New entrepreneurs often assume that before they can start up, they need a detailed written business plan. But traditional business plans tend to be more useful for established businesses that are looking to scale up. Most new startups don’t need a plan that’s extremely detailed; the point is to get to the key things that matter.
Choosing a location is a crucial step in starting a business. There is more to identifying the right location than just finding an available structure to occupy. How you go about choosing your business's location will define your organization.
A business location strategy takes planning and research and a willingness to thoroughly vet all your options. Finding the right location involves both identifying the desired qualities of a potential space and considering your needs as a business owner.
In a previous blog post, we described 5 main purposes of a business plan. But once you decide to write one, what should it include? While the level of detail will depend on the specifics of your business and whether you’re writing the plan for yourself or to use as part of a pitch for funding, any business plan should include these four components.
The value of a business plan is gained from writing it, not necessarily what you produce at the end. Whether it’s five pages or twenty-five, here are five good reasons to write a plan for your business.
- To set a road map to the future.
Your business plan provides a map for your business to follow. Thinking through the various sections of the plan and gathering the necessary information will help you:
As a business owner, you may want to seek protection for a product or service, a new invention, or printed material. There are three main types of intellectual property protection: patents, trademarks, and copyrights. All three are different from each other, and from business name registration, so it’s important to make sure which, if any, are appropriate for your business.
As of June 14, most Naperville Public Library services have been restored to full capacity. This includes NaperLaunch, the business startup services center and coworking space located at the Nichols Library in downtown Naperville.
Reopening means not only that our spaces and technology resources are available, including the free coworking space, conference rooms, and public computers and software, but also a reinvigoration of the NaperLaunch community, which is built on the people we connect with and the opportunities we create.
“Once we have enough revenue, we can invest in building a brand.”
Sound familiar? It’s common for small business owners to think this way, if they think of brand identity at all. Some think they don’t have the time to worry about brand in the startup phase of a business. However, skipping the important work of brand identity usually causes more time-consuming challenges in the long run.
Running a business is tough. Whether you're a brand-new startup or an operating company, it’s important make sure you've considered your own strengths, weaknesses, and reasons for wanting to be an entrepreneur.
In the NaperLaunch Academy, participants use an entrepreneur profile questionnaire to reflect on whether entrepreneurship is a good fit with their interests, skills, and life circumstances. For those who have already started a business, this profile can provide deeper insight into how they and their organization affect each other.
Choosing a name for your new business is an important and often challenging part of the startup process. Some founders arrive at a name in the early stages, while others wait until their business plan has solidified. This blog post will outline some of the key considerations for deciding on a name, as well as how to protect the name you choose.
Previously on the blog, we’ve described the Lean Startup Process that is the foundation of the NaperLaunch Academy curriculum. A key component of this process is the Build-Measure-Feedback loop; as described by Eric Ries, it involves identifying a customer need and developing a solution, which becomes your product or service.