealth,power,fame,savingthe
world?A mix of the above motivatesmostentrepreneursalthoughmostwouldnotlike toadmitit.
Understandingwhatisdrivingyoutostart a businessisa majorfactor indeterminingwhattype of
businessyoushouldstart. Why?Because whenabusinessyoustartisnot alignedwithpersonal
ambition,itismuchmore likelyyouwill fail.
You shouldmake sure fromthe beginningthatyourpersonal goalsanddrive are compatible withyour
business,forexample:
Someone whoseekswealthmightwanttolookatcompaniesinthe financial servicesindustry,where
Fintechvaluationsandrevenuesare typicallymuchhigherthanotherstart-upbusinesses.

3. Someone whoseekspowerandinfluence couldachieve thisthroughanyformof mediabusiness.
Someone whoseeksoutfame mightbe bestsuitedtoanentertainmentrelatedbusiness.
Someone whowantstosave the worldmightstart a businesstacklingclimatechange through
renewable energy.
It isimportantto understandwhyyouare startinga businesssoyoucanfocuson businessideasthatwill
helpyougetto where youwantto go.
Make sure your reasonto start isthe right reason
In reality,youare unlikelytohave justone reasonforstartinga business;itislikelytobe acombination
of several of them.Sobe aware that the aimsmay conflictwitheachother.Creatingalong-termfamily
businesstopassdownthe generations,forexample,maywell be incompatible withmakingaserious
fortune,because youmayfindyouneedtosell the businessinordertorealize itsfull worth.
While itispossible tocreate a successful businesssolelytomake alot of money,inreality,itwill be hard
workif there is notat leastone otherfactoracting as a motivator.Thisisbecause itcan take many years
betweenstartingabusinessandreceivinganymoneyfromitif everandalongthe way,the hard work
requiredisimmense,andthe possibilityof failure isveryreal.Simplypinningyourhopesonafuture
possible potof goldisunlikelytobe enoughtosustainyouthroughthe difficulttimes.Somake sure you
have a good reason,workhard andenjoythe ride!
Understandyour entrepreneurial passions
Whenit comesto startinga business,if youare passionate aboutit,youwill be more likelyto be
successful.The mainreasonforthisissimple:youwill workharderandpersevere more onabusiness
youare passionate about,thusbe more likelytosucceedatit.Oftenthe onlydifference betweenan
entrepreneurwhostartsa successful businessand anentrepreneurwhofailsispassion.
Logic dictatesthatif you wanta successful businessthenyoushouldbegininanarea thatyou already
have a passionforit. To start figuringoutwhatbusinessesorareasof businessyouare or couldbe
passionate aboutstartby thinkingaboutthe areas,activities,andthingsyouare passionate about,that
is,that interestyouandyouhave strong opinionson,forexample:
Someone wholovestohike mightconsidersettingupa travel business.
Someone wholovesLegomightthinkaboutatoyor constructionbusiness.
Someone whospenttheirwholelife withapassionformusicmightstarta companyrelatedtosound
Whenthinkingof businessideaskeepinmindthatstartinganybusinessishardenough,if youmake
sure it isone you are passionate aboutyouare muchmore likelytosucceed.

4. Are you the right age to start a business?
Questionssuchaswhat isthe average age of a startup founder,whatisthe optimal age tobe a founder,
and isit possible tobe tooold/tooyoungto start a startupare all oftenaskedbyeveryentrepreneur.
The answeris actuallyanyage is a good age,itshouldbe noted,thatthe KauffmanFoundation
conducteda studyand releasedareportentitled“The Anatomyof anEntrepreneur“.Theyfoundthe
average age of a foundertobe 40 yearsold.Of course,I can thinkof a numberof benefitsof waiting
until thisage to start a company,the most obviousbeingyearsof experience underyourbelt.
Ultimately, age shouldnotbe alimitingfactorinsuccess.There are prosand cons aboutcertainages,
and some people mighthave biasesone wayorthe other. Regardingstartinga startupoften,itis down
to the circumstancesandthoughtprocessof the individual. There will alwaysbe reasonstonotstart a
business,butinrealityare these reasonsevenvalid?
Your age shouldbe waydownthe listof factors that youconsiderif youare thinkingof startinga
startup. With startupsbeingthe rollercoasterthattheyare,the range of emotionsfromalmightyhighs
to deeplowsexperiencedbyanyfounderonaday-to-daybasiswill dwarf the benefitsornegatives
causedby the founder’sage.There are manynumbersthatstartupfounderscanpay attentiontoat any
one pointintime. In myopinion,age shouldnotbe one of them.
Creatinggreat businessideas
Comingupwitha businessideaisrelativelyeasy;comingupwithagreat businessideaishard.It is
critical to yoursuccessthat whenstartingoutyou explore asmanyideasaspossible before decidingon
the final one youwill take forward.
Start the processof generatingbusinessideas
It isnow time tostart comingup withideas,thisisoftenalongand time-consumingprocessbuthave
some patience andyou will bringtolife some greatideas.
The goal is to solve a problem that prospective customerscare about
Start by thinkingaboutwhatsignificantproblemsyoucouldsolve andhow.Manysuccessful companies
startedout ona missiontosolve real problems thataffectmillionsof people andprovideasolution
throughtheirproductsand services.

5. For example,Teslastartedwiththe objective of makingthe world’scarspurelyelectricandtheyare well
on the wayhavingbuilta hugelysuccessfullymulti-billion-dollarbusinessinthe process.
Identifywhere you are able to provide a better solution
Look forareas where solutionsare alreadyavailable butyoucando betterthanexistingcompanies
regardingefficiency, innovationcan,and/orcostscan.
For example,Apple enteredthe mobile phonemarketmore thana decade agoas an underdogwitha
newinnovative productandare nowa marketleader.Despite the fact, the technologyhadbeen
available foryearsnoone had broughtthe level of innovationthe iPhone didtothe market.
Create a businessthat is cheaperthan otherbusinesses inyour sector
You shouldlookforareaswhere youcan provide significantsavingstothe customervscompetitors.
These typesof businessesgrowincrediblyfast,particularlyduringrecessions.
For example, Poundland isagreat example of thiskindof business,since itsinceptionitsusedprice as
the primarydifferentiatortoitscompetitors.Throughofferingthe lowestprice possible onabigrange
of consumerproducts, the businesshasgrownto a highlysuccessfulhighstreetchain.
Innovate ina traditional slowchanging market
Is there a fieldof businessorindustrythat hasnot seenmuchinnovationinthe last10-100 years?Thisis
oftenthe case in non-techindustriesthatare slow topushforwardchange while the statusquoremains
profitable andfilledwithseveral possibilitiesforimprovement.
These industriesoftenhave tremendousopportunitiestodisruptthemwithnew technologies,
innovations,systemsand methods.Forexample,onlyrecentlyhasthe taxi industryrapidlychangedwith
the introductionof Uberinnovatinghow we findandhire taxis.
Builda businessfor a future needor market
Try to thinkintothe future,whatwill the worldlooklike in5or 10 years?Thinkingaboutthe future will
allowyouto thinkaboutnewmarketsandnichesthatmay opendue to innovationsandnew
technologies.

6. For example,cryptocurrenciessuchasBitcoininthe lastfew yearshave grownto be significantmarkets
by themselveswithawhole eco-systemof technologyandinfrastructureprovidersdevelopingaroundit.
Copy other businessesandbe better and more customerservice oriented
It isunlikely,unlessyouare onthe forefrontof technology,thatyourbusinessideasare unique.Plenty
of the world’sbiggestcompanieswerenotrevolutionary,yettheycame intomarketswithdeveloped
playersandjustoutperformedeveryone else.
You do nothave to have the mostoriginal ideatocreate a excellentbusiness;youjusthave todo it
betterthananyone else!Forexample,Microsoftcame outof nowhere andbeateveryothercompetitor
to become the dominantoperatingsystemproviderinthe early1990’s.
Turn your hobby intoa business
A logical jumpistotake a hobbyand turnit intoa real business.Why?A hobbyissomethingyoualready
knowa lot about,clearlyhave apassionforand you will know where tostart.Forexample,itislogical to
go fromcollectingmodelstosellingmodels.
Think about a global business
The worldis nowa veryglobal place;youcan have a businessinChinaandoperate itfromNew Zealand
if that iswhat youwant. Globalizationandtechnologyofferimmensepossibilitiestorunbusinessesin
newand emergingmarketsaroundthe world.
If the conditionsare notrightfor yourbusinessmodel inyourhome countrymarketlookfora country
where theyare.For example,RocketInternetbuilttheirmulti-billion-dollarbusinessbycopying
innovative businessmodelsfromdevelopedmarketsandtakingthem tolessdevelopedmarketswhere
theywere the onlycompany.
Do not limityourselfto just one businessidea
It iseasyto settle onone ideabutto give yourself the bestchance of comingupwitha great ideait’s
bestto picka fewtoexplore andcompare.
If you become stuck, stop thinkingand focus on it later

7. You can overthinkitwhenitcomestoideation,soif youare stuckstop thinkingaboutit.Manytimes,
whenyoustopactivelythinkingaboutsomethingthe solutionorideawill come toyoulater.
Research your businessideas
Thisphase is all aboutresearchingyourbusinessideaasmuchas possible todecide if yourideaorideas
couldturn intoa great business.Toassessandcompare each,youwant to have a clearunderstandingof
the followingpoints:
Define and analyze your target market
Is there a marketforthe business,productorservice andisitbigenoughto supportyourgoals?You
shouldalsoconsiderthe competitivelandscape andknow whoyourmaincompetitorsare.Analyze what
theirandyour weaknessesandstrengthsare,aswell asmarketopportunitiesandthreats.Youwanta
clearideaof the overall marketandhow yourbusinesscanfitintoit andmake it betterforall
concerned.
Determine ifthere is a demandfor your product or service
Is there a directdemandforyourgoods or will youhave toeducate customersaboutthe needforyour
productor service?
Understandyour potential customers
You shouldhave a clearideaof whoyour potential customersare,includingdemographic dataand
businessdetailsif youare sellingB2B.
Have a marketingand salesplan that makes sense
Havinga good understandingof howyouwouldreachyourpotential clientsandgrow yourmarketshare
iscritical to success.Specifically,understandingwhatmarketingandsalesactivitiesandchannelswill
youneedto pursue andhow.
Make sure your businessmodel will work
Can yourbusinessmodel workgiventhe currentmarketandpotential customers?Thisisoftenan
overlookedpoint,butmanystart-upsfail because theirbusinessmodel doesnotoperate.

8. Findfundingfor your business
Is itgoingto cost a significantamounttosetup yourbusiness?Thisisakeyfactor on whetheryour
businesscouldworkasitdependsonyourresourcesandyour abilityto raise finance if needed,i.e.Small
businessgrants,businessangels,venture capital.
Exam your businesspremise
Once you have a fewthoroughlyresearchedbusinessideas,itistime totestquicklyandvalidate if the
premise of yourproposedbusinessworksinthe real world.Manyentrepreneurs,whoskipthisstage,
endup wastingmuchtime chasingventuresthatwouldneverwork.Therefore,now thatwe have
establisheditisa goodmove to testyourideasand research,thissectionexploresthe different routes
to marketfor testingdifferentideas.
Be specificwhenmeasuringperformance
Whentestinga proposedbusiness,youcanassessthe performance of anyventure indifferentways,so
it isimportantto workout whatyouwant to measure togauge successor failure.Here are some
suggestedmeasurestogetyoustarted:
How muchrevenue couldyougenerate/how manyproductscanyousell?
How muchcustomerinterestcanyougenerate?
How muchpress/notorietycanyougenerate?
Diverse testingmethods
You shouldfindanddeploythe fastest,cheapest,andmostfull-bodiedwaypossibleof testingyour
businesspremises.Howyouchoose todo thislargelydependsonyourbusinessidea,beloware some of
the most popularmethodsthatfitthe above criteria.
Create a landingpage and carry out e-mail marketing
If you have servicesora specific,solutionbasedbusinessandyourprimarysaleschannel willbe online,
thisisoftenthe quickestwayto test:
Setup a quickone-page website (fornon-technical peoplewww.GoDaddy.comisagoodsolution).
Make itseemand feel professional (youcangeta 5 dollarlogo/brandoff Fiverr).
List yourservices/solutions.

9. Add a contact email.
Findthe e-mailsof ideal potentialbuyersandcontactthemaboutyour service. Thenmanage
communicationsandsee if anyone isinterested,if notaskwhyand be persistent.
Buildan online store and buy advertising
If your ideainvolvessellingproductsonline:
Create a quickonline store (WordPress,ShopifyorGoDaddy are goodoptions).
Adda brandand make everythinglookprofessional.
Addmockedup graphicsof your products.
Addcontact detailsandsort an email.
Spend$50.00 onFacebookads andsee how many clicks,salesandhow much revenue youcandrive.
Set up a market booth and sell
If you are startinga product-basedbusinessandyourprimarysalesmethodwill be face-to-face,acost-
effectivewaytotestyourbusinessistobuildinitial versionsof yourproductand booka table at your
local marketor festival.
You can gauge via salesandcustomerfeedbackif the premiseisasuccessand gainvaluable feedbackas
to howyou couldpivotthe premise tosuccessif itfails.InnocentSmoothiesstartedbytestingtheir
productsat a festival before becomingabusinessandlaterbeingacquiredbyCoke forhundredsof
millionsof dollars.
Sell over the phone or telemarketing
One of the bestwaysto getmeaningful qualitative feedbackistofindthe ideal buyerof yourproducton
LinkedInforexample,trackdowntheirphone numberandcall/pitchasmuchas possible togatheras
much feedbackandasmany pre-ordersasyoucan.
Create a businessplan
As a businesscoach,Iam adamant that youhave chosenthe businessideaandnow youare goingto
turn intoa businessandtestedit,nowitistime to puttogethera businessplantooutline indetail the
objectivesof yourbusinessandhowyouare planningtoachieve them.

10. A businessplanisagreat exercise forsortingoutyourthoughtsanditallowsyouto planyourbusiness
ina structuredway,foryourself andsooutside partiessuchasinvestorsorpartnerscan understand
whatyou are tryingto achieve andhow.
Great planningfromthe startcan be the difference betweenabusinessthatissuccessful andwell
executedandabusinessthatfails.Inthissection,youwillfindguidanceonhow tocreate a great
businessplan.
Key elementsofa businessplan
Your businessplanshouldincludemanykeyelementsandfollow asimple andclearstructure.Always
aimto create a business planthatanyone couldpickupand understandwhatyourbusinessis,whatits
objectivesare andhowyouare planningtogetthere;thismeansbreakingitupintoclearsections.
Executive summary
An executive summaryisanintroductiontoyourplan,its content,andan overview of everythinginyour
businessplan.Itshouldprovidethe readerwithashort,concise andclearoverview of whatyour
businessisandwhatyouare tryingto do inno more than twoparagraphs.
Contentspage
The readersof yourplanwill oftenwanttoskipto specificpartsthatinterestthem;acontentspage
allowsthemtonavigate quicklytothe appropriate section.
Businessmodel and products or services
Here you needtooutline yourbusinessmodelandwhatare the products,servicesandsolutions that
youare wantingandreadyto provide.
Customer,market and competition
In thissection,youneedtoshowa clearunderstandingof yourideal client,the marketforyourproduct,
service orsolutionandan understandingof the competitive landscape,includingwhoyourcompetitors
are and where youare inthe marketincomparisontothem.
Marketing and sales

11. Thissectionisaboutdemonstratingaclearplanfrom a marketingandsalesperspective astohow you
propose toachieve yourobjectives,whetherthatisscale,revenuegenerationorsome othertactic.
Financesand projections
You wantto showyour currentfinancesandany projectionsyouhave forthe businessmovingforward.
Alwaysmake sure tobe realisticwithfinancial projections,youwill have tobackthemup at some point!
Your team
Include ashort sectionaboutyourcurrent team, whotheyare and theirqualifications/experiences.If
youhave expansionplansforhumanresources,youshouldalsoinclude themhere.
Businessplan summary
Thissectionshould summarize yourentirebusinessplanthroughkeypointsinbulletpointformatand
provide contactdetailssoa readercan easilygetintouchwithyou.
How to write a businessplan
Writinga businessplanwhenyouare startingoutisoftena new,complicatedandsometimes
overwhelmingtask.There are howeversome goldenrulesyoushouldtake intoconsiderationwhen
writingthatwill make yourlife aloteasier!
Keepyour writing short
Make sure to summarize andkeepyourwritingasshortas possible asthiswill helpyourplanbe very
clear.It helpsyou organize yourideasbutmostimportantly,itmakesitmucheasierforexternal parties
to understand.
Make sure everythingis relevant
It isveryeasy and temptingtoinclude irrelevantinformationinyourbusinessplan.Thisextra
informationusuallymakesyourcommunicationlessefficientandmakesthe ideahardertounderstand.
To get ridof anyirrelevantmaterial,once youhave finishedasectiondoaquickreview andgetrid of
anythingthatdoesn’tsupportoradd to the main pointyouare tryingto make in that section.

12. Check grammar and spellingthoroughly
If there is evenachance external partieswillatsome pointreadyourbusinessplan,thenmake your
spellingandgrammarexcellent.Aswithanydocument,youlose muchcredibilityandsometimes
meaningif there are spellingandgrammarerrors.
Create a simple missionstatement
A missionstatementshouldconciselyexplainwhatthe overall purposeof yourbusinessis,forexample,
the missioncould be toreduce the impactof plasticwaste onthe environment.
Set clear objectives
SetSMART objectivesbybeingveryspecificonwhatyou are tryingto achieve acrossthe businessandin
individualareas.
Explainhow you are goingto getthere
It soundssimple butmanyentrepreneursare notveryclearabout how theyare goingto achieve their
businessobjectives,make sure youthoroughlythinkandcreate away foryour businesstogetfrom
pointA to B.
Use a realistictimeline
Settinga realistictimeline alongside youractivitiesandobjectivesisacritical factorwhencomposing
any businessplan.
How to format and presentyour businessplan
Making sure youhave createdyour planinthe appropriate formatcan be veryimportantto how it will
be perceived and/orused.Here are afew tipson how youcan achieve the bestformat.
Businessplan formats
Create yourinitial documentinWord,Google docsor OpenOffice,thesetoolsare easytouse and you
will endupwithan easilyeditablefile.Youcanalsouse Excel to create and update a clearstructure,this
helpstogive youa good overview of the plan.Make sure touse a theme thatisconsistentthroughout
the documentregardingfonts, colors anddesignfeatures.

13. If you mustgive a copy to an external party,alwaysexportthe file toPDF,andmake sure to have
professionalgraphicsinplace if desired if youwanttodesignsomethinggraphicallycomplex,Adobe
InDesignisperfectforthis.
How to presentyour plan
If you are goingto make a presentationof yourplan,youneedtocreate a PowerPoint/Keynote version.
The presentationformatwill differfromyourbusinessplaninthateachpage shouldmake one keypoint
witha maximumof otherthree supportingones.
Make sure to use simple graphicsandfocusonwhat youare tryingto communicate rememberyoucan
alwaysprovide afull businessplanatthe endof a presentationtoanyparties.
Keepyour businessplan updated
Your businessplan mustbe updatedascircumstancesandobjectiveschange.If yourbusinessisnow
running, itisimpractical to continuallyupdatethisdocumentbutitshouldbe reviewedandkeptupto
date overtime.Apartfrom anything else, itisagoodreflectiononwhere youstartedandwhere youare
now.
If you are lookingforaway to track your progressagainstobjectives,itisbesttobuildatracker/planner
on Excel or use toolslike ProjectorTrello.
Tools for businessplanning
Usually,Excel,Wordor evenawhiteboardissufficient,butif yourbusinessisalittle more complexor
youstruggle with organization,thenusingabusinessplanningsoftware makessense.The bestandmost
popularsolutionsoutthere are Asana,Trelloand Bplans.
Registeringa business
The structure youselectforyourbusinessdependsonyourspecificneeds.
Your Options
Sole Proprietorship
Partnership
Company

14. Whetheryouare juststartingoutor decidingthe rightstructure foryourexistingcompany,
understandingthe lawaroundbusinessorganizationisimportant.Thissectionwill outlinethree
commonlyusedoptions:asole proprietorship,apartnershipora corporation.You will have todecide
whichoptionwill protectyoumostfromliabilitywhile affordingyouthe greatestamountof benefits.
Sole Proprietorship
Thisis the mostcommon structure forbeginningentrepreneurs,andthisisthe easiesttorunand setup.
A sole proprietorshipisidealforbusinesseswitharelativelylow riskof liability.
If you are operatingunderaname otherthan yourown,registeritwiththe appropriate authorityeither
your state or countyoffice dependingonwhere youdobusiness.This iscalledregisteringyourDBA
“doingbusinessas”name,andensuresthatonlyyouare conductingbusinessinyourareaunderthat
name.You can findinformationaboutDBA registrationinyourareahere.Theyare notalwaysrequired,
but the permitsandregistrationsyoumayneedare governedlocally.Consultyourgovernment
supportedlocal Small BusinessDevelopmentCenterorcountybusinessdepartmenttomake sure you
have everythingyouneed.
Althoughyouneedtohave the correct permits,noseparate entityiscreatedforyourcompanywitha
sole proprietorship.Yourpersonal andbusinessassetsare the same,andyourbusinesstaxesare listed
on yourpersonal tax return.
Your companycan evolve beyondasole proprietorshipinthe future if needbe,butthisisasimple and
lowcost wayto start operationsof youronline shop.
Notable Info
Pros
Easy to setup and run.
Control of all businessdecisionsandprofits.
The company doesnotfile taxes
Cons
Nota separate businessentity.

15. You are responsible forall debtsoractionsagainstthe company.
If businessisdoingwell,youcouldinahighertax bracket.
Partnership
A partnershipisanothercommonstructure forsmall businesses,andcontainsmanyof the simplicities
of a sole proprietorship.
Partnershipsare formedwhentwoormore individualsworktogetherasco-ownersof abusiness
venture.Thisstructure allowsindividualstopool theirassetsandskillstoincrease theirchancesof
success.
Notable Info
Agreements
Considerations
A well-draftedandbalancedagreementshouldinclude:
Namesof partnersand hownewpartnerscan be added.
Outline of the business.
Investmentliabilityandprofitshare of eachpartner.
What if partnershipisdissolved.
Like a sole proprietorship,there’snoseparate entitycreatedforyouronline shop.Youneedtosubmit
an informationformaboutyourpartnershiptothe IRS(Internal Revenue Service),buteachownerpays
all taxeson theirpersonal income statement.
Withthisform of organization,rememberto focusonthe human element.There isalwaysachance that
a friendlypartnershipcanchange inthe future.Forthisreason,make sure to have a lawyerassistyouin
drawingupa partnershipagreement.Selectingthe rightpartnerisalsoimportantbecause youare liable
for the debtsandactionstheyincur onbehalf of the business.
Althoughcare shouldbe takenwhenstartingup,partnershipsare asimple waytocollaborate with
othersfora successful business.

16. Notable Info
Pros
Allowsfora divisionof work,capital andprofits.
Cons
Nota separate entity.
Jointlyliable.
Assetsare jointlyowned.
Corporation
The incorporationprocessismore complicatedthanthe othertwooptionsbutdoeshave many
potential benefitsforyouronline business.
Thisis anotherinstance where speakingtoalawyerisimportant.The processisnot overlycomplicated,
but there are waysa lawyercanstructure your companyto maximize benefits.
One of the mostnotable differencesaboutthisstructure isthatthe corporation becomesa separate
entityfromyouas the owner.Thismeansyouare not personallyfinanciallyliable forwhathappensto
the corporation,andyour personal assetsare protectedfromthe liabilitiescreatedbyyourshop.When
your store growsand the liabilitiesyouare exposedtogrow withitthis isa huge benefit.
Notable Info
Pros
Separate entity.
Limitspersonal liability.
The corporationsurvivesthe deathof shareholdersorsale.
Tax advantages.
Improvesyourcredibility.

17. Cons
Heavilyregulated.
Extensive recordkeepingrequired.
More expensive toformthere are feesassociatedwithincorporation.
Choosinga businessstructure
It isimportantto considerthe unique aspectsof yourbusinesswhendecidingwhichorganizational
structure to choose.Before finalizingyourdecision,consultalawyertomake sure you have made a
soundchoice and thatthe processisdone properly.
Settingup finances,accounting and tax
Once you have setup the legal structure of yourbusiness,there are several importantfinancial andtax
responsibilitiesyouneedtofigure out.
Openinga businessbank account
Before youcan start generatinganyrevenue ormakingpurchases,youare goingtoneedtoopena
businessbankaccountto send,receive andsecurelystore yourbusinessesmoney.
It isessential toselectabankand businessaccountcarefullyasitis verylikelyyouwill be withthe
chosenbankingproviderforthe life of the business.
Choose a bank for your business
There isno simple answerforthis,it isbestto gathersome informationoneachbankandtheirofferings
and compare to see whothe bestfitis.You shouldlookfordetailssuchas:
What istheirtrack record inworkingwithsmall businesses?
Do theyhave a range of productsand information specificallyforsmall businesses?
What do othersmall businesscustomersthinkof the bank?
Is the bankrespectable,have theyengagedinanyillegalactivityrecently?

18. Once you collectall thisinformation,whichyoucanfindonline,youshouldhave agoodideaof which
bankis bestforyour business.
Selecta winningbank account
You alsomust decide whattype of businessaccountoraccountsyour setup.If youhave the wrongtype
of account,it can significantlyaffectthe costof businessbanking.Here are afew thingstoconsider
whenselectingabusinessaccount:
Do theycharge feesbasedondifferenttransactions,isita flatmonthlyfee orisitevenfree?
If transactionfeesare applied,whatchargesare appliedtoeachtype of transaction?
Do theyprovide transactionfee free accountstypesof transactionssuchasonline orretail?
Doesthe bank offeranycomplimentarybenefitssuchasinsurance,softwareorotherbenefitsif you
opena certainaccount withthem?
Do theyofferfree businessbankingandaccountsfor a period?Fornew businesses,bankstendtooffer
from6-24 monthsfree banking.
It will take youa bitof time togather informationonbankaccountsandcompare it, butit isworth doing
as it can save a lot of money,time andheadachesinthe future.
It can be difficultto change banks
Once you are a fewmonthsoryears intotrading,itcan be challengingtochange banksandevento
change your accounts,as youwill likelybe processingmanypaymentsandpurchasesthroughyourbank
and accountsat anyone time.
If you change banksor accounts, youwill needtoupdate individualpartners,suppliersandcustomers,
whichisa verytime-consumingtask.Itusuallyendsupbeingsevere enoughthatmanybusinessesdo
not switchbanksevenif theyhave anunpleasantexperience.
Understandingyour accounting, tax and filingresponsibilities
As a shareholder,ownerordirectoryouwill likelybe responsibleforfilingsome formof accounts,filing
paperworkandpayingtax to the IRS on an annual or more regularbasis.
Understandingyourbasicaccounting,tax andfinancial responsibilitiesfromthe startisessential to
runningyourbusinessproperly,beinglegallycompliantandavoidingheftyfinesfromthe IRS.

19. Record your financial transactions
Most businessesare legallyrequiredtokeepanaccurate and up to date record of theirfinances,this
meansrecordingexpenditure,incomeandanyotherfinancial transactionsof the business.Havingupto
date records helpstomake financial plansandenablesyoutofile youraccountsrelativelyquicklyasyou
have all the relevantdatareadyfor youraccountant.
Prepare & file annual accounts
Limitedcompaniesandlimitedliabilitypartnershipsare requiredtosubmitaccountsannually.These
accounts are a recordof yourbusinessesexpenses,revenueandfinancialtransactionsacrossthe
accountingyear.
Your corporationtax bill will alsobe workedoutbasedonthese accounts.Itistypical for an accountant
to prepare these accountsbasedonyour accountingrecordsfromthe year,dependingonhow
organizedandupto date these recordsare thiscan be a simple orcomplicatedprocess.
Registerfor corporation tax
If you have a limitedcompanyanditistradingthismeansmakingany financial transaction,youwill
needtoregisterforcorporationtax withinthree monthsof startingyourbusinessorbeginningtotrade.
You will be assessedforcorporationtax throughyourannual accountsand will needtopaya flatrate
tax basedonthe profitsgeneratedbyyourbusiness.Youcanfindmore detailsonpayingcorporationtax
here and furtherdetailsbycontactingthe Secretaryof State withinthe state youhave formedyour
businessin..
Understandingbusinessrates
Businessratesare a tax leviedonbusinesspremisesbythe UKgovernmentanddeliveredbylocal
authorities.Theyare chargedannuallyonbusinesspropertiesincludingshops,factories,offices,
warehouses,barsandmore.
If your businessdetailssignificantlychange youwill needtoinformthe relevantauthorities,forinstance,
for instance;if yourregisteredaddresschangesyouwill needtotell Secretaryof State andthe IRSas
quicklyaspossible.
Hire an accountant

20. Whenit comesto startinganysmall business,itisadvisabletohave anaccountant.A good accountant
will save yourbusinesssubstantiallymore moneythantheycosttohire.Specifically,anaccountantwill
ensure:
You pay the rightamountof tax.
Ensure youmeet,file andpayany majortax deadlines.annual statements,accounts,corporationtax…
Have expertfinancial advice andinformationatyourservice.
Ensure your annual accountsare correctlycompiledandsubmittedtothe IRS.
In summary,a goodaccountant will make the financialaspectsof yourbusinessmucheasiertohandle
and save youmuch moneyinthe process.
Choosingan accountant
The ideal accountantfor a small businessthatisjuststartingupis a local independentaccountantwho
will give yourbusinessfinancesthe time andattentionitneedsandprobablybe lesscostlythanamajor
firm.
Choosingsmall businessaccountingsoftware
Unlessyouare a sole traderwitha fewtransactionsgoingthroughyourbusinesseachyear,yes,you
needsmall businessaccountingsoftware,andthere are twoprimaryreasons:
If you are a limitedcompanyorpartnership,yourannual accounts,whichyoumustlegallysubmittothe
governmentyearly,requireall yourrecordsfromthe annual accountingperiod.
So youcan accuratelytrack all yourfinancial transactionsandthe financial healthandfuture of your
businessincludingcosts,revenue,andprofit.
It cannot be stressedenoughhowimportantitistokeepupto date and accurate financial recordsfrom
the start. Failure todo thiscan resultinlosingalot of time,moneyandinsome casescriminal
prosecution.
Finda lawfirm
Most companieswill notneedtohire alegal advisorinitially,exceptif theywantadvice oncompanyset
up or have some specificlegal mattersthatneedattending.However,atsome pointinyourbusinesses
life cycle,youwill needsome formof legal support,whetherthatisdrawingupcontracts or protecting
your businessinterestsincourt.
Make sure that if you hire a legal advisoratsome point,youalwaysagree onan hourlyrate and on the
amountof time requiredinadvance foranywork.

21. Gettingintellectual propertyprotectioninplace
Intellectual property(IP) isintangiblepropertythatisthe resultof creativity.ProtectingyourIPasa
businesscanbe critical to protectingyourbusiness,brandandproductsfromdamagesthat come from
people usingyourintellectual propertywithoutyourpermission.
Trademarking a name and brand
A trademarkisa legallyregisteredsymbol,wordorwordsrepresentingabusinessthatlegallyownsit,
protectingthe businessfromanyone else usingthisname orsymbol.
For newventures,youwillwanttotrademarkyourcompanyname and brand,this makessure you
legallyownyourbrandandcompany name,andpreventsanyone frommisusingit.
Patentingan idea,technologyor process
A patentisan exclusiverightgrantedfor a product,inventionorprocessthatprovidesanew wayof
doingsomethingorprovidesanewtechnical solutiontoaproblem.Applyingforapatentisonly
relevantfornewbusinessesthathave inventedinnovative technologyorproductthatcouldbe copied
by others.A patentgrants yourlegal ownershipof thisinventionandthe exclusiverighttoit,thus
providingyourbusinesswithprotection.
The relevance ofcopyright law
Copyrightedworkmeansthatotherbusinessescannotuse yourwrittenorcreative workwithout
permission.Bookpublishers,theatre companies,primarilyemploycopyrightandothertypesof
entertainment/informationbasedcompanieswhoneedtoensure worksare notreproducedwithout
authorization.
Make sure you have small businessinsurance
Businessinsurance foranewbusinesscanbe an absolute lifeline thatprovidesmuch-neededfinancial
and legal supportwhenthe unexpectedhappens.Whetheryoumustrecall a dangerousproductorhave
an employeeendure anaccidentatwork,havingthe rightinsurance canbe the difference betweena
businessbeingable tocope witha disasterorhavingto close.Withthatin mind,thissectiongivesa
quickoverviewof the majortypesof insurance youmightconsiderforanew business.
Publicliabilityinsurance (PLI)

22. PLI protectsbusinessesagainstlossessufferedbypeopleorcustomersinjuringthemselvesorsustaining
propertydamage due to the activityof business,itisone of the mostcommontypesof small business
insurance.Itisof particularimportance if youoperate physical premisesandregularlyinteractwith
customersina thirdparty or businessownedpremise.
Professional indemnityinsurance (PII)
PIIis forbusinessesandprofessionalsthatprovideadvice orservicestocustomers.Itprotectsyour
businessagainstanyclaimsfordamagesorlegal costswhicharise due to act omissionorbreachof
professionaldutyinthe dailycourse of operations.Itactivelyprotectsyourbusinessif advice ora
service providednegativelyaffectsacustomer.
Employersliabilityinsurance (ELI)
ELI protectsa businessthatemploysstaff fromfinanciallossesincurredwhenastaff member
experiencesajob-relatedillnessorinjury.Workplace injuriescanbe extremelycostlyforanemployerif
theyare liable.ELIoffersprotectionsagainstthisanditisparticularlyrelevantforbusinesswhohave
manystaff involvedinphysical workontheirbehalf,i.e.manufacturing,event running…
Product liabilityinsurance (PLI)
PLI protectsyourbusinessfromdamage topropertyor personal injurycausedbyproductsyour
business/companyhassuppliedorsold.
Key man insurance (KMI)
Keyman insurance protectsbusinessesfromthe lossof a keyemployee suchasa CEO by payingouta
large sum onthe eventof theirdeathorincapacitation.Itiseffectivelylife insurance againstanything-
critical happeningtoa keyemployee.If yourbusinessisentirelyreliantonone employee orasmall
group,thisinsurance can oftenhelpsave the businessfrombankruptcyinadisastersituation.
Landlord insurance (LI)
LI protectsbusinessownerswhoownpropertyfromlossessustainedasthe resultof rentingthat
property.If a businessownsitsoffice andrentsitoutto othercompanies,thistype of insurance will
protectyou fromdamagescausedbya tenant.
Trade credit insurance (TCI)

23. Trade creditinsurance isinsurance thatprotectsprivate companiesfromtheircustomersbeingunable
to pay back a debtdue to bankruptcy,defaultorinsolvency.Itismostrelevantforcompaniesthat
operate undera B2B model andhave a range of keycustomerswhouse offeredcreditfacilities.
Choosingthe right businessinsurance
As withbuyinganyproductor service,make sure toshoparoundand compare pricesand clauses.With
insurance,youwill wanttoreadthe small printverycarefullyandclarifythe conditionsaroundyour
insurance policytomake sure youa policycoverslossesordamagesthoroughly.Regardingselectingan
insurer,lookforfirmswhohave an excellentreputationandlongrecordof accomplishmentininsuring
small businesses.
Create a brand and identityfor your business
Nowthat youhave protectedyourbusinessadequately,itistime to create a publicfacingidentity.This
ishow youpresentyourcompanyto the worldincludingbranding,settingupa basicwebsite and
creatinga businesse-mail address.
Create a professional brand for your business
Havinga professional brandiscritical toanybusinessthatwantsto standout intoday’scompetitive
environment.Thatdoesnotmeanthe brandingprocessneedstobe costlyor time-consuming,thereare
keythingsyoushouldconsiderforcreatingaprofessional brand:
Create a logo Keepitsimple andhire a designeronFiverr,online logomaker,ora cost-effectivedesign
agency.
Create a color scheme for yourbusinessthatwill be usedacrossall promotional andcompanyassets
youcan use a color selectortofindapalette andit isa good ideato lookintobasiccolorpsychology
before youchoose.
Come up with a sloganfor your companyif youthinkit isuseful.
You can also create a symbol that isusedas a recognizingmarkof your companywhenyoudo notwant
to put yourfull dresslogo, suchas on a productit istypicallyincludedinyourlogo.
It isimportantto take your time thoughandexplore afew differentbrandingoptionsbefore settlingon
an initial brand.
You needto create a website for your business

24. Whetheryouare a retail store,achemicalscompanyor a modellingcompanyhavingatleasta basic
website isarequirementforbusinessinthe 21st century,customersexpectyoutohave a website and
expecttobe able to finditeasily.Yourwebsite should:
Include andshowyourcompany/businessdetailsincludingaddress,phone number,name,andlogo(if
youhave a limitedcompanynumberitisalsoa legal requirementtolistithere).
Provide acleardescriptionof whatyourbusinessis/does.
Provide detailsof yourproducts,services,and
Provide abusinesse-mail orcontactform thatenablesprospective customers/outside partiestoreach
youeasily.
You can add manymore thingstoyour website,thisisjustthe basicinformationyouneedtoinclude.
Now,howdo youcreate a website?
How to create a website for your business
Creatinga website isnotnearlyascomplicatedasyoumightthinkitis.Many differenttypesof
software,website buildersandhelpful informationallow youtobuildasimple website foryour
business.
Easily buildyour own website
If you do notwant to take on thistaskor are unclearon how to do it,you can alwaysoutsource itto a
freelancer,butthere isafar betterandcheaperoptionavailable.Website buildershave come tothe
stage where youcan buildyourentire website quitesimplythroughone providerwithnoprior
experience.CompanieslikeWix,GoDaddy,Weebly,orShopifyofferverysimpletouse toolssothat you
can oftenhave a simple website upandrunninginunderanhour.However,if you decidedtoexplore
the possibilityorevenbuildyourownwebsite,we have outlinedthe mainstepsyouwill needto
accomplishthiswithhelpful tips.
Purchase a domain
A domainname isyourpublicaddressonthe internet;itisthe URL that appearsat the topof your
browseronany website,forexample:www.cocacola.com.The firstthingyouneedtodoispurchase a
domainforyour business.Typicallythisdomainwouldbe yourbusinessname,if thistaken,trydifferent
variations.Youcan buya domainname frompopulardomainregisterssuchasGoDaddyor Name Cheap
(tryto make sure youpurchase a .co.ukor .com domain,these are importanttrustindicatorsforanyone
visitingyourwebsite).
Purchase website hosting

25. Webhostinginvolvesrentingall orpart of a server(online computer) where yourwebsite will be stored,
thinkof it as rentingvirtual landforyouroffice.Whenlookingforareliable website host,youwill want
to reviewafewthingsbefore choosingahostingprovider:
What isthe reputationof the hostingcompany?
What isthe cost of hostingcomparedtootherproviders?
What has the host’suptime comparedtoothervendors? The % of time theirserversare live.
Do theyprovide one-clickinstallsof LAMP/LEMPandCPANEL/WHMand WordPress
If you are ina hurry, popularandcost-effective webhostingcompaniesincludeBluehost,GoDaddyand
1&1.
Install WordPress
WordPressisoftenthe go-tochoice forflexible contentmanagementsystemsthatallow youtobuild
and manage websiteswithlittle technical skills.InstallingWordPressusuallyrequiresaone-clickinstall
fromcPanel underSoftaculousoranotherauto-installerif youdonot have an auto-installeryouwill
needtodownloadandtransferWordPressviaFTP,thisgetsa bit more technical.Make sure to note
downyourlogindetailsaswell!
Purchase and install a website theme
You shouldhave a newupand runningwebsite,now youneedadesigninthe formof a WordPress
theme.These themesdesignsgive differentaesthetics,structuresand control optionsdependingon
whichone youget.
You can finda free theme orpurchase a theme tosuit yourneeds.There are particularlygoodpaid
optionsbuiltformanytypesof small businessesincludingblogs,restaurants,builders,andmanymore.
You can findthemestodownloadviaWordPressorgoto paid providerslikeThemeforest.Once you
have one,youwill needtouploadandactivate yourtheme viathe appearance-themespanel in
WordPress.
Add all your information
Nowit istime to create pagesand addall your businessinformation.
Create yourpagessuch as Home,about,contact us.

26. Addyour logo.
Addyour product,service,orsolutionlistings/details.
Adda menu.
Congratulations,youhave builtabasicwebsite,now itistime togeta professional e-mail address.
Create an e-mail addressfor your business
Once you have a website,youare goingtoneeda professional e-mail addresswhereprospective
customersandexternal partiescanreachyou;thismeansthat insteadof using:
Havinga businessbrandede-mail addressiscritical toengenderingtrustandisa general standardfor
mostbusinessesinthiscountry.
Fistsetup an email addressusingGSuite or anotherthirdpartyemail service.Thenyouwill needto
make sure your email is routedcorrectlywhichisdone byupdatingyourMX records.To change your MX
recordsyou will needtolookforyourhostingcompany’sDNSpanel.
Once your MX recordsare updated,anyemail receivedbyyourserverforyourdomainwill be sentto
Gmail or the email service provideryouhave choseni.e.anymail receivedbygenericmedia.comwould
be forwardedtoyour email.Thisiseasiertodothan it sounds!
Buying the businessessentials
Gettingthe basicessential setupforanynew businessisnotglamorous,butitisverynecessary.
Whetherthatis sortingthe internet,phone,utilitiesorpurchasingtechnologyamongmanyotherthings,
here’saquickguide to gettingthe essentialsright.
Settingup businessbroadband
Fast and reliableinternetisanecessity.Whetheryouneedtosell onlineorcommunicate with
customers,the internetisavital componentformostnew businesses.Here are some guidelinesfor
choosinga secure,reliable andfastinternetproviderandpackage:
Checkreviewsonline of eachcompanyandthe differenttiers/typesof internetpackagestheyoffer.

27. Make sure the contract lengthisno longer, than18 monthsyouusuallynegotiateheavilywhenyour
contract comesup for renewal,loweringthe cost.
Verifythatthe companyhas a responsive customerservice teamratherthanan automatedmachine or
poor customerservice.
If you live orworkin an area,where broadbandorfiberisweakregardinginternetconnectivelyorit
doesnotconnect at all,considera4G internetcontractand an antennaas an alternative solutiontoget
fastand stable internet.
Most of the above isquite logical,butitiseasyto missthingsinthe hubbubof startinga new business.
Gettinga businessphone line
Havinga landline numberforyourbusinessisstill anecessityforhavingalegitimate businessimage
fromthe start andfor havinga fix andreliable numberwhere customerscanreachyou on.
If you ownor rent a private office,itiseasytosetup a businessline withyourphone package.However,
if you donot, youcan still purchase a businesslandline inLondonandmanyothercitiesthatwill route
to yourmobile phone,allowingyoutotake callsviathat numberand make callsonline usingthat
number.
Findingoffice space
Apart fromworkingfrom home,there afew differentoptionsforentrepreneurslookingforspace to
start and run theirbusinesses.
Rent a co-working space
Co-workingspacesallow youtoflexiblyrent office space oran individual deskatarelativelylow cost
comparedto traditional servicedorprivate office options.Theyalsoofferanenvironmentdesignedfor
start-upswitha greatcommunityof like-mindedentrepreneurs.
Apply for a businessincubator
Incubatorprograms provide seedinvestment,mentorshipandoffice space foralimitedtime tostart-
upsand othersmall companies.If youare a technologybusiness,there are manyincubatorswhere you
couldapplyforin manymajor cities.
Rent a businessincubator office

28. Incubatorsare effectivelylow-costoffice space thatoffersome level of communityandnetwork.Non-
for-profitcompanies,charitiesoruniversitiestypicallyrunthem.
Rent from another local business
Many large to mediumsizedbusinessesthatfindtheyhave excessspace are oftenopenif approached
by a smallercompanyaboutrentingunusedspace intheirpremises.Itisa great source of extraincome
for the propertyownerbusinessandoftenaflexible rentingagreementforthe tenantbusiness.
Selectingbusinessstationaryand signage
It may be hard to believe butforlimitedcompanies,there are specificlawsyoumustobeyregardingthe
detailsyouinclude onsignage,stationeryandpromotional material.
Office supplyand stationary options
Whenpurchasingofficial companystationaryorproducingpromotional materialssuchasletters,forms
or your website,youmustdisplayyourcompanyname,companynumber,registeredaddress,andthe
countyyour businessisregisteredin. If youalsodecide tolista director’sname onmaterials,youmust
include all the directors’namesif there are more thanone.
Findfundingfor your newbusiness
Most businessesrequire somelevel of fundingtostart.Thissectioncoversthe primarysources of
financingavailable tosmall businesseswiththe relativeadvantagesanddisadvantages.
Your savings
Some of the world’smostsuccessful companieshave beeninitiallyself-funded.The upside of thisoption
isyou do notlose anycontrol byinvolvinganyoutsideparty.The downsideisthatdependingonthe
businessyouare starting,youmayneedmore capital thanyou have or it mayrun out veryquickly.
Friends& family
Many entrepreneursreceivetheirinitialfundingfromfriendsandrelativesinthe formof an investment
or loan.Thisis because inmanycasesyou will nothave topay thismoneybackif somethinggoeswrong
or you can agree on preferabletermswhendealingwithfriendsandfamily,usuallyboth!

29. The upside isthat yourfamilyorfriendsare unlikelytotry to bankruptyour businesstoretrievetheir
moneyif youcannot paythemback withinthe termsset.The downside isyoucanput relationshipsin
jeopardyif thingsdonotgo to planand you cannotpay the moneyback or if expectationsare poorly
managed.
Businessgrants
Businessgrantsare free funding moneyawardedtoqualifyingbusinesses. A significantamountof public
and private grantsis available fornewbusinesses; typically, theyare designedtosupportbusinesses
startingup inimpoverishedareas orspecialtybusinesses,toboostthe economyorto promote
technological innovationandresearch.
The plusside of grants isit’sfree moneywiththe downside beingthatapplyingforgrantfundingisoften
a complicatedandtime-consumingprocess,andthe probabilityof obtainingone isnotveryhigh.Still,
manybusinessesinthe UnitedStatesandCanadareceive grantfundingeachyear,itisstill worthashot!
Businesscompetitions
Businesscompetitionsofferthe chance towin free fundingforyourbusiness.Large corporations,
universities,orlocal councilsusuallyrunthemtogainexposure,supportthe local economyoras a PR
and marketingstunt.
Competitionsare underapplied forandapplyingisusuallyfarlesstime-consumingthanapplyingfor
otherfundingsourceslike grantfunding.The downside isyoumightnotwinandlose a lotof time and
energyinthe process,dependingonthe requirementsandconditionsof the competition.
Angel investors
An angel investororbusinessangel isawealthyindividual (commonlyaformerentrepreneur) whois
willingtoprovide moneyforyourbusinessinexchange of apercentage shareholdinginyourbusiness.A
businessangel isusuallyagoodoptionforbusinesseswhoare a little furtheralongthanjuststarting
out,as these investorstypicallywanttosee some growth/tractioninyourbusinessbefore investing.
Venture capital
Venture capitalistsare professional investorswhoinvestsignificantsumsof moneyintomany
companieswiththe aimof makinga returnon theiroverall portfolio.

30. At thisearlystage,venture capital unfortunatelyisonlyapplicabletotechnological companiesthat
operate infieldssuchaslife science andbiotech.These typesof companiesrequire huge initial
investmentsfromthe startand can justifythisfundingbythe promise of massive innovationsand
breakthroughsintechnologyandscience thatcouldyieldconsiderable returns.
The relative downside of venturecapital isthatitis hard to raise and,as professionalinvestors,theywill
activelytake ownershipandcontrol of part of your business.The upside isthatyoucan raise a
considerable amountof moneyveryquickly if yourbusinessalreadyhasmuchtraction, venture capital
couldalsoapplyto you.
Crowdfunding
Crowdfundingisarelativelynew formof investment;itallowsyoutoraise small amountsof funding
frommany people.This isdone bysellingequityorofferingarewardor product ina presale
crowdfundingcampaign.
Crowdfundingcampaignstypicallyrequire anenormouslevelof marketingtobe successful inmost
cases.The upside isthata campaigngivesyouthe chance to test if people are receptive toyourbusiness
and if youcrowdfundgoeswell,insome cases,you canraise yourfundsin48hrs of course,afterhaving
preparedformonths.
BusinessLoans
A simple businessloanmeansyouborrow anamountof moneyfroma bank,personor lenderandagree
to pay itback overtime,suchas in a timelinewithinterest.
Althoughloansofferaflexible wayforbusinessestoraise capital,inmoststart-upsituationstheyare
not an ideal formof fundingasyou’re immediatelytakingonariskwhere if youcannot payback the
loanyou couldlose yourbusinessandanypersonal wealthyouhave dependingonthe liability.
Giventhat, banksdo not lendasmuch as theyusedto new businesses,the start-uploansscheme
detailedbelowislikelythe bestoptionforanyone startingupif youwantto raise finance thisway.
Gettinga Start Up loan
The Start Up Loans Scheme waslaunched bythe Small BusinessAdminstration.Itmade to
entrepreneursinthe formof a favorable,low-interestloans.Eligibilityandfacilitationof astart-uploan
are carriedout bydeliverypartnerswhoassesseachbusinessplanorbusinesscase.

31. Overthe last fewyears,manybusinesseshave beensuccessfullylaunchedbyentrepreneurswhotook
startuploans.It can be a goodfundingoptiondependingonyoursituation.
Businesscreditcards
You occasionallydohearstoriesaboutentrepreneursmaxingoutbusinesscreditcardstofundtheirnew
businessthatquicklybecomessuccessful.Whatyoudo nothear a lotis aboutmost entrepreneurswho
max out theircreditcards and go bankrupt.
A businesscreditcardisone of the worse formsof finance touse for startinga business.The interest
rates,penalties,andcomplexityof thiskindof short-termfinance onlymake ituseful totrading
businesses,which are profitable andneedaflexible creditfacility.
Businessoverdrafts
A businessoverdraftisaflexible lending/creditfacilityyouwillagree withthe bankoranotherfinancial
institution.Anoverdraftallowsyoutoborrow a set amountof moneyonan ongoingbasisoruntil the
bankwithdrawsthe facility.Youpayan agreedmonthlyrate of interestontopof anythingyouborrow.
It isnot a good formof finance forstartinga businessandshouldonlybe usedbytradingprofitable
companies.Itis especially useful forbusinesseswho have seasonal businessesorcash flow issuesdue to
longerclientpaymenttermsorotherreasons.
Creatinga salesand marketingstrategy
Salesandmarketingare the beatingheartof any new business,forabusinesstobe successful;itneeds
to be innovative atmarketingandeffectiveatselling.Whenitcomestostartinga business,thismeans
thinkingaboutpreparingyourproductorservice forsale,how youplanto go to the market andwhat
channelsandsystemswill be employedtoreachandclose customers.
Gettinga product or service ready for sale
Once you have a productor service readytobe sold,youneedtostart packagingit forthe market,this
meansconsideringdifferentiation,positioningandpricing.
Positioningyour offering

32. Positioningisall aboutidentifyingyourproduct’s/service’skeyattributesandhow youare goingto
communicate themtothe customer.It isaboutdefiningwhomyouare andwhat youare offeringina
waythat resonateswithyourprospective customer.
Understandingyour USP (Unique selling Proposition)
Differentiatingyourofferingfromyourcompetitorsisall aboutidentifyingandshowingyourUSPs
(Unique SellingPropisition).Thismeansthinkingaboutwhere youoffersuperiorfunctionalityandvalue
overyour competitorsandhowyoucan communicate thisthroughyourmarketingmessage.
Settingprice at the right level
Pricinga productor service istricky,itisoftenunclearfornew entriesintoamarketwhatthe pricing
structure shouldbe,sohere are fewwaysthatwill helpyoutocalculate a fairprice:
Work out yourcosts perunit.
Work out the profitmarginyouwill be makingperunit/perhour.
Gather pricinginformationonyourcompetitors’productsorservices.
Findout whatthe customeris willingtopay.Thiswill require market
Once you have done yourresearchand pricinganalysis,itcomes,downtowhatyouthinkthe market
will bearcombinedwithwhatyouwanttomake per unitor perhour for anyproduct or service
respectively.
Choosinga course to market
Once you are ready to goto market,you needtofigure how youwill getthere.Thismeanschoosingthe
bestcourse to market;thiscouldbe online,throughfixedretail,wholesale,evensellingthroughathird
party or a mix.
Sellingonline
Sellingonline couldbe inthe formof an online shopora subscriptionsoftwareplatform(SAAS).The
internetofferssmallbusinessescompletecontrol overtheirroute tomarket.Manynew businesseswill
choose to sell directlytotheircustomersthroughthe webasitprovidesfantasticallylowoverheadswith
little requiredinvestmentcomparedtostartingaphysical businesslocation.
Sellingviaa retail shop

33. A retail store isa publicplace where customerscangoand purchase fromyour business directly.Retail
storesgive youa guaranteedaudience of passingcustomersdependingonthe site.Thistype of sales
route is perfectforhigh-volumeproduct-basedbusinesses,butitalsoworksforservices,i.e.travel
agents,insures,andothers.
Sellingwholesale
Wholesalingoffersbusinessesthe chance tosell theirproductsinbulktosuppliersorretailerswhowill
thengo and sell directlytothe publicthroughtheirownsaleschannels.The profitmarginfromthis
model isusuallysmallergiventhatthere’sanotherpartyinvolved,butitdoesofferthe potential for
sellingsubstantial ordersandgeneratingsignificantrevenue.
Sellingthroughan agent or affiliate
Hiringan agentor affiliate onyourbehalf meanstheywill findandconnectyouwithpotential
customers,thusdoingmostof the marketingandsome of the salesworkforyou. Youwill however
usuallyhave topay a heftycommissiontothe agentwhenacustomertheyreferconvertsora fixedfee
on a per leadbasis.
Selectingmarketingchannels
Once you have chosena route to market,selectingthe correctmarketingchannelstogenerate interest
and customersiscritical.There are manydifferentchannelsandyouhave tofindthe most cost-effective
and highreturn channelsforyourbusiness.Itcantake some time andtesting.
Email marketing
Email remainsthe core way people andbusinessescommunicate online.Thus,email marketing
(reachingpotentialcustomersviaemail) isone of the primarymarketingchannelsforgenerating
customersandsales.Thistype of marketingcanbe done throughnewslettersorcoldsalesemails,andit
isone of the online marketingchannelsavailable withthe highestreturnoninvestment.
Online advertising
Pay perclick(PPC) advertisingisone of the mostpopularformsof online marketing.Ittypicallyinvolves
usingpaiddisplayandsearchadvertisingviaGoogle andothernetworkstoreachpotential buyersand
drive themtoyour website orlandingpage.

34. If PPC campaignsare well targetedandmanaged,itcan be a highlyefficientandreliablemethodof
generatingbusiness.Itisimportanttonote thatsocial mediaandFacebookadvertisingalsonow
accounts fora huge amountof marketingbudgetsformanybusinesses.
Social mediamarketing
Social mediaisone of the newestandbestwaysto reach potential customers.WhetheritisFacebook,
YouTube,Pinterest,LinkedInorothers,there isarange of social mediaplatformsthatare useful for
effectivelytargetingandreachingyourideal customers.Itistime-consumingtobuildandmaintainan
account,but in the longterm,ithas provento generate asignificantreturnoninvestmentformany
brands.
Contentcreation
Writtencontentcan be an excellentwaytoreachcustomersviaonline search.If youhave accessto a
goodwriterand yourbusinessisprimarilyonline,one of the bestandcost-effective waystoreachyour
customersisthroughorganicsearch. Outof all formsof online promotion,natural searchtrafficisthe
highestconvertingregardingsales;itisparticularlyusefulforpromotingyourwebsite topotential
customers.
Mailingletters
An old-fashionedmethod,directmail marketingisstillusedbymanycompaniestodaytoinform
potential customersabouttheirofferinganddrive sales.Itisparticularlyuseful forservice-based
companieswhohave complex offeringsthatneedtobe describedwell,i.e.pensions,life insurance and
otherservices.
Telemarketing
You may be askingyourself ‘howcantelemarketingevenbe amarketingchannel anymore?Noone has
a positive experience’.However,youmightbe wrong,manybusinessesstill relyheavilyontelesalesfor
large swathesof theirmarketingandsalesbudgets,andthe returnisstill substantial,particularlyinthe
telecomsindustry.
Builda salesprocess
Creatingan effective salesprocessisabouttakingpotentialcustomersgeneratedbyyourmarketing
effortsandturningthemintopayingcustomers.

35. Withsalesand marketinginextricablylinked,itisimportantthatyoursales processwill highlyconvert
the leadsthat yourmarketingdelivers;otherwise,marketingisawaste of resources.Thissectioncovers
the assetsyouwill need,the pipeline youwill needtosetupand how to create a greatcustomerservice
team.
Buildingsalesassets
Salesassetsare the documentationanddocument-basedpromotional material usedinthe selling
process;forexample,thiscouldmeanleaflets,brochures,PDFs,pitchdecksandmuchmore.These
materialsare critical to a salesperson,ascustomerswill oftenaskfora presentationorwritten
documentduringthe salesprocess.
These assetsdemonstrate keyfeaturesandadvantagesof anyproductor service.Itisimperativeto
have these assetsready,lookingprofessional andwell-structuredforyoursalesteamtouse.
Buildinga sales pipeline
A salespipelineisatthe core of anysalesprocess,itisa systemthatcontinuouslytracksthe stage of the
customer.Thispipeline allowssalesteamsandmanagerstosee where prospective customersare
regardingthe sale andto lookfor efficiencygainsandproblemsthatneedcorrectinginthe sales
process.
A typical salespipeline isjustasetof stagesgoingfromA to Z, A beingthe firstcontact, Z beingwhen
the sale closedthere canbe furtherstepsif youinclude crosssellingorup-sellingaspart of the same
process.To manage these pipelinebusinesseswill typicallyuse asoftware-basedCRMcustomer
relationshipmanagementsystem.Itiscrucial to the salesprocesstohave a structuredpipeline setout
so youcan ensure everypotentialsale istrackedandthere ismaximumconversion.
Create a customer service team
One of the mostoverlookedareasof salesiscustomerservice,withmanyorganizationsseeingsalesand
customerservice are separate functions.Thisleadstoa lackof focuson propercustomerservice will
dramaticallyincreasesthe amountof customerslostandthusthe long-termprofitabilityof anysale.
Thismeansthat fromthe start itis critical to buildingastrongcustomerservice frameworkandteamto
minimize the lossof anyclientsandmaximize the longevityof clientsorrepeatpurchases.Thisall
contributestothe salesbottomline.

36. Buildinga team for your newbusiness
Most newbusinesseswillstartwitha small teamor begintogrow one veryquickly.Thus,businesses
and entrepreneursneedtolearnearlyonhow to effectivelyrecruitandmanage theirteam, while
developingagreatcompanyculture andthemselvesasleaders.
Thissectionishere to guide youthroughthe initial setupof whatwill becomeyourbusiness’human
resourcesdepartment,coveringrecruitment,management,companycultureandself-management.
Brilliantrecruitment practicesare linkedto businesssuccess
Do not hire anyone until youabsolutelyneedto.The workandresponsibilitythatcome withemploying
anotherpersonistremendous.Whenyoudogetto a stage whenyouneedtorecruit,it isimportantto
make sure you take the rightapproach to findingandemployingthe bestpersonorpeople forthe role
and foryour business.
Attracting great employees
The start of a recruitmentprocessisaboutfindingandgettingthe bestpotential candidatestoapplyfor
the positionyouhave open.Companieswhowanttoattract great candidatesshould:
Offera competitiveremunerationpackage salary,benefits,share options.
Use theircompany’svisiontoinspireacandidate towant tobe part of the enterprise.
Showcareerprogressionpossibilitiesforthe candidate.
Demonstrate aprogressive,diverseandexcitingworkculture tothe candidate.
Beyondthe basicsof attracting greatemployees,itisoftenabouthighlightinghow yourofferisbetter
than otherorganizations’ offerings,i.e.if youcannotcompete on salary;compete onoffering
responsibilityandprogression.
Create a strong recruitmentprocess
Once you have attracteda good pool of potential candidates, havingastrongrecruitmentprocessiskey
to makingsure youendup hiringthe bestcandidate.Ata minimum, thismeanshavingaprocesswith:
A cleartimeline andstagesforcandidates.
Unambiguouscriterionforwhatyouare lookingforandhow youwill be assessingcandidates.

37. At leastthree interviewsideallywith differentmembersof yourteam.
A stepforcheckingpreviousworkreferencesandthoroughlyvettingcandidate claims.
A poorrecruitmentprocessmayleave youwiththe worstcandidate.A strongrecruitmentprocesswill
enable youtoworkdownto the bestcandidate efficiently.Companieswhochoose toinvesttime and
resourcesintothe recruitmentprocesswill alwaysoutperformthose whodonot!
In-house recruitmentvs outsourcing
Outsourcingrecruitmenttoanagencyand in-house recruitmentbothhave advantages.Whenitcomes
to choosingthere isnoeasyanswer,the bestmethoddependsonyourbusinesssituation.However,to
helphere are some the keyadvantages/disadvantagesof each.
Outsourcing recruitment
A professional agencywill findcandidatesthatexactlyfityourprofile.
It eliminates the needforanextensivein-houserecruitmentteam.
It can be veryexpensive(the agencywill usuallytake afee between15% and25% of the candidate’s
total firstyear annual earnings).
In-house recruitment
It enablesyoutocontrol and optimize all aspectsof the recruitment
It isusuallycheaperthanhiringanoutside agency.
It will require the use of aninternal teamandresources.
Whenit comesto choosing,smallercompanieswhoare profitable will oftenchoose to outsource the
firststepsof the processto attract candidatesandthendoin-house recruitmentandassesthe
candidatesthemselves.
Creatinga managementethos and system
Excellentmanagementisessential forthe successof anybusiness.Fromthe very beginning, your
managementteamorevenjustyouas an entrepreneurneedtocreate a clearmanagementstructure,a
positive workenvironment,andbuildacompanyculture thatwill supportthe businessanditspeopleas
yougrow.
Set managementstructures
Gettinga managementstructure inplace earlyoniscritical to any small businessthathopestogrow.
Thisensuresthatbusiness’policiesandobjectivesinitiatedatthe top can be carried outthroughoutthe

38. structure and that there will be accountabilityfortheirprogress.Inpractice,thismeanshavingclear
structures,roles,objectives,roadmapsandresponsibilities,trackingemployeeperformance,having
teambuildingexercisesandfeedbacksessions,amongotherareas.
Create a positive work environment
Havinga productive workforce is linkedtocreatingapositive andsupportiveworkenvironment.This
meansthat fromday one,managersandCEOs shouldmake creatingandmaintainingapositivework
environmentacore companyobjective.Thiscouldmeanholdingofficesocial events,providinglarge
deskspaces,havingclearHR policiesandcareerprogression,offeringflexibleholidaysoranyother
initiativesthatemployeeswouldvalue.
Builda great company culture
People are the primaryresource of anybusiness.Yourfoundingteammayworkhard,be passionate and
close-knitbuthowdoyoumake sure that culture of excellence andresponsibilityscaleswithyour
business?
Verysimply,byclearlyoutlininganddocumentingyourcompanyculture and makingsure itisone of the
mainobjectivesof yourbusiness.Companycultureshouldbe consideredinthe hiringprocessandeach
newemployeeshouldbe introducedtoit.Itshouldnotbe somethingunspokenbutsomethingatthe
core of the business.
Making sure,you are compliant with employmentlawand taxes
Buildingagreatteam can be complicatedandnotjustregardingrecruitmentandmanagement,butalso
regardingunderstandingandadheringtoyourtax and legal responsibilitieswhenhiring.Youneed tobe
aware of the legal,tax andpensionresponsibilitiesthatcome withemployingpeople.
Managing yourself
As an entrepreneur,one of the difficultthingsyouwill oftenface ismanagingstress,fatigue,and
pressure while balancingworkandlife.This iscommonasthere isan enormouslevel of responsibility
uponyou as an entrepreneurandleader.Inthissection,we coverhow youcanmitigate thisbycreating
a supportnetwork,engaginginthe communityandfindingmentorstoguide youthroughthe perilsof
entrepreneurship.
Builda support network

39. Whetheritisfriends,familyorcolleagues,havingastrongsupportnetworkaroundyouiscritical.This
systemwill helptosupportyouandkeepyougoingthroughthe difficulties of the entrepreneurialpath,
make sure not to neglectthisnetwork!
Meetthe start-up community
Start-upcommunitiesandnetworksinthe UnitedStatesandCanadaas well as across the worldare
prolificandwell established.Engagingandbecomingpartof these communitiesinyourlocal areaisan
excellentwaytomeetotherentrepreneurs,share storiesandexchangeideasandadvice.
Finda mentor
Findinganindustryrelevantmentorisone of the bestthingsyoucan do whenstartinganybusiness.If
your mentorisknowledgeable inyoursector,he orshe will be able toprovide advice andguidance.Itis
true what theysay,great entrepreneurslearnfromotherpeople’smistakes.
Starting a businessinyour spare time
If like manyreadingthis article, youhave afull-timejoband cannotaffordto quityour jobto start
straightaway,have no fear.In thissection,youcanlearnhow to start a businessandmake itsuccessful
inyour spare time withouthavingtoleave yourjob.One wayof reducingthe riskof startingup your
ownbusinessistoholdontoyour dayjob inthe earlydays andwork onyour businessinyourspare time
at eveningsandweekends.
It isan appealingideabecause if yourbusinessventure failsthenyoustill have yourjob,andif it
succeedsthenmakingthe transitiontobeingyourownbosswill be alotlessrisky.Infact, there are now
so manypeople runningbusinessesfromhome intheirspare time ateveningsandweekendsthat there
isevena name for them the 5 to 9 people.
Perfectbusinessestostart in your spare time
An internet-basedbusiness,which doesnotrequireyourconstantphysical presence forittofunction
A businessthatcanoutsource manyof itsfunctions. Iknow of a couple that run an online luggage
businessSwissluggage.comintheirspare time while bothdofull-timedayjobs.Theyoutsource the
packingand postingof ordersto a fulfilmentcompany,whichtakesdeliveryof theirstockandstoresitin
itswarehouse.Duringthe day, a call centerhandlestheircustomerenquiries.
One that allowsyoutocommunicate withcustomersbyemail ratherthanbyphone,soyou are not
limitedtoconventional office hours

40. Do not start a businessthatwill be incompetitionwiththe companyyouworkfor,and do notstart one
that usesinformationordataprovidedbyyouremployer,asyouwill quicklyrunintolegal issues.
Hide your entrepreneurial intentions
Downplayyourentrepreneurial intentionsinfrontof yourboss.Nomatterhow well yougeton, noone
likestofeel thathisor heremployee’sattentionandfocusiselsewhere.Provide informationsolelyona
‘needtoknow’basisandneverbringupyour businessventureinconversationunlessyouare asked
aboutit.
Only work on your businessin your spare time
Do not give yourbossany reasonto clampdownon yourbusinessventure.Be scrupulousaboutdoing
your dayjobcompetently.Onlyworkonyourbusinessinyourowntime andneveruse youremployer’s
resourcesforyourbusinessdonot take stationery, donotuse the office phone foryourbusinessphone
calls.
Social life onhold
Put yoursocial life onhold,andtry to getthe supportand understandingof yourfamily youcannotdoa
full-time job,startabusiness, ANDsee asmuchof friendsandfamilyasyouusedto.
Work on your businesseveryhour
Don’tunderestimate how much time youstill have available thereare 168 hoursinthe week,soeven
allowingfora40 hour a weekfull-time jobandeighthourssleepanight,thatstill givesyouapotential
88 hours leftinwhichtoworkon your business.
Make sure to get some rest
However, donotsacrifice sleep.Make sure yougetenoughsleepeverynightasovertirednesswill make
youfeel ill,run-down,grumpy, andshort-temperedandleadtopoorjudgementandbaddecisions.
Advice from owners ofsuccessful spare time entrepreneurs
JananLeo, isa typical 5-9er. Duringthe day, she worksas a product developmentmanagerforVirgin
Trains.As soonas she isfinishedthere,she switchestorunningCocorose,whichmakesfoldingshoesfor
womentowear while commuting.She startedthe company,whichshe runsfromthe spare roomof her
home innorth London,in2008 with£3,000 of savings.She workseveryeveningfrom5pm until at least
11 pm and everyweekendandnowsellshundredsof pairsof shoesamonthinboutiquesandthrough

41. herwebsite.She mayneversee herboyfriendandbarelygetanysleepbutforLeo,startinga business
thisway andrunningitat home hasone huge advantage ithas minimized the financialrisk.She says:‘I
lie inbed at midnightwatchingthe orderscome throughonmy BlackBerry.’
Steve Emecz,runshisownbook company,MX Publishing,inhisspare time fromhome while holding
downa demandingfull-time jobasthe businessdevelopmentdirectorforVenda.com,ane-commerce
supportcompany.Steve,whose businesspublishesaround50titles,includingbooksonSherlockHolmes
and neurolinguistics,says:‘Iprocessurgentordersinmylunchbreakand regularonesinthe evening.I
have an outsourcedwarehouse thatpicksthe booksandshipsthem — itis all technology-drivenand
web-based.The authorsall have dayjobsthemselvesandsowantto talkto me inthe eveninganyway,
and the distributorsdoeverythingonline.Ihave mye-mailssentdirectlytomyBlackBerry,andI use
Skype a lot.’
A little bit of entrepreneurial inspiration
If you are at the stage you are feelingalittle overloadedyoushouldbe but donotworry everyone of
the world’s mostsuccessful businessesstartedfromthe smallestof commotion lists. Toremindyouthat
isit’sentirelypossibletodohere are 10 case studiesof extremelysuccessful businessesthatcame from
veryhumble beginnings.
Johnny Cupcakes
Thisbusinessstartedbysellingt-shirts,sweaters,shortsandundergarmentsinabakery-themedretail
shop.The initial investmentwas$6,700. The firmis now worth$3.8 Million.The firststore openedin
2005 and the founder,JohnnyEarle,soonfoundhimself onthe listof ‘BestEntrepreneurs25 and Under’
in2008.
Adventure Life
Adventure Life offersgrouptoursandvacationpackagesforits customers.In2008, it had revenue of
$11 Million;the start-upcosts,however,were verylow.These included$3,000 for brochures,$11,500
for adsin 1999 and $33,500 in 2000.
Paragon Space Development

42. ParagonSpace,whichis nowworth£8 millionin2008, startedwithan initial investment,which includes
$30,000 forcomputersandlab equipment,£600 per monthfor office andlabpremises,and$20,000 for
yearlytravel.
Chobani Yogurt
Hamdi Ulukayafoundedthe #1 sellingyoghurtinthe UnitedStatesin2005. However,hisex-wife claims
that he stole the recipe andpaid$40,000 forit. The founderusedaloanof under$1 milliontobuttress
the initial start-upcosts.The companyisnow worth$1.1 billion.
SweetLeaf Tea
Withits currentvalue of $12 Million,SweetLeaf Teawasfoundedin1998 witha $100,000 initial
investment.The companybroke eveninitsthirdyearandreportedrevenue of $300,000.
Tokyo Joe’s
Earningrevenue of $22 Millionperyear,TokyoJoe’swasstartedoff in1996 withan initial costof
$330,000. TokyoJoe’sisfamousforconsistentlybringingnutritiousanddeliciousfoodtocustomers’
tables.
Tarte Cosmetics
Tarte Cosmeticsoffersawide varietyof make-upproductsincludingbrushesandbodyproducts.
MaureenKellyinNewYorkestablisheditin1999. The start-upcost was$18,000 and now the company
grosses$12 million(2008 figures).
Edible Arrangements
Thiscompanychangedthe way people sendgifts.They specializeinfreshfruitarrangementsandoffera
wide varietyof specialty fruitgiftitemsandgiftboxes.TariqFarid foundedthiscompanyin1999 withan
initial investmentof $100,000 andthe companyisnow worth $19.4 million.

43. Facebook
Nowworthover$200 Billion,MarkZuckerbergstartedthe world’sbiggestsocial networkwhenhe was
still inuniversity.Accordingtovariousreports,the ideawasallegedlystolenfromtwinsCameronand
TylerWinklevosswhoeventuallysuedMark.
ZARA
We have savedthe bestforlast: ZARA. AmancioOrtegafoundeditin1975. The bigretail giantopened
up several storesacrossthe globe.The founderhas estimatedworthisreportedtobe $65 billion.
Now it is time to start your business
Nowthat youhave made it to the end,hopefully, youare well onyourwayto startinga successful
business.If youare lookingmore forresourcesonhow youcan grow yourbusinessacrosssales,
marketing,humanresources,andoperations,checkoutoursectionongrowingyourbusiness.Good
luck!
WhyMel Fellerasyour businesscoach
Mel Feller- DynamicBusinessandPersonal DevelopmentCoach- NationallyKnown
Mel Fellerishailedbyaudiencesworldwide as“life-changing”,“riveting”,“extraordinary”,“bold”,and
“deeplymoving”,Mel Feller’smessageof courage,kindness,andresilienceresonateswithparticipants
longafteran eventhasfinished.Listedasone of the Top 10 BestSpeakersfor“motivation”and
“personal development”inthe UnitedStatesbyMeetingsMagazine,Mel Fellerhasbeenfeaturedon
ABC,NBC and FOXnetworks.
Mel Fellerhasdedicatedhiscareertocatapultingindividualsandorganizationstowardtotal success,
mastery,andfulfillment.Asaninternational keynote speaker,executive coach,andinterdisciplinary
coach, Mel providesanexceptionalblendof businessacuity, clarity,creative perspective,andreal
understanding.Mel Feller’shighlyeffectivemethodshave enabledhimtoformbondsasa trusted
confidante toCEOs,executivesandentrepreneurs.Havingtriumphedovertwotraumaticaccidents,one
where he almostlosthisleginadditiontocolonand melanomacancer. Mel Fellercapturesthe hearts
of audiences,demonstratinghowtomove forwardwithspeedandgrace.Prepare tobe takenona
journeyonwhichyouwill returnrefreshedandfeelingthatyoucan do anything!

44. Mel Feller’sprogramsare packedwithcontent.Blendingpowerfullifelessonswithcompelling,
insightful,andawe-inspiringstories,he offersactionable toolsforpeople toimmediatelyuse to
transformand manage theirlives.