You’ve got a business idea but what are the next steps? The Founders has compiled a launchpad guide to help you put the foundations in place for business success
So you’ve stumbled across a business idea that you’re sure will make you millions, but you have no idea how to turn that dream into a tangible reality.
Starting a business is like climbing a mountain; it may look daunting from the bottom, but focus on taking it one step at a time and you will soon reach your goal.
1. Market research
Make sure your business idea is actually viable, and refine it if necessary. This article on business idea validation is a good starting point – ask yourself the tough questions before you begin to avoid pitfalls later on.
2. Examine the different business structures
Decide if you want to go solo ( Solopreneur ) or you want to get other people involved. This is very crucial. Where you need to go alone, do not involve others, and where you need to partner with others, do not go alone. Ensure this is well taking care of from the beginning.
3. Create a business plan
You wouldn’t build a house without a blueprint, so don’t start a business without a plan. A professional, well-thought out business plan will not only provide your start-up with a clear direction and contingencies in the case of unexpected events, but it can also be vital in securing investment.
4. Choose a name for your business
Everyone knows the importance of choosing a business name. An effective, memorable business name can be the difference between failure and success and should reflect the type of business you wish to be.
One of the mistakes to avoid at all costs is creating confusion with competitors, which can lead to lost sales and legal action. Avoid common branding mistakes by learning from some cautionary tales, and learn what to do if your chosen name is unavailable.
5. Design a logo
A logo is often the first thing prospective customers see and is therefore crucial in making the right impression. If you’re new to starting a business, you could get a professional designer to get you an awesome logo for your business, or you could even do it yourself use a free online design tool called Canva
6. Register a domain name and build a website
After you start out in business, customers will want to investigate more about you on the web, so make sure you get in early and register a domain name and then build a professional website for your business.
7. Get your finances in order
Get your capital and funding setup before starting. You need to be certain of how to fund your business, where the funds will be coming from.
You need to determine if you will be able to fund the business for the next 3 to 6 months non stop before the business starts generating revenue.