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If you have an idea for a product that people would want, then explore turning it into a business in 2017.
Starting your own company takes patience, time, innovation, ambition, investment, and a little insanity, but this process and the result can be extremely rewarding. So if you’re feeling adventurous this year, consider pursuing a new business venture you’re passionate about.
Brainstorm:
I. Develop your idea and then consult others.
a. Talk with trusted friends and family, and see if your idea is something others would be interested in.
i. Family members and friends are usually the cheapest, most supportive, and most honest critics.
b. Identify experts who will listen to your idea and give you feedback.
c. Talk to as many people as possible and consider critiques thoughtfully.
II. Build a prototype.
a. This will help you predict production costs, and it could convince investors to help develop your product.
b. Make sure you have an NDA to protect your idea when showcasing it.
III. Test variations of your idea.
a. Go back to your support network and listen to their critiques to improve your product.
IV. Know the support available to you.
a. Take advantage of free, regional resources.
i. Enterprise Ireland
ii. UKTI
iii. USTA
b. Consider joining trade community networks that can link you with relevant information and contacts, like WebPort Global, that will offer you countless opportunities.
Make a business plan:
I. Identify your mission, business structure, & target market.
a. Keep it simple, but make sure that you understand the market and its possible threats & opportunities.
II. Calculate your production cost.
a. What are standard cost factors in your industry?
i. Consider the costs of machinery, supplies, labor, packaging, storage, distribution, etc.
III. Price your product.
a. Product pricing is a key to a businesses’ success. Price your product competitively while ensuring you have a worthwhile profit margin.
IV. Create a budget.
a. How much money you can front and how much you will need to borrow?
V. Make some financial predictions to present to investors.
a. Consider the potential cost of production, your selling price, predicted sales and how long it would take to break even given these assumptions.
Seek help:
I. Find investors.
a. Identify people that believe in you and your passion.
II. Identify the right service professionals and seek their advice.
a. Legal counsel
b. Accountants
c. Insurance agents
Create your brand:
I. Name your business.
a. Ensure your name is distinct so customers can easily find your product.
b. Ensure an appropriate domain name is available.
c. Ensure the name is not trademarked.
d. Register your business name.
II. Create an image for your company.
a. Consider, what do you want people to associate with your company?
i. Are your products the highest quality?
ii. Are you materials locally sourced?
iii. Is your product sustainable?
iv. Does your company have a touching backstory?
b. Customers are more likely to buy from businesses they’re emotionally drawn to, so tell your company story in a way that connects with your audience.
III. Distinguish your product.
a. Do any similar products exist?
b. How is your product different?
III. Create and maintain an online presence.
a. Create a website for your company and establish and maintain a presence on social media sites.
i. The most pertinent sites for SMEs are Facebook, LinkedIn, Twitter, Google+, and YouTube.
Make it official:
I. Determine your company’s legal structure.
a. Some possible business structures include a(n): sole proprietorship, partnership, limited liability company, corporation, S corporation, nonprofit, or cooperative.
II. Hold off on filing for any patents right away.
a. Patenting is rather expensive, and Entrepreneur recommends holding off until you have significant cash flow. Patenting is only successful if you have the means to pursue patent violation cases in court.
Take care of the not so fun stuff:
I. Choose a location to register your company in.
a. If you have flexibility, consider state tax structures.
b. Don’t stress about having an office or a warehouse.
II. Determine your tax obligations.
a. In the US, the basic four types of business taxes you’ll face are: income, self-employment, any taxes for employees, and excise tax.
b. In the EU, you’ll have to secure a tax identification number.
III. Secure permits and licenses.
a. The specific requirements will vary depending on where your company is registered.
b. Secure a federal employment identification number.
i. Follow these steps to register a US business, and apply for a state license.
c. Pick up a local tax registration certificate.
d. File for local permits that may include a conditional use permit or zoning variance.
IV. Think about if you need to buy insurance.
a. Are you liable for any employees?
b. If working from home, do you have homeowner’s insurance?
c. Do you need shipping insurance?
d. Should you purchase credit insurance?
V. Keep track of the books.
a. It may be a wise investment to hire an external accountant to do this for you.
Remember, you’ve got this:
I. Stay positive.
a. If people don’t receive your idea, see what they didn’t like and consider adapting your product.
II. Have patience.
a. This is one of the hardest ones, but it takes an average start-up two years to break even, so be prepared for the long game.
III. Be open minded.
a. Realize what you can achieve alone and when you need other people to step in.
IV. Network.
a. Your business will grow through your connections.
V. Don’t fear competition.
a. This means there’s a market for your product. Just remember to price your product competitively and distinguish yourself through your quality, customer service, story, etc.
And at the end of the day:
Remember you’re doing this because you love it and you’re an entrepreneur.
| Product Model | Inside Diameter | Outside Diameter | Thickness |
| RLS6-N bearing | 19.05 | 47.625 | 14.288 |
| RLS6-ZZ bearing | 19.05 | 47.625 | 14.288 |