As a Neighborhood Business Development Center funded by the Chicago Department of Business Affairs and Consumer Protection (BACP), we're excited to bring you weekly insights from BACP webinars. Each blog post will recap key takeaways from a recent session and provide a direct link to watch the replay.
If you regularly attend BACP webinars, consider signing up for the free BACP Entrepreneur Certificate Program. This program is a great way to deepen your business knowledge and gain a certificate by completing six webinars within six months. The required categories include:
- City Inspections
- Business Operations & Licensing
- Finance
- Legal
- Marketing
- Technology
This Week’s Topic: A Roadmap to Starting a Business
Starting a business can feel overwhelming, but breaking it down into key steps makes it more manageable. Here are the essential points shared during the webinar:
From Idea to Plan
- Start by brainstorming your idea and putting it on paper.
- Ask yourself: Who is this product or service for? What problem does it solve?
- Research your competition. Is anyone already doing this? How is your idea different?
Know Your Customer
- The best businesses often solve a real pain point for customers.
- Define your target market—who will benefit most from your product or service?
Price It Right
- Understand what customers are used to paying for similar products or services.
- Determine your desired profit margin.
- Look at the competition: Is there something unique about your product that adds value?
Get Organized
- Develop an operations plan—a roadmap for how your business runs day-to-day.
- Remember: Your plan on Day 1 will look different than on Day 600. It should evolve over time.
Build Your Team
- Your team isn’t just employees—it includes partners like your tax advisor or attorney.
- Clearly define roles and job descriptions for everyone involved in your business.
Cover the Legal Basics
- Choose the right legal structure for your business (LLC, Sole Proprietor, etc.).
- Obtain all necessary business licenses and a Tax ID number.
- Keep business finances separate—open a dedicated business bank account.
- Hire a trusted bookkeeper to manage your finances.
- Purchase business insurance to protect your business and personal assets.
🎥 Watch the full replay of the webinar here:
Ready to Take the Next Step?
Need help growing or launching your business? Schedule a one-on-one consultation with us! We also invite you to consider our Business Empowered Program (formerly the Business Start-Up Training Cohort), designed to guide entrepreneurs from idea to launch.