In every business, at the beginning, middle and end, you have to take 7 actions: (1) Get organized; (2) Get funded; (3) Get the rights; (4) Get your product made; (5) Get your product sold; (6) Get protection; and (7) Get rich or get gone. These 7 actions don’t move in a straight line, but in a maze with a series of loops. Still, it helps to think of them as a journey in 7 hops from start to finish.
1. Get organized
The first and last part of every business involves getting organized. That includes:
- creating a business plan
- getting help from advisors, employees and contractors
- set up your company
- agree on the rights of you and your fellow business owners
- set up your operations, including accounting, taxes, office space and a website.
2. Get funded
When you have a reasonably developed business (or sometimes business plan), you need to get funded. Funding includes:
- equity
- debt
3. Get the rights
If you have a plan to make or sell things, you probably need to get the right to use intellectual property. Intellectual property rights include:
- trademark
- copyright
- patent
- trade secret
- strategies to get the rights
4. Get your product made
Once you know you have the rights, you can get your product made. When you move to get your product, you need to:
- Make a prototype
- Source the regulations that govern you and your product
- Figure out your fulfillment strategies
- Hire a manufacturer
5. Get your product sold
You have to – always- get your product sold. To get your product sold, you have to:
- Pick a sales strategy
- Comply with advertising and marketing laws.
6. Get protection
And, of course, at every stage, you must manage your risks and get protection for the risks you cannot eliminate. There are three legs on the risk management stool:
- Contracts
- Insurance
- Vigilant due diligence
7. Get rich – get gone
Finally, how does it end? Your business cannot continue forever on a straight line – it either grows, gets sold or dies. That’s the cycle of life. Unlike in life, sometimes you can take steps to plan your exit.
Profit and Laws will explore these 7 stages in greater detail – and, hopefully, you’ll stay and add your thoughts along away.
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