Any new business start-up needs to be planned well to be successful. A lot of different factors need to be taken into account and future problems need to be considered before a new business is started. In this two-part blog post we will look into some major points which you should consider before starting your new business.

Just Get Started!

It’s sometimes just very important to get started on your new business. This doesn’t mean that you shouldn’t do any research or preparation. However, you shouldn’t just keep dreaming about your new business idea and instead take action.

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Business plan

Start working on your business plan. This is one of the most important documents for your new business start-up. This point also should cover some of the points below, including “Research your business idea”, “Financing your business”, “Business training, skills, support”. You can find templates for business plans on our Invoiceberry business plan page.

Research your business idea

Start researching your new business idea by using the internet and search engines such as Google or Bing. Research demand and supply by using Google. Use the Google Keywords Tool to see how many people are searching for the services and products you want to offer every month.  After you found out the demand, use the Google search to find your potential competition. These information should be included in the business plan.

Financing your business

You don’t need to start collecting money from potential investors, friends or family yet. However, it is always good to know where you are and what might be possible later on. Just check if internal finances (own funds, family, friends) are available or if you need any money at all to start up your new business. You might only need a few pounds which you can take out of your wallet or coffee money. This is just an early pre-check to be a bit clearer about your financial situation.

You should also try to calculate the approximate amount of money needed to get your business started up and the cash flow for the first 12 months. This is one of the hardest parts of starting a new business as it is almost solely based on predictions and guessing. However, you can download a cash flow statement template here to get started.

Business training, skills, support

Try to talk to as many family members and friends as possible about your business idea to get new ideas, form your idea and ask for their help. They might be experts in marketing, web design or finances. Look through your LinkedIn and Facebook account to find contacts which are experts in some fields which you might need.

Build your team

If you need employees or business partners when starting your new business you need to start considering possible candidates early on. Finding the right person can be a long and tiring process. Be careful when building your initial team as you don’t want to end up with business partners or part-owners of your businesses which don’t share your vision of the business.

Business Startup Checklist: Get Started for Real (Part 2/2)

Click here for Part 2 of this blog post which includes the following topics:

• Get Started for Real
• Set up your legal business structure
• Open up a business bank account
• Obtain start-up capital [Optional]
• Create a website
• Lease an office [Optional]
• Make your first Sale