What is the first step Ryan and Tish should take when starting their new business?

The first step Ryan and Tish should take when starting their new business is to research and develop a business plan. A business plan serves as a foundational document that outlines the objectives, strategies, market analysis, financial projections, and the overall direction of the business. It helps the entrepreneurs clarify their vision and assess the feasibility of their ideas before making significant financial investments or commitments.

Developing a well-thought-out business plan also enables them to identify potential challenges, understand their target market, and strategize on how to meet the needs of their clients. This initial research lays the groundwork for effective financial planning, marketing strategies, and operational procedures, making it a crucial first step in building a successful business. Once they have a solid business plan, they can move confidently into securing financing, hiring staff, or marketing their services, but these steps are secondary to having a clear vision and strategy in place.