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7 simple steps to start and move your business idea forward

7 Steps to Starting Your Own Business

Are you thinking about becoming self-employed?

The leap from being in paid employment to working for yourself isn’t just a big decision; it’s huge risk. You risk leaving the world of a regular pay cheque, sickness and holiday pay into one of relative uncertainty.

Self-employment can feel like a gamble, so Business Build Advisory has created 7 simple steps to start and move your business idea forward to reduce the risks:

What is the story behind your brand? This is important because your story makes your brand unique. When your story resonates with people and they recognise and share your values they are more likely to emotionally connect to your brand.

Invest time in defining your brand story. It will help you to articulate your ‘whys’, the motivations you have for starting your business, and the problems that your products or services provide the solution for.

This first step helps to differentiate your business from competitors and helps your target audience connect with your business even before you have rolled it out.

Market research is vital to help identify whether there is a viable opportunity to turn your idea into a successful and sustainable business. You need to know whether there is a market for your idea, and if so, who is going to be your target customer.

You should also research your direct competition. What do they do well? Where are there holes in their business? Check out websites and reviews for inspiration about how you can exceed their level of service and create your own niche to stand out from the crowd.

This second simple step helps you reduce risks while your business is still just a gleam in your eye.

Fact: writing something down is the first step of making it happen.

Your business plan acts as the foundation of your business. It’s a roadmap for how to structure, run, and grow your new business; a way of planning your objective so that you achieve your business goals. It can be easy to get distracted by the noise that your business creates, so a business plan is a powerful tool to keep you focused and keep your business moving in the right direction.

You’ll further use your business plan to communicate the merits of your business to companies and investors that are interested in your business. It’s a smart choice!

This step helps you stay in control of your business every step of the way.

The business structure is tied in within the business plan, but often it is not given the level of attention that it needs. The business structure you choose influences everything from day-to-day operations to taxes, to how much of your personal assets are at risk.

By investing time to explore the business structures that are available to you from the beginning of your business journey, you save time and resources further down the line. You should choose a business structure that gives you the right balance of legal protections and benefits.

This step is often overlooked by entrepreneurs, but it is important that you understand which structure is most suited to your current position, and where you go in the future.

Your business plan will help you figure out how much money you’ll need to start your business. You can do it yourself “bootstrapping” and buy the goods and services you can afford within the limits of your budget if you don’t have immediate access to the funds you need it doesn’t necessarily mean that it’s the end of the line for your business.

You can either raise or borrow the capital. Fortunately, there are more ways than ever to find the capital you need if you are looking to scale your business quickly. There are lending options that can be explored such as a loan from the bank or connecting with investors.

Many entrepreneurs are exploring the crowdfunding source. If you are confident using social media and can generate a buzz about your business, then this can be a lucrative option.

This step is typically the one where people struggle, but don’t let this stage stop you from starting your own business

The location of your business is an important factor in its success.

When choosing the bricks and mortar location for your business, it is critical that you undertake thorough research. What’s the rent? What are the business rates and are there any regulations and legislation that you need to be aware of?

You need to know about whether the footfall of pedestrian traffic that passes your business is the demographics of your target customers. You also need to evaluate the surrounding businesses – are they going to help your business grow? For example, a busy office area benefits restaurants and coffee shops). Look at the wider community and where your business will fit in.

If your business is purely online, location is just as important, albeit a digital one! Your website needs to be created with user experience in mind and optimised so that it can be found online by your target customers. You also need to know where your target customers hang out online. You need to research the best social media platforms to use for marketing your business – all are not equal!

This step helps you identify where you are going to position your business.

When you’ve worked at defining your brand, you have a deep understanding of how your business can really help people, and that is what is so important in making sales. You know the pain points that your target customers are experiencing, and you know how your products or services can provide them with a solution. The key is to use your knowledge to connect with consumers in a way that resonates with them.

This means being authentic, being you. People buy from people – their purchases are emotion led, and if you engage with people on their level you will be able to turn consumers into brand advocates. Marketing and sales go hand in hand, so make every interaction that people have with your business count.

This final step is typically what many entrepreneurs focus on first, but without completing the previous steps, the business is built on unsteady foundations.

Starting out in business can feel overwhelming and daunting, but it doesn’t have to. Business Build Advisory is dedicated to helping people like you create sustainable and profitable businesses. We’re with you every step of the way. Contact us today to learn more about how we can help you turn your business ideas into reality.

Leave a Reply

9 Comments

  • Kwesi King

    As someone who is thinking of starting a business, this journal provides assurance on some of the issues that I have been thinking about.
    What’s the average response time to comments and questions

    • Wordran

      Kwesi, pleased to hear. All the best with your venture. Would love to know about your progress.

      We endeavour to reply as soon as we are able to. Usually the same day.

  • Loveth Okpara

    This is so amazingly well structured and written in such a way that its easy to understand and simple to follow. It gives me all the tools i need to succeed and i feel motivated enough that i can bring my idea into reality. I will not hesitate to recommended it.

  • Shirley

    I am inspired to breathe life into my brand. This comprehensive guide assures key steps to building the strongest foundation. It’s a perfect aid, the springboard to propel my business concept to the next level for market success. Love it

  • Clara Rufai

    7 seeming simple points, yet not doing them well/rght can trip you any starup. This article sets it all out in very clear terms that anyone can begin to immediately apply to see results.. Thank you for sharing your expertise in such a practical way. 👌🏽

    • atbbaco

      Thank you Clara.
      The whole idea of BBA is to educate arm individuals and business with the Do’s and the Do Wells in a form that is digestible and applicable.
      Glad to know you found it practical.

  • Bobby Starks

    This is so inspiring
    Would love to hear more
    Any events coming up

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