"Second, you need to clarify why you want to work with these customers – do you have a passion for making people's lives easier?
"A lot of startups tend to spend money on unnecessary things," said Jean Paldan, founder and CEO of Rare Form New Media.
"We worked with a startup that had two employees but spent a huge amount on office space that would fit 20 people.
"When you board an airplane, what is the first thing they show you? When you go to a movie, what do they point out before the feature begins to play? Your first week of kindergarten, they line up all the kids and teach them fire drills to exit the building.
Too many times I have witnessed business leaders that don't have three or four pre-determined exit routes.
Tasks like naming the business and creating a logo are obvious, but what about the less-heralded, equally important steps? A guide to conducting market research can be found on our sister site,
Whether it's determining your business structure or crafting a detailed marketing strategy, the workload can quickly pile up. It's also a good idea to consider an exit strategy as you compile your business plan.Additionally, don't overspend when starting a business.Understand the types of purchases that make sense for your business and avoid overspending on fancy new equipment that won't help you reach your business goals. Stephanie Desaulniers, director of operations and women's business programs at Covation Center, cautions entrepreneurs from writing a business plan or worrying about a business name before nailing down the idea's value. Regardless of which option you choose, it's vital to understand the reasoning behind your idea. "In the words of Simon Sinek, 'always start with why,'" said Glenn Gutek, CEO of Awake Consulting and Coaching. If you think your business can deliver something other companies don't (or deliver the same thing, but faster and cheaper), you've got a solid idea and are ready to create a business plan.Rather than spinning your wheels and guessing at where to start, follow this 10-step checklist to transform your business from a lightbulb above your head to a real entity. Generating some of idea of how you'll eventually exit the business forces you to look to the future. Or enjoy creating art to bring color to their world?They also leased a professional high-end printer that was more suited for a team of 100 (it had keycards to track who was printing what and when).Spend as little as possible when you start and only on the things that are essential for the business to grow and be a success.