The THINK Stage

Refining and developing your business idea

Have you been thinking about starting a business and didn’t know where to start?

The Wyoming SBDC has put together resources to help you refine and develop your business idea from concept to launch.  Below is a checklist of basic information to start a small business in Wyoming.  At any time during your journey, contact us for assistance!

Summary 

4 steps to start a business in Wyoming

1. Concept
2. Feasibility
3. Development
4. Launch

1. Concept 

This is usually the most fun and easiest part!  Your concept is why you’re thinking about starting a business!  It’s your idea that gets you jazzed about moving forward.  Write a paragraph or two describing your product or service idea.  If you are going to manufacture something, your concept may need a prototype.  Do not buy a business license, rent a location, purchase inventory or file a business structure until you have completed Step 2: Feasibility.

2. Feasibility 

This is the stage often ignored by new entrepreneurs, and even seasoned ones.  It is time consuming and sometimes difficult, but truly necessary to investigate your idea.  Positive comments from people you know can make you feel good inside, but are not objective enough to test your idea.  Let us help you through this by providing education on how to proceed.

3. Development

 Development is where you start to really spend money on expenses other than market research and prototypes.  In this stage you start with an accounting system, get licensed properly, ready to pay taxes, hire employees, purchase equipment and inventory, purchase a point-of-sale system or cash register, launch a website, and so forth.

4. Launch

This is where you start selling and move into management, managing purchasing, marketing, accounting, etc.  This stage also requires that you continually assess your product/service sales and your customers.  Customer assessment should never end.

Want more resources, check on the other related tools and resources in the Think business success stage. 

What to talk to a business advisor about your business concept, click here to start the process.

Tools for the THINK stage 

Refining and developing your business idea

Business plan development – what you need to know before you start writing a business plan

Business plan template – download our free template

Business plan financials – download our free business plan financial spreadsheet workbook

Fund your idea – How do you fund your new business?  Lear where the funding comes from and the pros and cons of debt borrowing and equity funding.

Getting a loan – Learn how to make your case to a lender and get financing for your business idea

Sources for funding a small business – where to look for other funding sources

Pitching to investors – access online presentation templates

Create a marketing plan – Resources to help you create a marketing plan

Buying a business – Sometimes buying a business can save you time and money in the long run

The FAST program – How to get funding for your innovative idea

Trainings, events, webinars – access to our library of education resources for entrepreneurs