5 Pillars of Business

This course focuses on getting your business up and running with the best chance of success for you and your business. This process involves five key features that are necessities for not just starting the business but starting it and running it profitably. By the end of this course you will have an in depth understanding of the 5 pillars, legally registered your business, have a good understanding of your market and your customers, and will be set up for and possibly already receiving paying customer. The way you will get to this point is by following our 5 Pillars of Business. These pillars are: setting up your business structure, writing your business plan, obtaining financing, preparing record keeping, and marketing and advertising.

Business Structure

The first step in starting your business (after the initial idea) is to get your business structure set up legally. Although you may not have any paying customers yet, it is best to have your business structure set up so that you are ready to take on customers at any time. It is important to note that for most businesses, it is wise to complete all five pillars before seeking customers but if customers come to you, you want to be prepared and able to fulfill their request without hesitation. Registering makes your business and the transactions you do legal as well as provide legitimacy for any business to business interactions you may have. In the Business Structure section titled "Make It Real" we'll discuss the different types of business structures and how to set up the most common types.

Business Plan

The next step after registering your business is researching and writing your business plan. This is a necessity for any new business or existing business that wants to grow. While it may be possible to start your business without one, writing and using a business plan creates a 30% chance of successful growth of the business. The business plan defines your business, how it runs, and how it plans to succeed and grow in the future. By having this document, checking it often, and modifying it as things change, you can ensure your business is on track to achieve its goals at all times. This is also a necessity when approaching potential investors in your company, whether it's family, a bank, or angel investors.

Financing

One of the most challenging parts of starting a business is obtaining the financing to get up and running. In this sections we'll discuss how to identify the finances you'll need and potential avenues for obtaining said finances. We'll also discuss ways of identifying expenses, determining methods of cutting expenses. Lastly, you'll learn how to organize this data and these numbers in preparation for the next section, record keeping.

Record Keeping

Every business owner needs to be able to take a look at his or her business, analyze what it's been doing and make adjustments as needed. The only way to be able to do this is to have everything the business does kept in organized and easy to read records. In this section we'll discuss the different methods of record keeping, how to determine what's best for you and how to do this in the most efficient way for your business. Record keeping is also a must when filing business taxes or having a CPA file them for you.

Marketing and Advertising

Once the previous pillars have been complete, you're ready to start reaching out and obtaining customer. In this section we'll make a marketing plan, identify your target customer, and find the best methods of marketing and advertising for you. By the end of this section you will have a complete plan and multiple avenues for you to reach out to customers, customers to find you, and methods to increase customer awareness so that you can begin growing your brand.

Once these 5 pillars have been put in place you'll be up and running, ready for customers, with a plan for success. Let's begin your entrepreneurial journey!