Refine Your Idea Even if you think you’ve got the next billion-dollar idea, it’s important to think carefully about whether the concept is truly a viable business.

Create a Budget While you may not need a formal business plan, you should have some idea of how much money you’ll need to run the business and how your business will earn revenue.

Figure Out How to Fund Your Business While there’s no one “right” way to fund a business, this decision will have implications later on the value of your business and its financial flexibility

Build Your Team of Advisors At a minimum, you’ll need a small business lawyer and an accountant. They can help you figure out the best structure for your business

Hire Carefully Once you’re able to start expanding your business, take your time building your staff. Remember that the first few hires will really help set the culture and tone of your workforce.

Market Your Product or Service It’s never too early to start marketing your business. The best approach will depend on your industry

Prepare to Pivot Remember that Amazon started as an online book sales company and Netflix used to sell DVDs by mail

Successful businesses change with the times, so expect to make changes to your business model if you see that one approach is not working.