The most common question from entrepreneurs and business owners is, without a doubt, "What do I do next?" While it would seem that there should be very cut and dry answers, unfortunately, there are not. Much depends on what you have already done and whether you've done things in a business-building or business-deterring order. Much depends on the norm for your industry. There are no cut and dry formulas. However, there are some basic rules that apply across the board. Here are some tremendously over-simplified steps that are mostly geared toward start-ups. However, I hope you can take these generalities and apply them to your specific business to come up with a general plan of action.

• Decision: Choose the general format of the business you want to build. Identify the products or services you will offer, and make a general outline of how you plan to provide these to your customers.
• Proof-of-Concept: Prove that your business model, product/invention, service or business concept works. That might mean building a working prototype, conducting beta tests, conducting surveys, researching similar products or services, etc.
• Market Research: Prove that there is a demand for what your business will offer and at the price point you want to offer it. This may require market research, more surveys, obtaining purchase orders, getting letters of intent or interest, etc.
• Intellectual Property: Protect your intellectual property as soon as possible. Use attorneys to insure that everything is done right. Obtain any patents, trademarks or copyrights that you are entitled to. If you have to wait until you raise capital, that's OK. Use nondisclosure and noncompete documents to protect yourself in the meantime. But as soon as the capital is available, protect yourself!
• Build a Team: Put a team of advisors or board members together. No business survives and thrives as a solo effort. Find people who are good at all of the things that you are not. You should be doing only the things that only you can do! At the very least, you should have a corporate attorney, a CFO or financial advisor and a marketing director. Some of these team members will be paid; some may volunteer to help you get off the ground, while others may accept equity in your company in exchange for their services or advice.
• Get Legal: Obtain any licenses you might be required to have. Check with your attorney and CPA about the best corporate structure for your business, and register with your state as that kind of entity. Get your Federal Employee Identification Number (FEIN) and open a corporate bank account. If appropriate, ask a securities attorney what you need to do and what documents you will need to legally raise capital.
• Planning: Develop a plan. Know how you are going to provide your product or service, how you are going to market what you offer, and who and what you will need to put in place in order to generate sales. Develop a three year financial cash flow projection. This will tell you how long it will take before the company should be profitable. By identifying these, you can determine how much money the company will need to support itself until it is self-sufficient.
• Fund the Business: Some businesses are bootstrapped by the owners and not only survive, but thrive. If you are not in the position to do that, then you need to obtain some kind of funding. You might raise capital or take out a small business loan. You might borrow money from friends and family. Make it a team decision to decide the most advantageous way to fund the company. Check with your attorney to be sure that you are doing this legally. Again, remember that it always takes more time and more money that you expect.
• Begin Operations: By now you've proven your product and your demand, and you've surrounded yourself with experts who know how to build, run and market your business. You've developed a detailed strategic plan and cash flow analysis, and obtained enough funding to sustain the company until it can survive on its own profits. You know how you are going to take your product to market. Now it's time to jump into the fire.
• Give back: It is important to give back to your team, your employees, your customers, other struggling entrepreneurs and the community in the same way that others stepped up and helped you. Keep the momentum that paying it forward produces. Don't let the circle end with you.
  
  Obviously, there are many other steps that need to be taken to launch a business. However, most will fit into one of the above categories. If you have an established business that is not profitable, stagnant, or ready to move to the next level, determine if all of the above are in place. Fix what is broken, and you'll find business heading swiftly in the right direction.