How Do I Start a Business?

“If you plan it with a pencil, then you can weld it with steel.” - T.D. Jakes

Here at MA, we focus heavily on strategy, and one reason is because it includes vision, which is crucial in the planning phase of starting or expanding a business. It is the foundation of any successful business. As T.D. Jakes eloquently said in his book S.O.A.R. The essence of this quote lies in the idea that careful planning leads to strong execution—first sketching out flexible ideas (like with a pencil) and then solidifying them (like welding with steel).

How to start? Grab a pencil and paper (or your laptop) and start brainstorming. List your desires, ideas, goals, and passions. What problems do you aim to solve? How does your business provide solutions? Who are you serving? This step is crucial—don’t rush it! Data shows that failing to plan is one of the biggest reasons businesses collapse within the first few years. This won’t be your business.

The next thing you need to do is perform a deep dive into three categorical areas: problem, solution and audience. This is one of the reasons MA exists—to partner with others through strategy consulting. Further research may be needed in areas such as market and competitor analysis, funding opportunities, and how to organize and create a healthy, clear business plan. Without these elements complete, you can easily go in the wrong direction, costing you money, effort, and time. This process is not only used to start a business, yet for expansion and intentional growth as well. 

Lastly, implementation. You’ve put in the necessary steps to move forward, and that should give you clarity and confidence in your chosen industry. You might also find that your original idea isn’t as viable as you thought—and that’s okay! Design a timeline with key milestones to track short-term wins that build towards long-term success. Did you know that 20% of new businesses fail in the first year, and 50% within five? This only underscores the importance of solid planning and strategy to increase your chances of success. Another critical factor is finances. You can read another one of our posts to see how we go about helping businesses with funding.