Building a new lean startup from scratch is no easy task for any founder or CEO. If you are among those founders that have done this, you understand that every process from developing your product to marketing to consumer satisfaction can be tricky. And don't even get us started on the financial aspect of launching, maintaining, and growing a startup business in today's economy.
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Building a new lean startup from scratch is no easy task for any founder or CEO. If you are among those founders that have done this, you understand that every process from developing your product to marketing to consumer satisfaction can be tricky. And don't even get us started on the financial aspect of launching, maintaining, and growing a startup business in today's economy.
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6 Steps For Starting A Small Business

Are you looking to launch a new business soon, or are you in the process of doing so? Starting a new business when you have never done it before can be an intimidating task. Launching a lean startup can be one of the most complicated and challenging things you will ever do. It takes guts, hard work, sacrifice, education, and a little luck to start a new business. Things are only more difficult now for entrepreneurs and startup founders since we are in a recession.
However, you can make it less intimidating by breaking it down into a series of steps. Small and achievable goals is a smart strategy for a successful SMB launch strategy. These six steps will help you get started building a biz successfully.
6 Steps To Start A New Small Business Successfully
1. Beef Up Your Business Skills
If you are brand new to the business world, it is a good idea to build a strong foundation of business-related skills before you try to run your own business. There are a variety of business-related degrees you can pursue at a traditional or online college. Areas of study include communication, marketing, business administration, technology, accounting, finance, and more.
2. Come Up With A Unique Business Idea
All businesses start with an idea. You may already have one in mind for a product or service. If you don't, start by thinking about what type of business you would enjoy running. What are your hobbies and passions? What is your educational background? What type of work have you done in the past? For instance, if you have worked in the beverage industry or have a passion for wine, you might consider starting your own wine brand or boutique bottling venture. In that case, investing in premium packaging elements like wine capsules could help your bottles stand out and appeal to customers. Reflecting on your background and interests can reveal industries you naturally understand, and within those, opportunities to offer something fresh, well-crafted, and different from what's already out there.
3. Assess The Market
Once you have some ideas, the next step is to determine whether there is a market for the type of business you want to create. Does your product or service solve a problem that people are willing to pay money to solve? Is anyone else already competing for the same customers? If so, is there a way you can make your small business unique or serve an underserved segment of the market? You need to objectively determine if there is room in the market for your product or service unless you can realistically create a new market.
4. Choose And Register Your Business Name
Your business name is how your customers will know you, so choose wisely. Pick something short, memorable, unique, easy to spell, and that makes sense for the type of business you are starting. Be sure you pick something that isn't already being used by another business. Complete a trademark search in all of the countries you plan to do business in. Then, do a domain name search to make sure someone else hasn't already purchased the domain you want for your website. Once you have your name, you need to register it in the countries you plan to do business in.
5. Test Market Your New Business Products
Before you fully launch your products into production, it is a good idea to test market them. You can try taking pre-orders to gauge customer interest before you start developing your product, as long as you can follow up fully on fulfilling those orders or potentially issuing refunds. You can also create a small batch of products and sell them to people in your local area at farmers' markets, craft fairs, or other appropriate venues. Or do some digital giveaways and downloads if you have an internet-based product like online video games or a software program. To support these digital efforts, make sure you have access to reliable small business internet that can handle customer interactions, product uploads, and online payments seamlessly. A strong connection ensures that your business is always online when your customers need you.
6. Create A Comprehensive Business Plan
Writing a business plan will help you solidify your idea and is one of the things lenders and investors will probably want to see from you when you are trying to get financing. Your business plan will help you outline your path from where you are to where you want to be. If you fail to plan, you plan to fail with your new small biz. That includes what to do with investing your profits when you do successfully maximize your business plan. Some companies are so busy grinding and hustling and planning that they forget to plan for success!
Build The Best Business
At this point, you still have work to do on your burgeoning business, but you should be off to a good start. Once you have your business plan written, you have a guide to follow the rest of the way to achieving your goal.
Work For Yourself: 5 Steps For Becoming Self Employed
Have you recently lost you lost your job or just lost interest in your regular office gig? Are you ready to leave the grind of your 9 to 5 and become self employed? If you would like to leave it all behind and finally do what you love, we have all the information you will need on self employment and starting your own business.
In today's tumultuous times, you can take some control back and be your own boss. You can follow the steps to becoming self employed as an epic entrepreneur. Fire your current boss and work for yourself!
While you can expect to work harder and longer to set up your new small business, many people who choose to make the leap can’t believe that they waited so long to make their dreams of being their own boss become a reality. When you become your own boss, you'll finally have to do what you like, whether it's just relaxing at home playing slot sites or catching up on things that you don't usually have time for.
If you want to learn more about becoming self employed, read on!
1. Determine What Fulfills You (and Your Legal First Steps)
Often the key to small business is doing what you love. While this may seem like a no brainer, it’s not.
Choosing something profitable that doesn’t particularly appeal to you can spell disaster for those looking to begin working on their own. Why is this the case for self-employed professionals?
If you aren’t truly passionate about what you are doing, you are likely to resent the long hours you will spend working.
Working for yourself doesn’t come with the normal time constraints of a typical job. You will find yourself working late into the night getting ready for trade shows or shipping product.
After you've finished day dreaming, you'll need to explore some of the potential snags you may hit on your way to success. If you are a planning on starting a meal delivery service, for example, you'll need to become familiar with the regulations you will need to follow before opening your doors for business.
The more connection you have to your business endeavor, the more likely you are to see it through to fruition.
2. Use the Internet to Your Advantage
One of the most positive things about the internet age is the connectivity and exposure afforded to entrepreneurs. Unlike the generations of the past who had to rely on a work skill that was marketable trade within the local area, entrepreneurs today have a much broader market available.
If you are a master guitar player, for example, you no longer have to keep your day job and play local gigs at night. Platforms like Skype or FaceTime can afford you the opportunity to teach lessons to anyone with internet access.
If the business that you plan to run requires additional employees, the internet can also help you to better understand what you will need to know about payroll obligations and what sort of insurance and benefits you will need to provide your workers. You can find more information on that at this blog.
3. Reduce Your Chance of Bankruptcy: Mind Your Budget
One of the most common mistakes made when launching a business is going over budget. You are not a major company (yet) so don’t spend your money like you are. Don’t spend money on anything that you don’t absolutely need yet.
Digital art and website design are two of the areas that you MUST do for yourself when first starting out. Check out YouTube for great tutorials that will help you save your valuable cash for the essentials.
You will also want to avoid getting your company into debt. Loans that you may receive or qualify for are not free money! Loans and business credit cards aren’t permission to overspend, in fact, they could cost you your business if you are unable to pay back the money you borrowed. A smart idea is to bootstrap your business instead.
Credit cards can also cost you big time in the long term. If you’re only able to make the minimum payments for a card you’ve run up, you will likely be paying the lender without making any significant dent in your credit debt. Do you want to give your business’ valuable profits to you lender just to pay the interest on what you originally borrowed? We didn’t think so.
4. Getting to the Customer
You will need to find new and creative ways to market your skills to avoid getting lost in the crowd, however, because starting your own business has become such a popular choice, you will certainly need to find a way to make you and your services stand out.
Let’s consider the same guitar virtuoso for example. He can’t simply quit his day job and wait for potential emails to reach out to him. He will need to begin marketing his skills immediately. If you have the luxury of beginning to market your skills before leaving your 9 to 5, this can be exceedingly helpful as well.
Creating a YouTube channel and building an audience can be a great way to start. You can begin to build your following with people who are interested in what it is you have to offer.
Creating a blog can be another great way to grow your online presence. If you have got a story to tell, put it online. Learning some key SEO insights can help you boost your online presence as well.
Take it from marketing guru Gary Vaynerchuk and stop worrying about creating content online, just start documenting! Document your journey into the small business world, just be sure to add value for your viewers along the way.
If you need to physically get to your clients and customers, you will need a personal or company vehicle. That means you might need a loan to buy your car or truck if you don't have one already. You could use that loan capital to get a better company vehicle or money to invest in another aspect of your sole proprietorship business.
5. Incorporating the Dream
Choosing to wait on some of the important legal requirements necessary for a small business can have big-time costs in the long run.
This can be especially the case for self-employed people who are looking to work in specific industries like food and beverage. Regardless, you’ll need to look into creating a corporation to help afford you the legal protections you’ll need as a small business owner or sole proprietor.
Without these, you risk personal exposure that could cost you everything. Without corporate protections that you will have through creating a Limited Liability Corporation (also known as an LLC), a single lawsuit or slip and fall case could cost you your business and everything else.
Be sure to search online for any requirements that may be specific to your choice of self-employed business as well.
Becoming Self Employed: Are You Ready?
Now that you’ve learned everything you need to know about becoming self employed, it’s time to make the leap and be your own boss!
If you have the luxury of beginning your business plan before leaving your day job, be sure to use this time to your advantage. It will pay major dividends when you become completely self-employed.
Want to learn more about being self-employed and running a successful business? We are here to help at LeanStartupLife.com!
The Lean Startup Life Blog is here to help you make money online and offline on a tight budget.
Be sure to visit more of The Lean Startup Life website for more great ideas to help you take your small business to the next level.
Buying A Distressed Business Vs. Starting A New Business

Each person, for at least once, should own a business. Whether you make it or break it, it will be a rewarding experience. Becoming an entrepreneur might not be everyone’s dream but letting this kind of opportunity pass has been proven as a very common regret later in life, as often mentioned by the older generation. In this article, we are going to look at one of the first decision one will be forced to make before going into the world of business. It is to answer the question of finding and buying a fixed upper company or build one from the ground up?
There are many pros and cons to start a business in the Nordics with Scandicorp vs acquiring a distressed venture. Starting a new company can be a very smart idea for some entrepreneurs or founders if it is done correctly. A lot of people think that distressed businesses should be avoided at all cost, however, there are actually people out there who are experts in turning around companies that are a bit struggling. You are probably confused why would anyone want to take on all the risks? Well, you would be surprised how many millionaires out there have amassed their fortune by collecting companies that aren’t able to turn a profit. They get a thrill in rehabilitating a fledgling business into profitability.
Generally speaking, plucking out a business out of muck is very risky in nature. If you think that it could be done by anyone, then you are grossly mistaken. This will lead us to what type of entrepreneur gravitate towards setting up shop by buying existing companies that need help. Typically, they are the ones who have vast experience in the business they would like to invest in. And like experienced investors, they love to swoop into opportunities that everyone else is running away from. It is investing 101, buy low and sell high!
Either you take this as advice or a warning, if you are deciding to buy a business in distress, you must be absolutely sure that you are several times more experienced in that industry than the owner who is selling it to you. Otherwise, if your knowledge is minimal or at par with the current owner in dilemma of losing his business, you are very likely to suffer the same fate.
Now let’s talk about another big benefit of acquiring a struggling business. It already has trained employees. Do you have any idea how difficult it is to find a group of people who shares your vision, have the necessary skills and are willing to give their energy and time in exchange for money? Having an established workforce whom you don’t have to train anymore is a godsend! Rather than finding skilled employees from regular people who you still must pay, while they are getting acquainted with the job is probably one of the biggest expenses in a startup and what usually burns capital the most.
What Are Things To Watch Out For When Acquiring A Distressed Business?
The tempting price for one and the promises that will be made by the seller. As a buyer, you have to distance yourself emotionally when making a deal. A seller will say all the right words and will be the most tempting salesman you will ever meet. He will have the perfect pitch; why wouldn’t he? He has spent countless hours building that business and then some more trying to save it. He will be emotionally charged because of all the history he has had with its assets, people and real estate that he now wants to pass on to you. And probably his most important motivator, he is going to be ruined financially if he is unable to find a buyer, which he is praying that is you.
Listen to what he has to say, stay humble and never come across as being arrogant. But the company’s books will draw a more accurate picture of the business. Doing proper due diligence of the company’s cash flow, suppliers, liabilities, etc. is what you’ll be working on in replacement to building the same business from scratch. Rather than the owner, talk more to employees and find out the ultimate reason why the seller wants to sell.
Below are some business tips on where to find these hidden gems of a business in distress.
● Be a long-time player in the industry and follow competitors. Find out the strengths and weaknesses of competitors.
● Befriend more experienced business leaders who may have already been keeping track of struggling businesses but are unable to swoop in because they’re already tired of the game.
● Build relationships with suppliers, since they can provide you insights of potential competitors having problems.
Distressed Business vs New Startup: Which Will You Choose?
Starting a business usually entails two to three years of bootstrapping before you are really able to bring your hypothesis into actual profitability. You will burn through a lot of capital and will have to become an expert in finding financing until you build a brand and a loyal customer base. Buying an existing business, albeit a struggling one, dodges some of those workloads. However, above we have discussed the risks that replace the replaces learning curve and the struggles of starting a new business.
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