Idea to Launch Business Planning + Strategy Workbook for Entrepreneurs

IDEA TO LAUNCH Business Planning + Strategy Workbook for Entrepreneurs

TAKE YOUR DREAM HUSTLE FROM BRIGHT IDEA TO BUSINESS LAUNCH

Kae Gruner, Esq. START UP HEART UP

Dear Future Entrepreneur, Have you ever day-dreamed about starting your own business?

Do you have a new business idea that you can’t stop thinking about? If this feels familiar, then welcome home! This is your Start Up Heart Up Idea to Launch workbook, a fill-in-the-blank road map that equips & empowers you to start a new business from scratch. This workbook walks you step-by-step in order to: Validate Your Idea Develop Your New Product Discover Potential Market Share Protect Your Intellectual Property Understand Your Risks & Liability Create a Strategic Business Plan Build a Unique Brand Identity Create a Marketing Plan I mindfully crafted each page of this book to give you the DIY tools needed to take meaningful steps to achieve your business goals. And since I know you’re busy taking care of other priorities in life, this workbook is strategically organized and easy-to-follow so that you can start whenever, take breaks as needed, and pick up where you left off without skipping a beat.

So don't worry about spending hours researching the legal and business side of things; that's what this workbook is for. All I need from you is a heartfelt dedication to your dream and a little bit of discipline for making it come true.

Cheers to you on making the courageous decision to embark on your new business journey. I can't wait to see you on the other side!

Kae Gruner

Business Lawyer & Founder of Start Up Heart Up

Disclaimer: Start Up Heart Up, LLC is not a law firm or a substitute for an attorney. We cannot provide any kind of advice, opinion, or recommendation about possible legal rights, remedies, defenses, selection of forms, or strategies. This publication is designed for general information purposes and does not constitute legal advice. See your attorney about your specific situation.

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How to Use This Workbook Let’s get this show on the road. Your journey from bright idea to business launch will take you through 9 Key Business Launch Milestone Achievements. Keep an eye out for each one to keep track of your progress!

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You will earn each of these Milestone Achievements as you complete the 25 Mile Markers outlined on the next page. The Mile Markers are detailed exercises designed to guide you towards creating a commercially viable business model.

With a little bit of time, heart, and discipline you will complete each Mile Marker and earn each Milestone to lay a solid foundation for your new business.

Pro Tip: Write out your answer to each question in this workbook as fully as possible. If you get stuck, feel free to jump around and come back to it! The process of building a new business from scratch is rarely perfectly linear or chronological.

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25 Key Business Mile Markers Each Mile Marker was strategically crafted based on the questions a business lawyer or business coach would ask you to guide you, as a client, to build your new business.

1. Set Your Goals & Timelines………………………....(page) 4 2. Describe Your Idea……………………………………….................. 14 3. Understand the Fundamental Problem……..…….. 16 4. Research Existing Solutions…………………………............. 18 5. Analyze Existing Solutions…………………………..….......... 20 6. Understand Your Market.............………...………..…………. 24 7. Know Your Customer......…….......….….....................………. 28 8. Distinguish Your Idea……………………………………............... 32 9. Design Your Product............................................................36 10. Build Your Prototype..............................………….............… 42 11. Test Your Business Model………………………..…............... 46 12. Tackle Your Weakness.………………………………................. 50 13. Practice Your Product Pitch…………………………......…... 52 14. Strategize Partnerships………......…...........……................. 54 15. Practice Your Partnership Pitch…………………........…. 58 16. Analyze Your Intellectual Property…………….……..... 62 17. Protect Your Intellectual Property……………..…........ 66 18. Consult With Experts …………………………………................ 68 19. Count Your Pennies………………...………….............………….. 72 20. Protect Your Assets…………………….…..........……....………… 76 21. Utilize Business Contracts…………...………….........………. 80 22. Write Your Mission & Core Values..………..........…….. 84 23. Build Your Brand....................................................................86 24. Create a Marketing Strategy…….…..……........................90 25. Execute Your Marketing Plan..…......…........…........... 100

“Go confidently in the direction of your dreams! Live the life you've imagined.”

HENRY DAVID THOREAU

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1.

Set Your Goals and Timelines

Set & achieve your business goals by (1) planning out goals & timelines in advance, and (2) holding yourself accountable. Refer back to your written timelines as you build your business to stay organized and mindful of your progress.

Pro Tip: Customize the following (or build your own) business launch timeline based on your specific business needs. Try adding a “by when” date for each task to keep yourself on track!

EXAMPLE: IDEA TO LAUNCH CHECKLIST

IDEA TO LAUNCH CHECKLIST

Research & develop your business idea Develop your idea into a product* Identify potential competitors & customers* Perform market research* Start writing a business plan Write your Mission & Values Detail scope & strategy of the business Calculate the estimated profits & losses Identify your intellectual property (IP) File/register for IP protection Trademark, copyright, patent, etc.

Make a list of confidential information Put CDA's in place before disclosing Consult with experts or mentors Identify where you lack time or skills Financial, legal, technical experts Manufacturers or developers Key service or software providers

Continued on next page...

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...continued IDEA TO LAUNCH CHECKLIST

Limit your risks and liability potential CDA's, Sales Agreement, Services, etc.

Protect your personal and business assets Identify & execute business formalities Register your business File for EIN Open business bank account Obtain applicable permits/licenses Obtain appropriate business insurance

IDEA TO LAUNCH

Draft business policies & contracts

Plan content & marketing strategy* Create a cohesive brand image Select various channels for marketing Create original content Identify strategic partners *See example checklists for Market Research, Product Development, & Marketing Strategy on the upcoming pages of this workbook.

Time to take action! Use the next pages to write down more big picture tasks & to-do's for your business.

For more resources on business planning, including a free Business Plan Template, visit:

startupheartup.com/businessplan 5

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“It’s not about ideas.

It’s about making ideas happen.”

SCOTT BELSKY

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Market Research Checklist EXAMPLE: MARKET RESEARCH CHECKLIST

Learn about major players, products, & customers in your market

Research market demand, trends, and projected growth in your industry Start with a simple internet search for "market growth" of [insert industry] Review info. from market research reports and industry associations Search both broadly & specifically in your niche to see the big picture Get to know the ideal customer directly Determine where they already congregate to share tips & seek advice Perform social listening, engage directly in forums, create surveys Identify their pain points & needs Analyze & summarize all data collected Look for duplicative comments & feedback from customers Summarize the overall market potential with respect to your products and your potential customers

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MARKET RESEARCH

Identify your industry and your niche within that industry Describe competitors & their products Identify and describe your ideal customer and their current habits

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Product Development Checklist EXAMPLE: PRODUCT DEVELOPMENT CHECKLIST

Write down the problem solved by your product idea, and how you solve it Write out key features & benefits If services, outline specifics of your offering, including tiers or packages Build "lean" prototypes of the product Draw, build, or write out multiple prototype versions of the product Identify dimensions, materials, etc.

Build a minimum viable product (MVP) Incorporate customer feedback Beta-test MVP with ideal customer Send or show prototypes to potential customers Collect feedback with questionnaires Collect feedback with interviews Identify any experts needed to build a final product that is ready to sell If physical product: manufacturers, suppliers of materials or packaging If digital product: graphic designers, software engineers, copywriters.

If service-based product: teachers, mentors, influencers in your industry

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PRODUCT DEVELOPMENT

Brainstorm multiple options for products based on your business idea

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Marketing Strategy Checklist EXAMPLE: MARKETING CHECKLIST

Perform market research on your market position & growth potential*

Create a cohesive brand identity & story Choose your business name and keywords that describe your brand Create value messaging conveying value you offer to your ideal clients Build marketing strategy and plan Value your products & set prices Create original, relevant, & valuable content to build audience Research & implement optimization strategies such as SEO

MARKETING STRATEGY

Research market demand and projected growth in your industry Describe competitors & their products Identify and describe your ideal customer and their current needs

Select multiple channels to share content & marketing materials Purchase relevant website domain & design your website Create accounts where your customers are spending time, e.g. social media Make a list of thought leaders or influencers that may share your work *See example checklist for Market Research on page 8 of this workbook for more details.

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Describe Your Idea

Describe, draw, or outline your proposed idea for a new business or product. You won't have all the details yet, but start anyway!

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Understand the Fundamental Problem

Describe the fundamental problem or market need that your idea solves in the space below. Simplicity is key. (Don't yet focus on how competitors might be insufficient or failing).

Example (UberÂŽ is used throughout the workbook): The fundamental problem is getting people from point A to point B.

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Ask Why. Describe why you decided to solve this problem.

If you remember the exact moment, write down the story of how, when, and why your business idea came to you:

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Research Existing Solutions

Spend a few hours researching and make a simple list of every existing solution that you can find that attempts to solve the same fundamental problem (including products and DIY solutions). Continually update this list as your discover additional products and solutions.

Example: To get from point A to point B, some solutions are to own a car; use public transportation; call a taxi.

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Analyze Existing Solutions

On the following pages, explain how each of the existing solutions that you found (including DIY solutions) is ineffective, creates additional hurdles, or is otherwise inadequate to solve the fundamental problem.

Example: Owning a car can be expensive, and finding parking can be difficult. Public transportation and taxis are not available everywhere and may have inconvenient schedules.

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"Creativity is the answer. I always prefer the creative solution to an expensive solution."

KEENEN IVORY WAYANS

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d! h ie v e n e A c t io n o t s e a l e Mi fu l I d M in d

Date Milestone Achieved: _______________ 23

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Understand Your Market

To acquire & grow market share, you must learn your industry, your competitors, your customers, and where your product fits into the big picture. Write down below the name of the industry in which your new business falls. (This is the space in which similar products are sold, e.g. "media", "apparel", "food"):

Research. Describe the industry you named above. Start researching and take notes on the following questions: Is the industry well-established? Brand new? Is it crowded? Is the industry responding to recent changes in customer behavior?

Does it have niches? How narrowly can you niche down with your business idea? Is the market growth stagnant, steadily growing, or exploding?

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Competitors. Write down a master list of all the major players currently competing in this industry. List all companies that offer the same (or similar) products as yours. Make notes on the pricing & promotion, and the volume & type of engagement by each company with customers on social platforms.

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For more resources on market research, including How-To's and in-depth explanations of effective research methods, visit:

startupheartup.com/marketresearch 27

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Know Your Customer

Use these pages to describe, in detail, the ideal customer for your product. What is their demographic? What do they do for fun? Where do they hang out? Do they use social networking?

Where do they get their news? What are their dreams and goals? What are they scared of?

This description will help you in many ways, including to: (1) build a product that strategically solves the needs and desires of specific customers, and (2) create effective marketing campaigns to reach the right people, in the right places, with the right message.

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Customer Needs/Desires. Now that you know more about who your ideal customer is, what they do, and where you can find them, it's time to start listening in and/or interacting directly (yes, with real people!). Find your ideal customers at in-person events or online forums that relate to your business / product idea, and listen intently. Take notes when they discuss pain points, needs, and desires that relate to your business or sound like something you can solve for them. Start brainstorming on the following pages about how you can provide solutions through your products.

Example: If your ideal customer is a busy mom, join mom-focused FacebookÂŽ and RedditÂŽ groups and read through the conversations. Bonus points if you engage directly by asking and answering questions as well! Your goal here is to become fluent in the language of your ideal customers and understand their needs.

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After researching your market & ideal customer, take the New Biz Quiz to test the "commercial viability" of your new business:

startupheartup.com/newbizquiz 31

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Distinguish Your Idea

After getting to know your ideal customer and their pain points, start to brainstorm how your idea may be better than each existing solution / product (from your ideal customer's perspective).

On the following pages, write out as many differences between your idea and the current options on the market. Include any meaningful differences with respect to materials, cost, quality, efficiency, & convenience.

Example: UberÂŽ's idea was to create a mobile app to connect people looking for rides with people who can provide rides. One difference from the previous solutions was extra convenience of ordering an on-demand ride straight from your cell phone.

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"No matter what people tell you, words and ideas can change the world."

ROBIN WILLIAMS

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d! h ie v e ne A c a rch o t s e l se Mi et Re M a rk

Date Milestone Achieved: _______________ 35

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Design Your Product

Use the following pages to write down as many different product ideas as you can think of (including different types, e.g. physical, digital, service). There's no perfect number here, but try to brainstorm at least 2-5 different types of product that solve your customer's pain points but would result in independent revenue streams.

Example: UberÂŽ is a combined digital and service-based product (mobile app) with at least 2 sources of revenue: (1) ride service & (2) food delivery. Another example of multiple revenue streams, in this case for a personal trainer, would be (1) in-person 1:1 training, (2) access to membership website with live video trainings, and (3) handouts with nutrition plans & recipes.

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Key Features. For each one of your potential product options, list out all key features, unique attributes, and benefits that the customer will enjoy.

Example: UberÂŽ is: quick, easy to use, convenient, affordable, safe, widely available, and smart-phone compatible.

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Business Keywords. Write down as many keywords and phrases as possible that relate to your product idea, your ideal customer, or your industry.

Pro Tip: This list will be invaluable for a variety of business uses, including understanding your market, researching & protecting your intellectual property, and building your brand & marketing.

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Build Your Prototype

Use the following pages to describe or sketch the details and specific elements of your products. To avoid overwhelm, focus on just one product to start. Be as detailed as possible and note whether any aspects could be modified or customized. This information will be used for constructing and beta-testing a prototype (a working model of the product).

Pro Tip:Â If your idea encompasses a physical product, draw & label the key components, dimensions, & materials. If your idea encompasses a service, create a flowchart or outline the different service features.

Next Steps: After brainstorming on these pages, begin to actually construct multiple prototype versions of the product(s) until you reach a "minimum viable product", which is a product that has just enough features to satisfy early customers who can provide feedback for further product development.

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Test Your Business Model

Use this space to describe possible methods of testing your business model by sharing prototype versions of the product with others. Write down a list of individuals (or groups) that could be "early adapters" of your product, and how you can access them. The goal is to gain early feedback from potential customers that you can incorporate back into your product design.

Example: You can include a self-addressed feedback postcard in early product packaging, attend events with product samples to receive immediate in-person customer feedback, or find an online community to ask questions directly of your ideal customer.

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Customer Feedback. Keep track of meaningful customer feedback that may result in you changing your product design.

Pay special attention to any customer comments that are repeated by multiple people - that is invaluable information for you to build a product that real customers will actually buy.

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d! h ie v e ne A c pm ent o t s e o l Mi evel u ct D P rod

Date Milestone Achieved: _______________ 49

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Tackle Your Weakness

You may find yourself defending your business ideas to customers, partners, investors, or even friends and family. Use this space to prepare for these interactions. Write down any potential or perceived weaknesses or objections to your business plan. Next, write down your planned responses to overcome each weakness so that you are ready to educate and overcome others' doubts (& turn them into believers or buyers!)

Example: UberÂŽ responded to safety concerns about riding with strangers, in one example by requiring that all drivers are background-checked prior to driving.

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Practice Your Product Pitch

Time to start practicing your sales pitch! Customers may have a short attention span, so use these pages to practice writing and reading the storyline you've created so far in this workbook but in a very concise way. This is sometimes called an "elevator pitch", which is a succinct, persuasive sales pitch that you could deliver to a stranger on a 30 second elevator ride.

Example: Start with the "why" behind your solution, then point out a couple key features & benefits to customers that will clearly demonstrate your product's competitive edge.

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Strategize Partnerships

Brainstorm the dream partners for your future product launches & promotions. How and where can you access them to share your ideas? Use this space to keep names, take notes, and build to-do lists in order to leverage the experts in your industry for guidance and partnership. Continually update this list as you encounter more people and organizations that may complement your business mission & values.

Pro Tip: Make a list of your favorite teachers and mentors that you know personally. Next identify the experts, influencers, companies, and organizations in your field who you don't know, but would love to partner with one day.

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"Alone we can do so little;Â together we can do so much."

HELEN KELLER

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Practice Your Partnership Pitch

Use this space to draft & perfect your partnership proposals for individuals and companies that align with your vision (and share your ideal customer!). If you think customers have little patience for long pitches, potential partners have even less so keep it short!

Pro Tip: Study your partners' audiences & ideal customers.

Understand how you and your business can directly benefit your potential partners' customers, ideally in a way that doesn't take business from them! Think of how you can create a clever symbiotic relationship that benefits everyone, and convey that relationship in your concise pitch.

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"Whenever you see a successful business, someone once made a courageous decision."

PETER F. DRUCKER

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d h ie v e n e A c t io n o t s e l c Mi P e r fe P it c h

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Date Milestone Achieved: _______________ 61

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Analyze Your Intellectual Property

Intellectual property (“IP”) can be a very valuable asset for your business. IP may refer to trademark, patent, copyright, confidential information, and trade secrets. Each type is defined and exemplified below (US law referenced).

Trademark Example: (Check all that apply to your business): TRADEMARK EXAMPLES

Business Name Product Name Symbol

Logo Slogan Phrase

What: A trademark is generally a word, name, or symbol that is used in connection with the sale of goods or services in order to (1) indicate the source of the goods/services and (2) distinguish them from other sources (competitors).

How: You may file for US protection if you are using (or intend to use) your mark in commerce (with the sale of products); and the mark indicates the source (origin) of the goods or services.

How Long: US registered trademark protection can last indefinitely if you continue to use the mark and file all necessary maintenance documents & fee(s) at the appropriate times.

If you plan to build a brand around your company name or other trademarks, search your company name (and various phonetic spellings) on the USPTO’s Trademark Electronic Search System (TESS) to make sure the mark is available for US registration for your product(s).

Prior to USPTO registration, use ™ symbol next to mark.

After registration, use ® symbol.

File & learn more at USPTO.gov.

Attorney not required to register but recommended.

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Patent Example: (Check all that apply to your business): INVENTION EXAMPLES

Machine Device Compound

Method Process Formulation

What: A patent is an exclusive property right to the inventor (or other owner, if assigned), issued by the US Patent & Trademark Office, to prevent others from using the claimed invention.

How: You can receive patent protection if your invention is (1) new, (2) useful, & (3) non-obvious (to one skilled in the art based on the existing / known technology in the space, aka "prior art").

How Long: US patent term is generally 20 years from the date on which the application was filed.

Key Patent Risks: Disclosing any information about your invention could seriously jeopardize or cause complete loss of any patent rights. If your new idea encompasses an invention, talk to a patent attorney ASAP to determine whether it may be eligible for patent protection (& if so, they can file on your behalf).

Tell your attorney whether you have shared any details about your invention with others (e.g. conversations, presentations, prototypes, and/or sales).

Do not talk to others about your invention until you speak with a patent attorney.

Learn more: uspto.gov/patent Attorney not needed to file, but highly recommended!

Patent Pro Tip: If you are an independent inventor or small business, check out the USPTO’s Patent Pro Bono Program to see if you qualify for free patent assistance.

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Copyright Example: (Check all that apply to your business): COPYRIGHT EXAMPLES

Music Works of Art Lyrics Photos

Writing Videos Drawings Recordings

What: Copyright protection is provided to authors & creators to prevent others from using or copying their original works.

How: The work must be original (not copied or stolen) and fixed in a tangible medium of expression (written, recorded, uploaded).

How Long: US copyright protection automatically begins as soon as a work is fixed in tangible form. Copyright lasts for the life of the author plus 70 years. Registration is not required, but is needed if before you can sue another for copyright infringement.

Put your copyright notice directly on the work, e.g.: “[© (or the word ‘Copyright’)] + [Year 1st Published] + [Name]”.

Register & learn more: copyright.gov.

Attorney not needed to register.

Confidential Information Example: (Check all that apply to your business): CONFIDENTIAL INFO. EXAMPLES

Strategic business plans Information about inventions Sensitive, proprietary data Customer & vendor lists What: Confidential information is typically defined by contract, but typically excludes any information that is (or becomes) public and information that the recipient already had knowledge of, or developed independently of receiving it from the discloser.

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Continued on next page...

How: Confidentiality arises when two or more parties agree to protect the information by binding contact.

How Long: As long as the applicable contract defines. For example, two parties may agree to hold the confidential information in strict confidence for 3 years, 10 years, or indefinitely.

Write “CONFIDENTIAL” on documents that detail your IP and put CDA’s in place before sharing with others.

Using a CDA will help prevent others from using your proprietary information for their own benefit and help prevent loss of legal rights, such as patent protection.

Attorney not needed to protect your confidential information but recommended.

Trade Secret Example: (Check all that apply to your business): TRADE SECRET EXAMPLES

Secret Formula Secret Program Secret Data

Secret Process Secret Information Secret Method

What: Generally, information that derives independent economic value (actual or potential) from not being generally known to (or readily ascertainable by) other persons who could obtain economic value from its disclosure or use.

How: In general, to qualify for trade secret protection, the information must be strictly secret and efforts must be taken that are reasonable under the circumstances to maintain its secrecy.

How Long: As long as the strict secrecy of the trade secret is maintained (based on applicable legal requirements).

Learn more: uspto.gov (search site for “trade secret”).

Attorney not needed to protect your trade secrets, but highly recommended!

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Protect Your Intellectual Property

Use these pages to make a Master List of all the IP you or your business owns at this time. Start to plan how you will protect and maximize the value of your IP in this early stage.

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For more resources on intellectual property, including How-To's and in-depth explanations of IP for small businesses, visit:

startupheartup.com/intellectualproperty 67

Future IP. List all additional or future IP that you plan to develop and what resources will you need in order to do so.

For example, will you need to hire vendors, contractors, or employees to perform research and development, build prototypes, or write software?

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d! h ie v e n e A c o p e r ty o t s e l r Mi lP e c tu a I n te l l

Date Milestone Achieved: _______________ 69

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Consult with Experts

Explore how experts, such as consultants, may be useful (or even necessary) to help you build and understand the more specialized or sensitive concerns of your business.

Financial Certified accountants and financial advisors can help a business owner understand all financials of operating their business. These experts can assist you with administering payroll, accounts receivable & accounts payable, profit & loss statements, and balance sheets. If a company seeks funding, a financial expert can help review and strategize for loan preparation or venture capital efforts. Financial experts can also help a business owner decide which type of corporation to form, such as an LLC, to maximize available tax benefits. They can also assist in planning and preparing tax filings on behalf of the company.

When you purchase business insurance, be sure to maintain a good relationship with your insurance agent who will know and guide you to properly insure for your specific risks.

Legal Lawyers and legal experts can help a business owner understand and address the risks of activities relating to the business. For example, a business may include a physical activity that could cause injury (e.g. SoulCycle®), or food or drink for consumption (e.g. Starbucks®). Depending on the unique nature of your business, you may need to put company policies, insurance, and/or contracts in place that address such potential liabilities.

Lawyers can also help a business owner decide which type of corporation to form, such as an LLC, to protect the business owner from being held personally responsible for the company’s obligations and liabilities.

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Consultants & Contractors

EXPERTISE

Consultants come in many forms, from general business coaches to industry-specific experts & contractors. Some areas of consultancy or outsourcing that you may want to explore further include (check if needed for your business):

Marketing / Sales Graphic Design Social Media Manufacturing Supply Chain

Notes

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Market Analysis Industry Strategy Regulatory (Gov't) Risk Mitigation HR / IT

Help Wanted: Use these pages to identify the areas of starting or running a business where you lack skill or the time to learn.

Pro Tip: If your new business is in a regulated industry like food / beverage, and you feel like you haven't found the answers yourself, you may want to see a consultant with expertise in FDA compliance. In many cases, you can call the government department directly, so try that before hiring anyone (or check in with your local Small Business Association).

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Count Your Pennies

Make sure your business model is sustainable before overinvesting time, money, & other resources. Be sure to diligently identify and keep track of all (current & expected) costs as your take steps towards business launch, as well as all profits.

Pro Tip: As you incur business expenses, build a simple profit & loss (P&L) statement. This document will grow in complexity with your business. Use the example below or browse templates online, e.g. by Googling® “filetype:xls profit and loss”. An example, simplified, P&L statement is included below.

Example P&L Entry (Fiscal Year: ____)

Amount

Sales: Net Product Sales Net Service Sales Total Net Sales

$60,000 $40,000 $100,000

Cost of Goods Sold Gross Profit

($20,000)* $80,000

Operating Expenses: Wages & Salaries Rent Utilities Marketing & Advertising Outside Services Insurance Other Expenses

($8,000) ($3,000) ($1,000) ($4,000) ($1,000) ($1,000) ($2,000)

Total Operating Expenses Operating Profit:

($20,000) $60,000

*Parentheses means the amount is negative (cost)

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Business Expenses: Use the following pages to write down every new business expense as it arises. Continually update this Master List as you build the business.

Pro Tip: Keep track of the following: (1) item, (2) amount spent, (3) date, and (4) purpose of each expense (hello, tax deductions!). Accounting software can be an invaluable timesaving resource for small businesses to manage expenses, invoice customers, pay bills, and generate reports for business planning or tax filing.

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For more resources on business finances, including checklists and in-depth explanations of P&L and pricing strategy, visit:

startupheartup.com/pennies 77

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Protect Your Assets

As you build your business, you will likely need to take steps to protect your assets & avoid liability. Depending on the specific risks in your industry, you may want to: Open separate business bank accounts.

Obtain business insurance.

Put appropriate contracts & procedures in place with your customers, other companies, and employees.

Your Assets. Are your assets adequately protected? Use this space to write down your existing or expected business assets, e.g. product inventory, intellectual property, real estate, equipment, accounts receivable, and bank accounts.

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For more resources on legal questions for your business, including checklists and How-To guides visit:

startupheartup.com/legal 79

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Utilize Business Contracts

A well-written contract or policy can help your business operate smoothly, protect your assets, and prevent liability. A new business owner may choose to use online templates for simple contracts, but it will be increasingly more important to draft, review, and negotiate custom business agreements with a sharp legal eye as your business grows.

Take Action: Which of the following activities will your business perform? (Check all that apply to your business & see corresponding contract types on next page):

EXAMPLE: BUSINESS ACTIVITIES THAT UTILIZE CONTRACTS

Sell products or services (1, 2, 3, 4, 5, 6, 7, 8, 11) Hire individuals to perform work as employees (23, 25, 26, 27, 28, 29) Hire individuals to perform work as independent contractors (24, 25, 26, 28, 29) Pay service providers to perform or consult on your operations (4, 5, 15, 20) Pay vendors for access and services for software or other platforms (4, 10, 13, 15, 20) Lease or purchase real estate (1, 3, 16) Lease or purchase equipment or software (1, 3, 10, 16) Purchase any raw materials or supplies (1, 3, 12, 15) Outsource marketing, manufacturing, packaging, storage, or distribution (12, 15, 16, 17, 18) Sell or license your IP to another company (or inlicense other’s IP) (12, 13) Partner or co-develop products or services with another company (12, 19) Collect any personal data (such as email list) (8, 9) Have a website for your business (8, 9) Form corporation or partnership (25, 30, 31, 32, 33) Seek funding or work with investors (12, 14, 21, 22)

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Below are several common types of business contracts that a business owner may consider using as they operate and grow as a business.

EXAMPLE: TYPES OF BUSINESS CONTRACT

With Customers (or as a Customer):

1. Sales/Purchase 2. Bill of Sale 3. (No) Warranty 4. Services 5. Consulting 6. License

7. Assignment of IP 8. Terms of Use 9. Privacy Notice 10. End User License 11. Payment Plan

With other Companies or Partners

12. Confidentiality 13. IP License 14. Bank Loan 15. Vendor 16. Lease 17. Manufacturing

18. Distribution 19. Development 20. Payment 21. Investment 22. Promissory Note

With Employees or Affiliates

23. Employment 24. Indep. Contractor 25. Confidentiality 26. Assignment of IP 27. Exclusive Employ.

28. Stock Option

29. Termination 30. Corp. Partnership 31. Operating Agreemt.

32. Articles of Org. 33. Shared Services

For more resources on business contracts, including templates and in-depth explanations of common legal provisions, visit:

startupheartup.com/contracts 81

Legal Learnings & Notes. Use this space to jot down questions and notes about the legal needs of your business.

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d! h ie v e n e A c t io n o t s e c l e Mi l P rot Lega

Date Milestone Achieved: _______________ 83

Write Your Mission & Core Values

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Mission & Core Values. To build a cohesive brand identity, take a step back to understand your mission of your business and its core operating values. As you make business decisions around branding, marketing, & product development, check in with your Mission & Core Values to make sure you are aligned.

In the following space, write out your Mission statement and at least three Core Values for your new business.

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Not sure where to start? Visit startupheartup.com/mission for more guidance & inspiration.

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23.

Build Your Brand

As you ramp up to launch your business, you must become laser-focused on serving the person you described in earlier pages, your ideal client. Smart branding will help you consistently & cohesively show up in places where your ideal client roams, which will in turn help you build an audience, gain their trust, and create a marketing strategy.

Brand Feel. Use this space to describe the feelings and results that you want your customers or clients to feel and experience when they engage with your brand.

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Branding Elements. Your brand identity will encompass much more than simple design elements, but it is also important to create a consistent image. Use this space to take notes on your brand colors, logos, slogans, imagery, and other potential brand elements that will appeal to your ideal customer.

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d! h ie v e n e A c t io n o t s e l a Mi d C re Bra n

Date Milestone Achieved: _______________ 89

24.

Create a Marketing Strategy

Your marketing strategy should revolve around the needs, goals, likes, & dislikes of your ideal customer. To build an engaged (& paying) customer base, focus on who your ideal customers are and how best to communicate with them.

To create your initial marketing strategy, work through the following steps: i. Understand Your Value Messaging ii. Create Content to Sell Your Product iii. Create Content to Build Your Brand iv. Re-Purpose Content on Different Platforms v. Engage With Customers & Follow Up

Step 1: Understand Your Value Messaging Your marketing materials should clearly demonstrate the value of your product to your ideal customer. You must answer the following questions to write your most effective value messaging: Who is your ideal customer? What value does your product give them? What pain points does the customer have that you are solving? How is your solution better than others?

Example: Much of Uber®’s value messaging is focused on solving the fundamental problem (getting people from point A to point B) in the most cost-effective & convenient way possible. For example, under the heading “Why ride with Uber®,” the website simply lists: “Rides on demand”, “Budget-friendly options”, & “An easy way to get around.”

The value is demonstrated to the customer clearly & quickly.

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Value Messaging. Use this space to write out and perfect your core value messaging that clearly demonstrates the value of your product to your ideal customer in a concise & simple manner. Keep it short & to the point!

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Step 2: Create Content to Sell Your Product Content is simply a means used to convey your message to the people that need to receive it. To start, you can take your core Value Messaging from Step 1 and outline or script it into one of the following content formats.

Blog / Article Pre-Recorded Video Live Video / Webinar Infographic Email Newsletter

Social Media Post Podcast Episode How-To Guide How-To Checklist Flyer / Postcard

Value Messaging Content. Use these pages to list out multiple ideas for creating original content with your value messaging.

Each piece of content should demonstrate the value of your product in a way that is (1) informative, (2) entertaining, and/or (3) inspiring to your ideal client.

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Lead Magnet. A lead magnet is a piece of free content that is valuable to your ideal client that you provide in exchange for formally joining your customer base (e.g. signing up for your email newsletter or joining your business FacebookÂŽ group).

Use this page to brainstorm ideas for lead magnets using the content formats noted above. How-To guides and Checklists are often a good place to start.

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Step 3: Create Content to Build Your Brand After you create a few pieces of content that convey the value messaging of your product, brainstorm how you can create content that is meaningful & relevant to your ideal customer, but does not mention your product. Your goal is to create value so that your audience will trust you and choose to buy from you when you do sell (& stay committed to your brand rather than a competitor).

Example: If your business is a restaurant or cafe, you may create brand-building content about how to eat healthy or the benefits of drinking green tea. You can strategically create this content to incentivize customers to desire your product without expressly making that connection.

Brand-Building Content. Use this space to brainstorm ideas for creating original content that will build your brand (but does not directly mention or attempt to sell your product).

This content should speak to your ideal client in a way that is (1) informative, (2) entertaining, and/or (3) inspiring.

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For more resources on branding, content creation, & marketing strategy, including a free content calendar, visit:

startupheartup.com/marketing 97

Step 4: Re-Purpose Content on Different Platforms After you create a piece of original content, take the same core content story and reformat it into 1-3 additional formats from Step 2 and then share on different media platforms. This “re-purposing” will save you the time & energy of creating new content from scratch for every post. This will also enable you to expand your reach to more ideal customers who spend time on different platforms.

Example: Start by creating a simple video (either live or prerecorded) explaining the problem or market need solved by your product & its key features. Write down the main points from the video in a blog post on your website. Then draft an email newsletter that includes short bullet points and link the readers to the video & blog if they want to learn more.

Step 5: Engage with Audience & Follow Up Embrace and foster the momentum created by your audience when they interact with content you have created. They will be more likely to continue the engagement (& eventually purchase from you) if they feel their needs are recognized. Follow up with them over time to gauge whether they are continually receiving value from your content.

Example: If a member of your audience provides thoughtful commentary or feedback on one of your pieces of content, respond directly to let them know you're listening.

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"Content is King but engagement is Queen and the lady rules the house."

MARI SMITH

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25.

Execute Your Marketing Plan

Start with a few simple marketing systems to avoid overwhelm and give you the space to take breaks when needed.

Plan Ahead for Marketing. Strategize and plan your marketing efforts ahead of time. Choose weekly / monthly themes or topics in advance. Keep track of your plans to create and share content on different platforms (& on different days / times) to maximize brand exposure to potential customers.

Create Content in Batches. Utilize content "batching" by dedicating each work session to creating multiple pieces of content based on either (1) similar content format or (2) similar content themes. This will help save time by preventing a break in focus from "switching gears" between different tasks.

Auto-Schedule Content Posts. Utilize free scheduling tools like PlannÂŽ to design, visualize, and schedule your future posts.

Many website platforms also allow you to schedule blog posts or email campaigns ahead of time.

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Calendar Pages. Use the following pages to game plan and schedule your upcoming social media and marketing strategy. Decide what to share with your audience with weekly / monthly themes, content topics, content types, and other ideas for marketing your product, building your brand, and boosting audience engagement. Fill in the following 12 weeks' worth of weekly calendar pages to maintain a bird's eye view of your brand & marketing strategy.

d! h ie v e n e A c r a te g y o t s e l St Mi e t in g M a rk

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25.

Celebrate Your Progress

If you thoughtfully answered every question and prompt in this workbook, then give yourself a high-five... because you have validated your business idea! You may be feeling ready to LAUNCH! By dedicating the time and energy to completing this workbook, you've made significant progress in product development, market research, IP & legal analysis, business planning, branding, and marketing strategy for your new business. If you've done all this, and you're sitting pretty on this page, then I really need to say to you, my friend:

Well Done!

I am SO very proud of your progress and wish you the best of luck on finally starting and growing your dream business.

You've reached the end of your beginning, you savvy entrepreneur, you...

Much love,

Kae Gruner Business Lawyer & Founder of Start Up Heart Up

v ed!

A c h ie e n o t y M il e s n c h P a r t Lau

Date Milestone Achieved: _______________ 128

Bright Idea Idea to to Business Business Launch Launch Bright Do you ever dream of launching your own business but have no idea where to start?

Created by a business & patent lawyer, the Idea to Launch workbook is a fill-in-the-blank roadmap for entrepreneurs to start a new business from scratch.

Validate Your Idea Develop Your Product Analyze Your Potential Market Understand & Avoid Potential Risks Protect Your Intellectual Property Build Your Business Plan Market Your Product

DON'T QUIT YOUR DAY DREAM

♥↑

START UP PRINTED IN ATLANTA, GA © 2019-2020 K.GRUNER START UP HEART UP™ ALL RIGHTS RESERVED STARTUPHEARTUP.COM

We are here for you and your business dreams! Visit startupheartup.com for DIY guides, & resources to walk you through the what, why, and how of your new Idea to Launch business planning workbook.