PLANNING YOUR BUSINESS

Do you have a business idea, but not sure where to start?

You have an idea and a passion, but in order to get your idea off the ground there are essential steps you have to take to get there.

The EF team specializes in supporting businesses at the launch phase and beyond, but we know there are prospective entrepreneurs in our communities that need guidance on where to focus their time and energy as they ideate and plan their business venture. We make sure you have the tools and connections for success.

Once you tackle the steps below, connect with an EF Advisor for a free consultation. At this session, you’ll dig into your business plan, viability, and craft a roadmap for how you can move into the next phase.

Planning starting building scaling

Learn how a family passionate about local food security is planning an indoor aeroponic CSA farm.

Harvest Nation | Tower, MM

EF Quick Tip:
Surround yourself with support
Entrepreneurship can be a lonely journey. Be intentional about building up a network of peers, experts or mentors to help you on your path.
GET CONNECTED
1
ARE YOU READY?

Do you have the right mindset, skills and life situation to support this venture? Starting a business requires an investment in time, energy, skills, and money. Be sure you are ready to make that investment.

Work through this simple assessment and evaluate some of the key components required of an entrepreneur to start a business.

Read this article and answer the questions posed throughout. Take some time to dig deep.

2
LEAN BUSINESS PLAN

Developing a full business plan can be a daunting task, especially at this phase. Focus on the essentials and develop a lean business plan. The lean business plan gets you started and can serve as an outline for a business plan in the future.

This can be 1-2 pages, mostly bullets, and in whatever format serves you best. For your first draft, don't overthink it. Get information out of your head and onto the paper (or screen).

As you work through this, if you hit a roadblock or have questions, reach out to our team.

CONNECT WITH AN ADVISOR
3
TEST & CONFIRM YOUR MARKET

How do you validate your idea to determine whether it can be a success and position you to achieve your personal and professional goals as a small business owner?

Whether you are starting a professional service business, restaurant, or online store, taking the time to validate interest in your offerings is a vital step in being a good entrepreneur. Validation is the process of gathering evidence around your idea through research and experimentation to make informed decisions.

A minimum viable product, or MVP, is one way you can test your product or idea with minimal investment. Learn more about this concept and how you can apply it.

5
PREPARING FOR A LOAN

Taking the leap to seek out sources of capital for your new business is exciting and overwhelming. There are key steps you can take to learn more about the types of capital you can use to start your business, how business lending works and where to get started.

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