Startup 101 - Your Why?

Written By: Bridgette F.

You have a great idea, congratulations! The problem is great ideas are like noses everybody has one. So how can you stir up this great idea and turn it into a thriving business?

You have to start by asking yourself three very important questions.

1. Can this business grow in a slow economy?

2. Will this be a profitable business?

3. When will you and your investors see the ROI ( Return on Investment )?

Once you have answered those questions it's time to put a solid plan in place.We suggest the next five steps that are listed below will get you moving in the right direction.

1. Do your research and find out as much as you can about the industry you want to get into. Search the internet, visit your local library, where you can access valuable market research results at no charge.

2. Know who your industry competitors are, visit their website, join their email list, test their products.

3. Now it's time to put your plan in place. You can start by listing all the things that make your startup great. Don't be afraid to list both the pros and the cons and how your idea differs from your competitors.

4. Give serious thought to how you will fund your company. Here you have several options. You may be able to bootstrap your company or seek out outside funding from friends and family, Small Business loans, and venture capital.

5. Put together a pitch package that should include the pitch deck, financial forecast, a website, and don't For more information see bitoscore mission control.

From the desk of our Investors