Have a great business idea you’ve been dreaming about for some time? We get it. Ideas are exciting but actually bringing them to life can be a struggle and the prospect of starting a business can seem overwhelming. But with some direction and careful planning, you can turn your business idea into a thriving business.
Have a great business idea you’ve been dreaming about for some time? We get it. Ideas are exciting but actually bringing them to life can be a struggle and the prospect of starting a business can seem overwhelming. But with some direction and careful planning, you can turn your business idea into a thriving business.
So, if you’re wondering how to get your business idea off the ground, here are 5 steps to help get you started.
5 steps to get your business idea off the ground:
- Develop a clear business plan
- Make it legal
- Invest in your education and expertise
- Brand yourself and advertise
- Join a startup academy
1. Develop A Clear Business Plan
Once you have your business idea in place, you need to ask yourself a few important questions: What is the purpose of my business? Who am I selling to? What are my end goals? These questions can be answered in a well-written business plan.
A clear business plan will allow you to focus on your goals and take opportunities as they present themselves. It’ll also display the feasibility of your idea based on your background research.
Here are some of the things your business plan will include:
- Company description
- How you will finance your business and financial projections
- The goals of your business and how you intend to reach them
- An analysis of the marketplace, the competition and your potential customers
- A description of your marketing plan and sales strategy
Learn more about creating a business plan here.
2. Make It Legal
Before you begin taking on customers, make sure you get the basic legalities in order. Depending on the type of business structure you choose, you are legally required to register with HMRC or Companies House.
Sole Traders are required to:
- Submit an annual Self Assessment form
- Register with HMRC
Limited Companies are required to:
- File a company tax return
- Register with Companies House
- Pay Corporation Tax on the profits your business generates
- Pay VAT
You may be able to redeem some of the tax you pay with new business relief, such as VAT relief or business rates relief.
3. Invest In Your Education And Expertise
During this early stage of your business, you must be willing to learn. Be prepared to learn all about the nuts and bolts of your business by taking courses, reading business books, attending webinars, and finding yourself an experienced business owner willing to mentor you.
The more you can learn about the overall operations of your business, the better your decisions may be, particularly if you are running a smaller business that requires you to wear more than one hat. Some examples may include marketing, finance, and customer service skills.
4. Brand Yourself And Advertise
Coming up with your business idea is only half the story - it’s now time to get your brand out there. Thanks to new technology, there are countless ways small businesses can advertise their business to prospective customers, many of them at a low cost or even better…free!
Firstly, create your logo that people can easily identify with your brand and be consistent in using it across all of your platforms.
Once you have your logo, get your website up and running. Now more than ever customers are turning to the internet to learn about a business or purchase from a business. Make sure your website is attractive, accessible and mobile-friendly.
You will also need to choose which social media platforms you want to use to spread the word about your business and engage with potential customers. Some of the most popular platforms include Instagram, Facebook, LinkedIn and more recently, TikTok.
5. Join A Startup Academy
One of the most effective ways to get your business idea off the ground is to join a supportive startup academy.
Supported by Google For Startups, our Startup Academy is a 12-week incubator programme for pre-start and early stage businesses covering all aspects of starting and growing a successful business.
The programme has been tailored to support the common challenges entrepreneurs face, which include helping you build a network, technical support and knowing where to focus your attention at which stage of growth. Modules cover everything from planning and idea generation to product development, finance and team building.
So, if you’re looking to get your business idea off the ground this year, register your interest to our Startup Academy today.
