Having an idea for a business and actually starting your own business are two very different things. You can have a great idea, but without thorough research and planning, your business idea could remain just that, an idea.
We have put together 6 easy steps to follow to take your business from idea to reality.
Industry Research
Industry research is one of the most important first steps to launching your own business. Conducting industry research is the best way to identify your competitors, gain an insight into the industry and discover tips on how to successfully run your business within this particular market. Industry research also allows you to determine what USPs your product or service needs to stand out against your competitors.
Identify Your Target Market
Your target market are the people that will determine whether or not your business will be a success. Ensuring that your product or service meets the expectations of your target market is the key to a successful launch and the maintenance of a healthy business. Consider the map below, can you answer all of the following for your target audience? No, then you may need to consider conducting more research.
Register Your Business
Before you can do anything, you need to register your business and make it legal. Make sure you have thoroughly researched the business laws and regulations of your local council or government first. If possible, speak with a lawyer or professional organisation for advice on registering your business.
Begin Your Plan
This is where the fun begins, creating your business plan is the single most important part of the planning process as you may be taking this to banks and investors to gain funding for your vision. Below, we have outlined the main areas your business plan will be split into. It is important to fill each one in thoroughly and add as much detail as you can. Having an airtight business plan makes a great impression to potential investors and can make your starting budget much healthier.
Identify Your Funding Plan
You’re all set. You know your competitors, your confident in your product/service, you know your audience and you’ve completed your business plan. Now, all that’s left is to have enough money to get started. Being thorough and detailed in your research in steps 1-4 will help massively here. This is also where your passion needs to shine through. Whether it’s the bank, your family or potential investors, you need to make them believe in your business as much as you do. Parting with their cash is not something they will do lightly. Make this part count as it can make a huge difference in your launch.
Consider Your Business’s Need for Space
Now you have everything you need to launch, the last thing to think about is where your business is going to be. Does your business need a shop front? Or is it office based and can start in your home? While it is one of the last things to consider, it is still a pretty important one.
Looking to start putting these steps into practise? MindGenius 2018 can help you log any information and research you gather, outline your business plan and even present a timeline of events that will lead to your launch.
