Starting a Company — Baby Steps

Marty Greenberg
Nov 3 · 3 min read

So you want to start a company but don’t really know where to start? I’ve started three companies that have done over $15M in sales. I get this question all the time and will lay out some of the baby steps to go through on your journey towards starting a company.

Start with your goals

What are your goals of starting a company? Is it to make some extra money on the side, to run a business full time, or do you want to impact the world and have millions of customers?

If you are looking to just supplement your income there are many types of companies that you can do including online marketing agencies and affiliate marketing. If you’re looking to build a billion dollar company then the type of company you build will be different. It will be one that can attract investors, can scale, and has a big market (think Uber or Airbnb).

Don’t let the incorporation process get in your way

People worry way too much about what legal documents they need, how to setup a bank account, all of the nitty gritty. Those problems have already been solved. You can use a service like Nitrous which does all the incorporation for you and sets you up with a business bank account so you don’t get held up with all the paperwork and administrative process.

Take your idea and test the market

Let’s say you have an idea to sell watches online. Start small, build a simple website with a button that says “I’m interested” and market your website on social media or other channels. Take your time, don’t give up! Keep testing different ideas or products until you find something that really resonates. Remember the best product or service is one that you yourself would want. You need to be solving a pain point!

Once you have product-market fit, start selling!

Great, you’ve found a product or service people are interested in! Now figure out what the maximum amount is you’re willing to pay for a customer and test lots of different channels like Facebook, Google, Instagram, Reddit to see where your product or service is resonating. Too often I see entrepreneurs blow a whole months paycheck on Google Ads before they know if people are interested in their product or service and even more importantly at what price! If you’re paying $100 for a customer through Google ads and you’re only making $50 profit from them it still doesn’t make sense!

Once you’re making sales, simplify or grow your team

A lot of people get hung up here. Your business is doing fairly well, you’re making some money, but you’re so caught up in the day to day, writing blog posts, doing order management, updating your website. The most valuable asset you have is your time so be ruthless about protecting it. Ask yourself is there anything I’m doing now that can be simplified, using a new process on a spreadsheet or a software tool online. Hire a contractor or even a full time person when your profits allow it. There’s no glory in spending your time doing the same thing every day when you could be growing your business.

Starting a business is difficult but also one of the most rewarding things you can do. It can lead to financial freedom and independence. When things get tough, don’t give up, find mentors, ask for help!

Tools to help you get started quickly

Launching your Startup: Finance & Accounting 101

Launching your Startup: Operations 101

You can reach me at @marty____g on twitter.

Entrepreneur | Advisor | Investor | Raised $7M in VC | Helping build killer businesses 🔨💰📈 | Previously CEO @Bedly | Call me: Clarity.fm/martygreenberg

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