How to Start a Business: The Definitive Step-by-Step Guide

How Do I Start a Business?

Have you thought for a long time about setting up your own business? Perhaps you have a killer business idea? Or maybe you’re even just looking to get away from the 9 to 5. Either way, it’s one thing thinking about starting a business and another thing actually doing it. How do I start a business? Where do I even start?!

There’s an awful lot to consider and it can seem overwhelming. In fact, many people shy away from starting a business purely because they just aren’t brave enough to make that first leap. If only someone could break things down and make the whole process a little simpler.

If you’ve been thinking about going it alone, our expert business advisors at the Fabulous Group have compiled the definitive step-by-step guide to starting a business. So, fear not, we’re here to help. Follow our guide and you’ll have your very own business up and running in no time.

1) Evaluate yourself

Before we even start to talk about business ideas, marketing strategies and so on, we need to focus on the most important thing in your business. You.

The entire business is going to revolve around you, at least to begin with anyway. Because of this, you’ll need to ask yourself some very serious questions, and be brutally honest with the answers. Do you have what it takes to start a business?

Why do you want to start a business? What skills do you have? What is your area of expertise? What are you passionate about? All of these questions will help you decide if you are ready to take the plunge.

2) What’s your business idea?

Now, let’s move on to the second most important part of your business: your business idea. This will be the core principle around which the whole business is subsequently built. Do you already have a killer business idea? That’s great! If not, don’t worry. There’s still time to come up with one.

Generally speaking, you want to be sure that your business idea is going to solve a problem. People would always rather have less of a bad thing than more of a good thing. Maybe you can seek inspiration from the problems you face in your everyday life. Think of something that annoys or inconveniences you, or something that you wish there was a fix for. Then think, “OK. How could I fix this?”

3) Market research

It isn’t good practice to go ahead with anything as serious as starting a business without thoroughly researching it first. This includes researching the market. Is anyone else doing what you want to start doing? And, if not, why not? It’s always a good idea to research your potential rivals, partners, and so on. Know your market as best you can.

4) Get feedback on your business idea

Once you’re set on your idea, this is a good time to start letting people interact with your product or service and, more importantly, to get their feedback. This is the first time that you’ll get an idea as to how the general public will receive your business idea. In addition, these people will, if they like your idea, become your first brand advocates, especially if you listen to and encourage their input.

5) Make it official

It’s often a good idea to get the legal aspects out of the way early on, as they can often be scary or confusing. What’s more, you can then rest easy, safe in the knowledge that no one is going to steal your idea or start suing you out of the blue.

6) Write your business plan

Your business plan is a written description of how your business will develop, from its very beginnings right through to your finished product. A good business plan will be key in further endeavours, such as applying for funding, so it’s important to get it right.

7) Finance your business

Next, you’ll need to decide how you intend to finance your business. There are loads of different ways for you to find the resources necessary to get your business off the ground. Once you have assessed the options, you will need to take into consideration your own resources, circumstances and life stage in order to land on the best solution to meet your requirements.

8) Develop your product or service

After all the work you’ve put in so far, it’ll be great to finally see your idea coming to life, but you must keep in mind that an awful lot goes into making a product or developing a service. There is a huge amount to take into consideration in the product development process, from finding a manufacturer, supplier, or reseller to deciding on the right pricing strategy.

9) Start building your team

If you’re looking to scale your business in the long term, at some point you’re going to need to hand some of the responsibility over to other people, whether that be employees, freelancers, a partner, etc.

10) Find a location

At some point, you’ll probably need to find a location. This could be anything from an office to a physical store and your priorities will differ depending on the business and your specific requirements.

11) Start getting some sales

No matter what your product or service may be or the industry you are entering into, the future of your business is going to depend almost entirely on your ability to generate revenue and sales.

You’ll want to start by identifying your business’s target market. Find your early adopters, grow your customer base, maybe even consider putting out ads in order to get your name out there. Do anything you can to find the people that fit your business.

Once you’ve found these people, you need to work out how best to speak to them. You need to reach these people and show them something that appeals to them. You’ll need to figure out the perfect sales funnel or strategy that will convert these leads into revenue.

12) Grow your business

Now that you’ve started your very own business, it’s onwards and upwards! There are thousands of ways to grow your business. You could acquire another business, start targeting a new market, identify new opportunities, and so on.

For successful business growth, you will need two things. You’ll need to come up with a plan for how you intend to market yourself and, once you have a new customer, you’ll need a plan in place for how you intend to retain them. As the saying goes, “The easiest customer to sell to is the one you already have.” The nurturing process is always worth putting some time into.

How to Start a Business with Help from the Fabulous Group

If you’re looking to start your own business, we completely understand how daunting it may feel. So why not do it with the Fabulous Group by your side? Experts in business advisory services, accountancy, marketing and tech, we can help you with every aspect of starting a business. More importantly, this frees you up to focus on the good stuff – be creative, develop your idea, meet new people and enjoy your successes.

For a no-obligation chat about your business idea, call the Fabulous Group today on 0800 112 0880 or, alternatively, you can email hello@fabgroupco.com.

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