What are the steps to starting a business?

Knowing how to start a business can be confusing. In fact, just this week I have been working with an entrepreneur from Bulgaria. Our work together has identified that there is virtually no one (never say 100% no one) doing exactly what his business model intends to do. There are some companies doing pieces of his business model who I consider indirect competitors. Which means that he will need to scale quickly in order to keep those competitors at bay.

After finishing our first project together, a feasibility study, he admitted to me that he wasn’t entirely sure what steps to do next. He had a few steps in mind but just wasn’t completely sure about the order he should follow.

This is a pretty common question that new entrepreneurs have. They just aren’t sure the steps to follow in starting a business. So, I thought I would lay out the process we follow here at SouthFound with our ideation-stage clients.

How to Start a Business — the SouthFound Steps to Start

Depending on the phase of growth your startup is at the order of steps may vary. Below is the order I recommend for new entrepreneurs with new business ideas.

  1. Complete the SouthFound Startup Business Model Planner — I have typically recommended that entrepreneurs first start with either a Business Model or Lean Model Canvas as their first step. However, when completing them in the past for my own startups or with clients I have always felt like they missed some key things to consider. So, I developed the SouthFound Startup Business Model Planner which is a precursor to the Business Model and Lean Model Canvas.

In the queue

Next up I will be sharing with you four key steps to use in building your online brand.

I’m a former C-level banking exec. and 3x startup founder leading a corporate innovation/product team and have helped companies raise over $500M in funding.

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