So you want to know how to start a business? That’s awesome!
There’s a lot to learn, but there’s plenty of information around to help. This guide from Xero is a great place to start.
Starting your own business is a process, not an event
People talk about ‘taking the plunge’ into small business like it’s an adrenaline sport. And there will be some heart-stopping moments, like when you take a loan, sign a lease, or greenlight your first order of supplies. But starting a business isn’t one big decision. It’s hundreds of small decisions. And if you want to succeed, you need to move through them systematically and with a cool head.
You don’t have to think of everything right now. There’ll be hundreds of variables and numerous unknowns when you first consider starting a business. It’s hard to unpick it all. That’s why you need a process. It allows you to deal with things in the right order and saves you from getting stuck on problems before you have to.
How to start a business in eight steps
Use the tools and insights in this guide to grow your idea into a business, step by step.
1. Assess your business idea – Checking if your venture has legs.
2. Write a one-page business plan – Outlining your goal and how you’ll get there.
3. Do market research – Learning about your customers and competitors.
4. Build a sales forecast – Getting to a realistic number.
5. Create a budget – Figuring out how much money the venture will make.
6. Write a long-form business plan – Pinning down the details (including marketing and promotion).
7. Organise finance – Working out how much you need, and how to get it.
8. Start up – Getting the show on the road.
Of course, when you need professional advice Beck Partners is only a phone call or email away.