Whether you have just a business idea, or are actually starting, or you have started and want to grow the business… this is the definite checklist to be successful. This list is taken from national statistics of start-ups and micro businesses that have been successful. (A micro business is usually defined as one with less than 9 employees or members of staff).
To know how these various issues apply to you and your business, talk to various mentors, and, or, experienced business people. Do not try to do all this on your own!!!
1. Confirm why you want to set up the Business
Is it to just make some extra cash, or create a serious ‘job level’ income ?
What is the time scale. maybe set two targets, earning amounts and timescales
2. Confirm the actual products and/or services ( not just generalisations )
And with the products or services, the costs to supply and the sale prices to customers.
3. Market Research – Targets customers, size of the market, competition ??
Whatever stage you are at with the business planning or startup or operating, Market research, market research, market research.
Be prepared to change you plans and expectations … if you are uncertain about any issue. Do test marketing.
4. Create a one or two page business plan.
This to confirm the products or services, the target market(s), the sales targets and gross. margins, the marketing process, costs of set up and delivery, funds necessary to start the business, the source of the funds, staffing and property issues if relevant…To include an attached financial forecast ( required if applying for funding )
5. Get advice and comment from two or three mentors. Not one !!!)
Ask at least 3 or 4 experienced business people about your business and your plans, you will get good advice and tips from each one. Check your ideas with multiple contacts.
6. Have the right ‘team’ of people around you
Develop a number of business contacts and associates who understand you and your business, and can offer, advice, information, support.
7. Seek advice from the ‘right’ people ( in areas such as marketing and web sites, funding, business set up.
Difficult to know who are the ‘right’ people. Don’t just take the advice of the first people you talk to in a particular area. He or she will be trying to sell you their own product or service. Hence why you should talk to lots of people.
8. Create a working marketing plan ( to include the web site ) . Defined within the planned budget. Get the right ‘message’ for your business.
Almost certainly you will need help to create this. . The business ‘message ‘ is missed by most people. Identify the benefits of the product or service, and feature this on the web site and all all publicity material.
If you don’t understand this point, join one of the Hub online workshops
9. Create an Operation Plan. How the business is going to work. From marketing to receiving the money
Essential to document the process from end to end, including such issues as returns , chenged orders etc
List all the required service suppliers, With name if already confirmed. .
10. GET STARTED !!! Sounds obvious but start to trade as early as possible, and yoiu will learn lots of early lessons.
Most business services (e.g. web sites, social media, marketing) keep changing over time and, the requirements of your business keep changing. Essential to keep learning, going to new events, meeting new people, checking what successful people in your business area are doing.