How to Start a Business

Before you start a business..

Starting a new business can be daunting, there is so much to do and so much to learn if you have never been in business before. People tell you that you need to do certain things and everyone has an opinion of what is needed, but how do you work out what is needed.  How do you work out what order to do things in and what is more important to do than other things?

This is my advice (from someone who has got it wrong so many times before).

Is my idea a Viable Business?

You need to make sure your idea is viable, is it something that others will want?  Is it something that you can commit to seriously doing or is it a hobby?  Working out if your idea is a hobby can sometimes be the biggest hurdle because turning a hobby into a full time business can be huge and quite daunting for some people, it may also take the relaxation out of the hobby and it could become stressful.   Hobbies can make you money, but a business is a serious commitment and has to be worked on.

Use a Business Plan for direction

The 2 Page Business Plan

A 2 page business plan can often give you some direction, it can make you think seriously about all the steps you will need to take.  It will give you values which to grow your idea by and make how you proceed clear.  It is a great start that gives you guidance and can be used as a working document that you can add to daily, weekly or monthly, they can grow with you as you grow.

The 50 Page Business Plan

If your idea is big and gregarious then you may need a lot more direction especially if finances are high and you need to seek finance too.  When you google business plans you often find templates with so much detail in them it may take you months to put it together before you start, but it will be worth the effort.  These types of documents will be kept in the bottom draw or book case in a binder.  They will probably start at 50 pages and could be hundreds of pages long especially when you have added all the documents which will be the case if finance is required by banks.  These business plans aren’t working documents they are reference documents which will grow with the business.

Now you have a beginning for your Business Idea. Take the advice of those who have travelled this road before you. Make sure your idea is viable. Then use a 2 page business plan. If you Business Idea is big and will require outside financiers, a more complex (up to 50 pages) plan is recommended.