Nathan “Nate” Brown, an asset-acquisition professional, co-founded Auto House in North Carolina more than a decade ago. Alongside his partner, Sam Ketner, Nate Brown grew Auto House from scratch into a successful business with two locations and more than $100 million in annual revenue.
Below are several steps every entrepreneur needs to take when starting a business from scratch:
- Research the market: Before starting any business, entrepreneurs must become experts in their market. Not only must they research competitors, they must also research how much demand there is for their product or service. Understanding the market properly helps entrepreneurs figure out the details of their business, such as where to open or what sort of advertisements they need.
- Set a financial goal: Having a goal in place gives entrepreneurs a clearer idea of the steps they need to take for success. Good financial goals are realistic and are updated and changed frequently to reflect a business’s growth and the evolution within its market.
- Create a clear business plan: A business plan is an important part of starting any business because it details how an entrepreneur hopes to market their business, handle daily operations, and set pricing for products. In addition, business plans detail a company’s vision and mission, and guide a company throughout its entire life.
