Launching Ideas: How to Get Your Business Off The Ground

Entrepreneurship is as American as apple pie and the 2^nd amendment. Just consider some of the most popular films our country has produced: Citizen Kane, The Godfather, Wall Street. Consider also some of our greatest books: Moby Dick, The Great Gatsby, The Grapes of Wrath. What do these iconic works of art have in common? They all explore the American desire for independence, self-reliance and success – achievements uniquely woven into the fabric of our culture and history. And the characters in these books and movies also, for better or worse, struggle with how to achieve their goals and how to reach that success they desire. Chances are, as a current or prospective entrepreneur, you face a similar struggle. Dreams and goals are nice but where’s the right path to these ideas? How do you build a solid foundation for launching a successful business and avoid the follies of Charles Foster Kane, Vito Corleone or Captain Ahab? Here are some steps to help take your business from an idea to a strong, sustainable reality:

Consider your budget
You have your vision, a business plan and an idea of what resources you currently have and may need. Now it's time to crunch numbers. First, consider your household budget. Your house is a good meter for your financial solvency as well as your reputation among creditors. How do you budget your household expenses: rent, utilities, food, etc? How does your credit and financial reputation stand as a result? These answers should determine how you approach the financial strategy for your business.

Develop a network
Actively court investors, legal representatives and clients. Don’t expect these people to show up after you’ve started your business – have them in place already. Give them information on your business strategy, your product or service and your financial need (if applicable). Get them excited about your business. Maybe provide a sample of what they can expect. By having them invest time and attention towards your business ahead of time there’s a better chance they will also invest their money later.

Make it Official
The Corleone Family of the Godfather series spent just as much time in courtrooms as they did running their nefarious business. Don’t follow this model. Square your business with the proper city, state and federal agencies. Retain adequate legal representation and keep track of each step and requirement for a full, legal, registered business. A great legal resource in Philadelphia is LawWorks, which provides pro-bono (free) support to eligible small businesses. The City of Philadelphia’s website provides information on what licenses and applications you would need.

Gordon Gecko, the villainous stock broker played by Michael Douglas in Wall Street, famously quotes Sun-Tzu’s The Art of War in one scene: “Every battle is won before it is ever fought.” This refers to the importance of preparation. The research, personal connections and resources acquired improves the success and sustainability of your business. Do your homework as you build your foundation. It will pay off in the long run.