Every business, no matter how large and successful, starts with an idea. But it takes more than just an idea to make it all a reality.
Business planning can be a long process requiring different skills, resources, and time to make it work.
If you’re in the early stages of planning out your business, then you’ll want to set things up the right way from the start.
Here are 5 essential steps to get your new business up and running.
Determine Your Unique Selling Point
Your unique selling point (USP) is what makes your business different from the rest. Look at your competitors and decide what you do differently or in a better way, which is why customers should choose you. If you don’t have a USP, then you may struggle to get sales.
Create Your Business Plan
A business plan focuses on what you’re aiming for and working towards, and it’s vital to getting finance if you need to approach an investor or a bank. Your plan should map out your vision for the business.
Calculate Costs and Profitability
You want your business to be profitable. Not all businesses have a turnover right away, especially if large or complex equipment is needed upfront, such as oil drilling tools or getting inventory to start. But you will be fine as long as you can calculate that your business will make money eventually.
Register Trademarks and Domains
Your website is your business’s home base and where your customers will first interact with your company. Get the domain name you want and a matching email address.
Remember to get any trademarks or licenses at this stage too.
Choose Your Business Structure
Do you want to work as a sole trader and register for taxes that way? Or will you have employees and register the company as a limited liability company? There are a number of options for your business structure, so consider talking with an accountant to review the different financial implications for each type of setup.
- The Edit My Life Planner will help you get more done in the next 12 weeks than you did in the past 12 months.
- Sign up for FREE productivity worksheets and more in the Editor’s Toolkit
- Schedule a FREE Life Editing Strategy Call
- Follow me on YouTube, Facebook, and Pinterest
- Book Outlet, save $10 off your first order
- Picmonkey, save 17% when you sign up for my favorite online photo editor
- Kajabi, start your free trial of this all-in-one platform for entrepreneurs
- Book Like a Boss, start your free trial for this beautiful and user-friendly scheduling app for coaches and consultants
- Epidemic Sound, start your free trial for the best music for YouTube videos
- Passion Planner, save $5 off your first purchase
- Trello, free elegant project management app
- Beaver Builder, my favorite WordPress page builder