1️⃣ What Is Business?
In simple terms, a business is any organization that sells goods or services for profit. Think of it as a “value exchange engine” – you provide value, people pay you, and you keep the cycle going.
2️⃣ Types of Business Entities
- Sole Proprietorship: One owner, simple to set up, but no liability protection.
- Partnership: Two or more owners share profits and responsibilities.
- Limited Liability Company (LLC): Combines LLC liability protection with partnership tax benefits.
- Corporation (Inc.): Separate legal entity; complex, but offers strong liability protection and capital‑raising options.
- Co‑op: Owned by the users – ideal for community‑centric businesses.
3️⃣ Starting a Business – The 5‑Step Roadmap
- Idea Validation: Test your concept with real potential customers. Ask, “Does this solve a pain point?”
- Business Plan: Outline mission, market, revenue streams, and a lean budget.
- Legal Structure: Decide entity type, register your name, and file necessary paperwork.
- Finances: Open a business bank account, set up bookkeeping, and apply for an EIN.
- Launch & Iterate: Get a minimum viable product (MVP) to market, gather feedback, and refine.
4️⃣ Marketing Basics
- Target Audience: Who are they? What do they care about?
- Unique Value Proposition (UVP): Your one‑liner that says, “I’m the solution you didn’t know you needed.”
- Channels: Social media, content marketing, SEO, paid ads – pick the right mix.
- Metrics: CAC (Customer Acquisition Cost), LTV (Lifetime Value), churn, and net promoter score (NPS).
5️⃣ Finance Basics
- Cash Flow: The lifeblood of any business. Track inflows vs. outflows daily.
- Budgeting: Allocate at least 30% of revenue to core expenses.
- Funding Sources: Self‑funding, angel investors, venture capital, crowdfunding.
- Tax Obligations: Stay compliant: payroll, sales, income taxes.
6️⃣ Legal Considerations
- Licenses & Permits: Check local and industry‑specific requirements.
- Intellectual Property: Trademark your brand, copyright your content.
- Contracts: Draft clear agreements for employees, suppliers, and customers.
- Privacy & Data: Comply with GDPR, CCPA if you’re collecting personal data.
7️⃣ Growth Strategies
- Product‑Market Fit: Iterate until the market loves you.
- Scaling: Automate processes, outsource, hire wisely.
- Partnerships: Co‑marketing, joint ventures to reach new audiences.
- International Expansion: Understand local regulations, culture, and payment methods.
8️⃣ Interactive Startup Budget Calculator
Estimate how much you’ll need for your first 90 days. Enter your numbers below and click “Calculate”.