Our Guide To Starting Your Own Business: Part 1
Lots of new businesses open every day. If all those people can do it, why not you? This guide will help you work through the process.
This guide is intended as general information only. Always check with a professional for advice.
Starting a new business is a big job, but don’t let that put you off. Thousands of people do it every day and those collective experiences have given us guidelines.
Starting your own business is a process, not an event.
People talk about ‘taking the plunge’ into small business like it’s an adrenalin sport. And there will be some heart-stopping moments, like when you take a loan, sign a lease, or greenlight your first order of supplies.
But starting a business isn’t one big decision. It’s hundreds of small decisions. And if you want to succeed, you need to move through them systematically and with a cool head.
You don’t have to think of everything right now
There’ll be hundreds of variables and numerous unknowns when you first consider starting a business. It’s hard to unpick it all.
That’s why you need a process. It allows you to deal with things in the right order and saves you from getting stuck on problems before you have to.
How to start a business in eight steps
Use the tools and insights in this guide to grow your idea into a business, step by step.
1. Assess your business idea
Checking if your venture has legs.
2. Write a one-page business plan
Outlining your goal and how you’ll get there.
3. Do market research
Learning about your customers and competitors.
4. Build a sales forecast
Getting to a realistic number.
5. Create a budget
Figuring out how much money the venture will make.
6. Write a long-form business plan
Pinning down the details (including marketing and promotion).
7. Organise finance
Working out how much you need, and how to get it.
8. Start up
Getting the show on the road.
Figuring out how to start a business is just the beginning. Once you’re launched, you’ll need to run the ship. There are sales to make, accounts to keep, budgets to watch, taxes to file, and so on. This guide takes you through that, and more.
Set yourself a deadline for completing your research and planning. Schedule a particular time to work on it every week. It’s vital that you’re disciplined: treat it like the business it is, and you’ll reap the rewards….AND LOOK OUT FOR PART 2 OF OUR GUIDE!