Ep. 058 – Elementary Startup Planning For New Entrepreneurs

SIB-Blog-3What are the fundamental steps for creating a viable business? What groundwork needs to be laid before any entrepreneur can take their business plan to investors? In this episode, host Tom Ryan strips the business-creation process down to the most basic levels to reveal the core elements of a viable startup.

Tom is on the road this week, requiring a slight change of format from two-person discussion to solo show format. As a result, he’ll be taking on a variety of listener questions.

• Introduction and explanation of this “On The Road” episode

• “Friends and Family” startup funding rounds

• Real-life example of a company Tom is coaching

• “What is the first thing you would do when starting a business?”

• Start with the financials

• Restaurant model for understanding costs and profits

• Key things to consider

  1. Cash (flow) is king
  2. Cash flow and profitability are not the same thing
  3. Know your price points, and the costs to make your stuff
  4. How much will it cost to run the business?

• Becoming cash-flow positive

• Sign off, and ways to contact the show

Links for Today’s Episode:

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