To Do Checklist for Entrepreneurship

[Enda Goodwin]

Consider Your Skills, Workstyle and Lifestyle. Understand that becoming your own boss can be very appealing but make sure you have what it takes to be successful.

1. Review each entrepreneurial path to determine which one is right for you. Becoming a Consultant – Buying a Business or Franchise – or Starting a Business.
2. Identify your motivations and skills. Then examine how workstyle and lifestyle changes will affect you and your family. Becoming a Consultant -Step 1: Consider Your Skills, Workstyle and Lifestyle; Buying a Business or Franchise: Step 1: Consider Your Motivations and Skills; Starting a Business- Step 1: Explore Your Motivations and Skills
3. Define your ideal business and begin testing it. Becoming a Consultant - Step 4: Define Your Business; Buying a Business or Franchise – Step 2: Explore Franchising and Define Your Ideal Business; and Starting a Business: Step 2: Define and Test Your Business Idea
4. Generate a list of potential business advisors willing to share their expertise and experience to aid your business’s success. Becoming a Consultant - Step 3: Create your board of advisors; Buying a Business or Franchise – Step 3: Create Your Board of Advisors; and Starting a Business: Step 3: Creating Your Board of Advisors
5. Research the marketplace to identify and analyze your competition. This will help you choose your market niche. Becoming a Consultant – Step 5: Research the Marketplace and/or Step 6: Search Out the Competition; Starting a Business – Step: 5: Choose Your Market Niche OR Starting a Business - Step 7: Analyze the Competition
6. Once you select businesses to buy or franchises to pursue, secure and evaluate disclosure documents to assess the business’s current state and future potential. Buying a Business or Franchise – Step 6: Begin Due Diligence, Secure and Evaluate Disclosure Documents
7. Take stock of your personal finances and estimate the capital needs and identify possible resources as needed. Buying a Business or Franchise - Step 4: Investigate Financing; Starting a Business – Step 4: Investigate Financing
8. Set your fees or establish the price for the business. Becoming a Consultant – Step 7: Set the Fees; Buying a Business or Franchise – Step 9: Price the Business
9. Draft a business plan that provides the needed level of detail. Becoming a Consultant – Step 9: Develop Your Business Plan; Buying a Business or Franchise – Step 11: Write a Business Plan; Starting a Business – Step 9: Complete Your Business Plan
10. Once you complete your due diligence and you’re decided to buy, make an offer and close the deal. Buying a Business or Franchise – Step 15: Buy the Franchise
11. Consultants determine and set-up the needed business systems and processes to ensure a well-run operation. Becoming a Consultant - Step 9: Establish Business Systems and Processes
12. Before launching your business, consider the critical actions that needed to be taken to successfully launch and operate your business. Starting a Business – Step 10: Prepare a Detailed Implementation Schedule
13. Consider the business image and brand that will help penetrate the marketplace. And always have a bio that showcases your capabilities and achievements. Becoming a Consultant – Step 10: Market and Sell Your Services
14. Define employee roles before hiring and acquire needed equipment and resources that will optimize business performance. Starting a Business – Step 11: Commit Your Resources
15. Map out your marketing strategy and plan to successfully promote your business venture. Starting a Business – Step 12: Launch a Business
16. Upskill and reskill using LinkedIn Learning and General Assembly. Attend Career advice webinars and Events hosted by LHH’s Career Experts.