Starting A Business In 5 Steps

There’s a long list of things to think about when setting up a company. But here are 5 steps to get you started;

1. Conduct your market research
Market research will inform you if your idea has a chance of becoming a profitable business. It’s a method of gathering information about new clients and existing businesses in your neighbourhood. Make use of this data to gain a competitive advantage for your company.

2. Write your business plan
The basis of any company is your business strategy. It’s a step-by-step guide to setting up, running, and growing your new company. You’ll use it to persuade others that working with you — or investing in your business — is a wise decision.

3. Fund your business
Your business plan will assist you in determining how much capital you will require to begin your venture. If you don’t have that much money on hand, you’ll have to raise it or borrow it. Fortunately, there are more ways than ever to find the capital you need.

4. Choose your business name
It’s not easy to come up with the ideal name. You’ll want one that embodies your brand and expresses your personality. You should also double-check that your company name isn’t already in use by someone else.

5. Register your business
It’s time to make your business name legal and protect your brand after you’ve chosen the perfect name. You’ll need to register with the federal government and possibly your state government if you’re doing business under a name other than your own.

For help to get you started and organised we have a business essential template you can download. Click the button below to check out the template.