Starting your own business is easier than ever in today's digital world. Platforms like Shopify now power about 30% of all online stores. The experience from concept to running a business might seem daunting, but many entrepreneurs still choose this path.
Some entrepreneurs launch small businesses while keeping their day jobs and use their salary to fund projects. Others take a direct leap into promising industries. The telehealth sector, to name just one example, could grow from $83.50 billion in 2022 to $791.04 billion by 2032. But your business's survival depends on one thing above all else - your access to capital.
Let's look at the practical steps to launch your own business. We'll cover everything from your original idea to getting operations up and running. You'll learn how finding what customers want helps verify your concept before a major investment. Research shows that 88% of consumers say detailed product content plays a vital role in their buying decisions. This piece gives you the basics you need to start your entrepreneurial experience, whether you want to open a traditional small business or jump into the booming telehealth market.
All set to start your own business? Scroll down now to learn more!
Key Takeaways
- Start with a clear, personal idea that solves real problems and aligns with your skills or passions.
- Validate your concept through customer interviews, surveys, MVPs, and pre-orders or waitlists.
- Define your unique value proposition (UVP) to stand out in the market.
- Create a business plan or use a Business Model Canvas to map your strategy.
- Choose a legal structure (e.g., LLC, sole proprietorship) and register your business.
- Set up separate finances and bookkeeping early to stay organized and compliant.
- Bask Health simplifies telehealth startups with ready-made tools, reducing costs and compliance hurdles.
- Success depends on planning, testing, and solving real customer problems with practical tools and persistence.
Get clear on your business idea
A clear idea forms the foundation of every successful business. Getting clarity takes more than just a sudden flash of inspiration—you need to find a concept that aligns with your strengths and fills real market gaps.
Start with what you know or care about
The best business ideas usually come from areas you already know well or feel passionate about. Look at what comes naturally to you—your passions, core values, skills, talents, and hobbies. Your business will grow more smoothly when it matches who you are at your core.
Many entrepreneurs found their big break by solving problems they faced themselves. Neil Blumenthal started Warby Parker because he lost his glasses and couldn't afford new ones. Whitney Wolfe Herd created Bumble after leaving an abusive relationship and built an app that empowers women.
Problems you face could spark your next venture. Keep a 21-day record of products, designs, or processes that frustrate you, then explore possible solutions. This simple approach has launched countless successful businesses.
Talk to potential customers
Your brilliant idea needs real feedback from future users. Create quick surveys or meet potential customers for coffee to learn about their challenges. Ask direct questions like "What tasks can I make easier for you?" or "What bothers you about current solutions?"
Market research reduces risks before your business even exists. Learn about your potential customers' age, wealth, family situation, and interests. Study your competitors too—spot what they do well and where they don't deal very well with customer needs.
Note that the quickest way to understand what people want is simple: ask them. Their answers might surprise you and lead to ideas you never imagined.
Define your unique value proposition
Your unique value proposition (UVP) shows what sets your business apart and why customers should pick you over others. A compelling UVP will give you a message that appeals to your target audience and drives conversions.
A strong UVP goes beyond catchy marketing—it's a strategic message that addresses customer needs. The message should highlight specific problems your product solves and focus on results rather than features.
To cite an instance, Slack's UVP "Slack replaces email inside your company" clearly shows the problem (email overload) and positions their platform as the answer. Your UVP should capture what makes you different in one clear, powerful statement that helps customers quickly see your edge.
Validate your idea before investing
A great business idea won't get you far alone. You must prove it right before you spend your time and money to ensure your concept fixes real problems that people care about.
Run customer discovery interviews
Customer discovery interviews are the foundation of proving your business concept right. Start by creating a clear hypothesis to test—this usually focuses on your proposed value proposition. Research your interview subjects really well to learn about their expertise and build common ground. This helps create more open conversations.
Your approach needs a scripted introduction and targeted questions that collect specific stories about past behavior instead of general answers. As one instructor notes, "Every meeting should have a purpose, whether it's a customer discovery interview or a business meeting with a colleague." People tend to have various cognitive biases, so you should focus on their actual experiences rather than asking what they "typically" do.
Test with a minimum viable product
The feedback you gather helps you build a minimum viable product (MVP)—a version that lets you "collect the maximum amount of validated learning about customers with the least effort." This small, low-risk step can be tested, refined, and grown step by step.
A good MVP fixes customer problems, helps gather feedback, and focuses on just a few key features. To name just one example, Kettle & Fire proved their bone broth product idea by creating a landing page and driving traffic to it. They found strong interest without spending much upfront.
Use pre-orders or waitlists to gauge interest
Pre-orders give you real customer demand data instead of relying on "gut feelings." They show which product versions customers want before you start production. This works great with physical products, where pre-orders are a great way to get proof.
Waitlists create exclusivity and excitement while building social proof. Your waitlist will work better when you explain your value clearly, show exclusive benefits, stay open about wait times, and reward early adopters. The sign-up process should be quick and ask for minimal information from potential customers.
Build your plan and set up your business
The right time to formalize your business comes after you verify your concept. Your next steps should focus on proper planning and structure. A clear roadmap, legal foundation, and financial systems will help you build a lasting business.
Write a business plan or use a business model canvas
Two options exist to plan your business strategy. A traditional business plan (typically 15-20 pages) gives detailed information about your business concept, market analysis, organization structure, and financial projections. This plan works best if you need outside financing or want an in-depth approach.
The Business Model Canvas provides a visual, single-page format that shows your business model clearly. This strategic tool maps out nine essential building blocks: customer segments, value propositions, channels, customer relationships, revenue streams, key resources, key activities, mutually beneficial alliances, and cost structure. The canvas is a great way to get faster results when testing business models or making quick changes.
Choose a legal structure and register your business
Your business structure impacts your taxes, liability, and paperwork needs. Here are the common options:
- Sole proprietorship: The simplest form that gives complete control but doesn't separate personal and business assets
- Partnership: Works best for multiple owners with options like limited partnerships (LP) or limited liability partnerships (LLP)
- Limited Liability Company (LLC): Gives liability protection with tax flexibility
- Corporation: Provides the best liability protection, but costs more and needs extensive record-keeping
Pick your structure, then register with your state (typically $50-$500 depending on structure). You'll need to get tax IDs and secure the required licenses and permits.
Set up your finances and bookkeeping
Start by opening a dedicated business bank account to keep personal and business finances separate—this is vital even for sole proprietors. Then decide between cash accounting (recording transactions when money changes hands) or accrual accounting (recording when invoices go out).
The final step is setting up a bookkeeping system with accounting software that tracks transactions, manages accounts receivable/payable, settles accounts, and creates financial reports. This system helps you monitor your business's health and handle tax obligations from the start of your business trip.
Use Bask Health to launch your telehealth business
The telehealth industry will grow from $83.50 billion in 2022 to $791.04 billion by 2032. This massive opportunity has caught many entrepreneurs' attention. Bask Health offers a complete solution that breaks down traditional entry barriers.
How Bask Health simplifies a telehealth startup
Bask Health works like a 'Shopify for Telehealth.' We give entrepreneurs a strong infrastructure that removes common startup hurdles. Our platform has everything you need to launch quickly - patient intake systems, scheduling tools, and customizable onboarding processes. The no-code builder lets founders create asynchronous telehealth questionnaires without technical knowledge. You don't need a medical background to get started.
Key features for a telemedicine business setup
Our platform has these essential components to deliver successful telehealth:
Strong telehealth capabilities like secure video conferencing and patient portal management help you deliver quality virtual care from day one.
Reducing telemedicine startup costs with Bask Health
Most telemedicine ventures need $70,000 to $100,000 to launch. Our ready-made infrastructure cuts these costs significantly. The platform automatically handles complex compliance through end-to-end encryption, multi-factor authentication, and complete audit trails. You save money by not building these systems from scratch.
Compliance and provider network support
Provider licensing and credentialing often slow down telemedicine growth. That's why we give you access to multi-state licensed providers and handle credentialing requirements automatically. Our compliance features protect health information through end-to-end encryption and support state-specific regulations. The credentialing team stays connected with clinicians to get documentation quickly. This helps keep provider satisfaction and retention rates high.
Conclusion
A new business venture brings excitement and challenges that need careful planning. This roadmap explores the basic steps to achieve entrepreneurial success. Your business idea should match your passions and solve real market needs to build a strong foundation. The concept needs testing through customer interviews and MVP development to reduce risks before major investments.
The right business structure and financial systems create a framework that supports steady growth. Bask Health offers a detailed platform for telehealth entrepreneurs. Our system manages everything from patient intake to compliance, which helps entrepreneurs launch fast without technical skills or high startup costs.
Without doubt, building a business needs dedication and resilience. The right idea, proven concept, and proper business setup can help your venture succeed in today's competitive market. Successful businesses solve real problems for real people, whether through local stores or state-of-the-art telehealth platforms. Your business concept can become a reality when you use this practical guide and the right tools for your industry.
References
- Bank of America. (n.d.). How to write an effective small business plan. https://business.bankofamerica.com/en/resources/how-to-write-effective-small-business-plan
- Score. (n.d.). Startup roadmap: Step-by-step guide to starting a business. https://www.score.org/startup-roadmap
- Shopify. (n.d.). How to set up pre-orders on Shopify: A complete guide. https://www.shopify.com/blog/shopify-pre-orders
- Square. (n.d.). How to register your business in 2024. https://squareup.com/us/en/the-bottom-line/starting-your-business/how-to-register-your-business
