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How to Set Up a Business - Coggle Diagram
How to Set Up a Business
Phase 1: Research and Planning (Weeks 1-8)
Step 1: Initial Idea Development (Week 1)
List your skills, interests, expertise
Identify business opportunities based on your strengths
Research current market trends
Create shortlist of 3-5 possible ideas
Rate idea based on criteria
Step 2: Initial Market Research (Weeks 2-3)
Business idea checklist
Create customer profile
Survey customers
Research competitors
Step 3: Business Plan Creation (Weeks 4-8)
Write summary
Detail offerings
Create financial projection
Develop marketing strategy
Phase 2: Legal Setup (Weeks 9-12)
Step 4: Business Structure Selection (Week 9)
Research business structures
Consult professionals
Step 5: Business Registration (Weeks 10-12)
Choose and register business name
Obtain necessary documentation
Apply for permits
Phase 3: Financial Setup (Weeks 13-20)
Step 6: Financial Planning (Weeks 13-14)
Create detailed budget
Set up business banking
Step 7: Funding Acquisition (Weeks 15-20)
Determine funding needs
Explore funding options
Secure funding
Phase 4: Operational Setup (Weeks 21-28)
Step 8: Location and Equipment (Weeks 21-24)
Set up physical location (if needed)
Purchase equipment
Set up technology
Step 9: Supply Chain Setup (Weeks 25-26)
Identify suppliers
Establish relationships
Step 10: Hiring (Weeks 27-28)
Create staffing plan
Begin recruitment
Phase 5: Launch Preparation (Weeks 29-32)
Step 11: Marketing Setup (Weeks 29-30)
Develop brand identity
Establish online presence
Step 12: Launch Planning (Weeks 31-32)
Plan soft opening
Prepare grand opening
Phase 6: Post-Launch Operations (Months 3-6)
Step 13: Initial Operations (First Month)
Daily tasks
Weekly tasks
Step 14: Optimization (Months 2-3)
Gather feedback
Make adjustments
Step 15: Growth Planning (Months 4-6)
Evaluate performance
Plan next steps