What 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
- Cash (flow) is king
- Cash flow and profitability are not the same thing
- Know your price points, and the costs to make your stuff
- 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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