Starting a new business can often be a very stressful experience if you don’t know to do things in order. It requires a lot of precision and planning. To make your new business venture a little less daunting, I have created this step by step guide to start a new business. There can be multiple ways and steps required to start a business depending on which area or market you are targeting. But basically there are 6 key steps:
- Defining Business Idea
- Creating Business Plan
- Collecting Resources and Money
- Branding the Business
- Getting an Office
- Hiring Employees
Some business experts will show you that there are more steps than this. But believe me, only these 6 steps are required for you to build a great new business.
Step 1: Define Your Business Idea
The first step in any business venture is to clearly define your business idea. In doing so, focus on your key interests and area of expertise and build upon the knowledge and skills that you currently have.
You are most likely to thrive in a business that you have a keen interest in so why not focus on what you are passionate about.
For example, if you enjoy cutting, coloring and styling hair and have the required qualifications and skills to do so, why not set up a hairdressing business?
Step 2: Create a Business Plan
Once you have defined your business idea, you should begin to create a solid business plan to give your new business the best possible chance of success.
Writing a business plan forces you to review everything at once and will allow you to pay attention to both the broad operational and financial objectives of your new business.
A clear business plan will set out the major goals and objectives of your business and will allow you to monitor your success over time.
Expert Advice: If this is your first business, be sure to have backup plans in addition to your business plan. Backup plans help you patch things while growing up if things fail.
Step 3: Gather Finances
Next, you should gather as much financial capital as possible to help build your business whether that be from securing a bank loan, setting up a crowdfunding page or attracting an angel investor or a venture capitalist.
It is important to estimate how much finance you will need before starting up your business however, a lack of finances should not put you off from pursuing your business dreams. Have a saving approach and invest wisely.
Step 4: Create Effective Branding
A memorable logo and effective branding is extremely important to increase the value of a new business as it increases brand equity, brand awareness and brand loyalty.
The branding must be relatable and easily identifiable to attract both new and existing consumers. Be innovative, bold and daring when developing your brand as it is important to stand out from the crowd in an extremely competitive market. Here is how you should start your logo and branding design process. Also see my guide on how to develop a strong brand name.
Step 5: Choose Appropriate Office Space
Selecting the most suitable office space is one of the most important steps for a new business as it shapes who you are and is one of the first things customers and clients come into contact with.
In choosing appropriate office space, it is also crucial to select a comfortable and welcoming interior for all staff, clients and employees to enjoy when visiting the business premises. Upon starting your new business, you should buy new office desks, comfortable office chairs, suitable IT facilities and should apply fresh and calming color schemes to encourage a relaxing and friendly working environment.
Read my guide on cost effective ways to make your offices more efficient. Need help managing your office? Read this guide.
Step 6: Carefully Select Staff
When starting out with your new business, it is crucial that you select employees based on how well they fit the organization. To be successful, employees must share the same visions and ambitions of the company as they are brand ambassadors who sell the business to your customers.
If you are recruiting for the first time, apply these best practices in hiring new employees.
There you go. You have started your business now. Now you need to maintain and grow your business both online and offline. The next step is to create a website or blog and engage your customers with your products online.
Here are some guides on how to promote your business online: