Step 1: Do Your Research
You need to evaluate whether your idea has the potential to succeed. This can be through research, focus groups, and even trial and error. As you explore the market, some of the questions you should answer include:
Is there a need for your anticipated products/services?
Who needs it?
Are there other companies offering similar products/services now?
What is the competition like?
How will your business fit into the market?
Step 2: Make a Business Plan
A business plan is a blueprint that will guide your business- it is a must-have for all new businesses.
The London Growth Hub has an excellence guide on how to create a business plan.
Step 3: Register your Business
What you need to do to set up depends on your type of business, where you work and whether you take people on to help. Most businesses register as a sole trader, limited company or partnership.
To find out more visit the GOV website
Step 4: Set up a Business Bank Account
Opening a business bank account is an important steps to take when starting a business. There are many different types of business bank accounts available, each with different benefits and costs. It is important for business owners to compare the differences between accounts and choose one that is best suited to the needs of the business.
While there is no legal requirement to have a business bank account, every limited company or partnership should have one. Sole traders can use a personal bank account for business purposes, although some banks may place restrictions on the use of personal accounts. It is, however, good practice to keep business funds and transactions separate from personal ones as this makes it simpler to manage business accounts.
For more advice contact firstname.lastname@example.org
Step 5: Plan Your Finances
It is a good idea to plan ahead. Good cashflow management is critical to running a successful business. You must be able to pay your bills while you await payment from your customers. There are many well-documented cases of businesses failing not because they weren’t profitable but due to poor cashflow management.
The London Growth Hub has an excellent guide on how to forecast cash flow
Step 6: Sort out your work space