6 Steps to starting your dream business

Step 1: Research, research, research

Identify a niche that you want to launch your business in 

Conduct thorough market research and look closely at your competitors 

Identify your ideal customer and create a full profile around them 

All this research will now influence step 2…

Step 2: Create your business plan

Start by outlining your concept, target audience, competitors, value proposition, finances and your promotion and marketing strategy

Work on some financial projections on expenditure, sales forecasts and profit margins 

A fully mapped out business plan can be a strong roadmap for you to follow, but can also be a great influence to securing investment 

Step 3: Legal and Admin 

Decide on the structure of your business (Sole trader, Limited Company etc.)

Register your business and look into any legal documents or certifications you need to acquire

Do some research into the best business accounting methods and set up your business bank account 

Look into hiring an accountant to ensure your complying with all regulations 

Step 4: Finance and Funding

From your business plan you should have a good idea of the money you will need to run your business 

Look into funding options if you don’t have the cash readily available - are you going to use your personal savings? Loans? Or look for investment straight away?

Map out your budget and keep track of all your expenses and monthly outgoings

Step 5: Branding is key 

With so many competitors out there it’s crucial to have a strong brand identity 

Come up with your business name - make it memorable! 

Create some brand guidelines which include your logo, branding colours and your mission as a business

Step 6: Get ready to launch! 

You’ve done all the hard work, but now you need to work out how you are going to SELL!

Create a marketing and sales strategy 

Nothing is ever perfect, so be ready to launch your MVP (minimum viable product) and gain invaluable insights from the initial feedback

Launch with a well-executed strategy including a strong website, social strategy and plan to acquire your initial customers 

Now you’re ready to launch, you may be a perfectionist, but trust us just go for it - even if it’s not 100% where you want it to be, it’s time to launch and your business will evolve along the way!