To start a business, it’s important you’ve reflected on and tested the viability of your idea. Be honest with yourself, do you really want to do it, do you have the skills needed to make it successful, do you feel ready to run your own business? If you can’t answer yes to these now, that’s okay, as it gives you a good starting point, and a few initial planning steps to consider and will help you to minimise the risks.
- Commercial understanding: conduct thorough research and understand your intended market and how your products/services could fit
- Commitment and drive: as the sole lead in this venture, you must be passionate about what you’re doing and have the right attitude, personality, and intention to see it through
- A business plan: to convince investors, customers, or potential staff of the validity of your ideas, you must have a solid business plan which explains your plans for each section of your business. The Business Model Canvas is a good place to start (see our section on how to use it)
- A marketing strategy: linked to your business plan, you must identify your customers, suppliers, partners, stakeholders, etc. and how you will communicate with them
- Financial backing or enough funds: many small business owners don’t earn enough initially to pay themselves a salary, so ensure you’ve explored your options. Plenty of excellent ideas don’t make money, so invest time into making a financial plan and assessing whether you’ll make enough money to live on. Use this HMRC e-learning course for financial advice
- A network: social media offers you a platform to share your ideas, connect with like-minded individuals, and promote your business (e.g. your online shop) – be careful to protect your copyrighted or patented ideas in these settings