You are contemplating or have decided to start your own business.

What do you do now? 

Starting a new business is much like competitive sailing ... in a challenging environment, careful planning, preparation and execution are essential to survival and winning. 

How do you get your business boat out ahead of the others? 

First and foremost, your key business priorities should not be premised on "a way to make money" – this is an almost sure guarantee of future failure.  

Your new business should be founded on your professional passions. 

Once your professional passions have been identified and articulated - the following steps are essential before you address the starting line:

(1) Create a VISION statement for your business.  This statement should, in as few words as possible, clearly articulate your professional passion, the destination or “reason for being” for your business.

(2) Write a MISSION STATEMENT.  This statement should, in as few words as possible, describe how the business will accomplish the VISION.

(3) Define the ideal corporate structure for, the business - a sole proprietorship, an LLC or LLP, a subchapter S or a C corporation. 

(4) Create a BUSINESS PLAN.  This document should, as comprehensively as possible, include at least the following:
      (a)   The VISION statement
      (b)   The MISSION statement
      (c)   The VALUES statement – the cultural statement 
      (d)   A description of the key markets
      (e)   A detailed description of projected sources of revenues
      (f)    An outline of types and identity of competition
      (g)   A description of what sets this business apart from others
      (h)   A clear articulation of anticipated risks
      (i)    A definition of key operational roles and responsibilities
      (j)    Projections of revenues, costs and after-tax cash flow
      (k)   Detailed budget projections
      (l)    A description of funding needed and specific sources

(5) Establish the milestones, with specific time-lines, and metrics by which the business will be evaluated and strategic and financial decisions made.

(6) Seek professional help to critique the Business Plan assumptions and secure assistance from startup through the initial phases to success.

Spinnaker provides in-depth assistance with planning, structuring, starting and implementing new businesses.