Like countless other people, you may have been sitting on a business idea for some time, but have run into fears and stumbling blocks that kept holding you back.
Now, if you feel your idea is finally ready to become a reality, you’ll obviously be raring to set the wheels in motion!
Here are some essential steps you have to take in getting your business off the ground…
#1 Stretch Out your Business Plan
You probably have some idea of how you’ll run your business and make it grow in that initial period.
However, it’s essential to have a plan that covers the long-term future of your business in place. Think about where you want the company to be in five to ten years, and the steps you’ll need to take in order to carry it there.
You may find out about some industry trend or emerging technology that will present challenges you hadn’t thought of.
For the immediate future, the most important thing is assessing your weaknesses and making sure they’re covered.
If you’re not all that good with numbers, decide on a system for keeping your finances in order. If you thrive in a team, make room for partners and managers.
Having a plan set out from the start will save you a massive amount of time and energy. You can find some handy business plan samples at bplans.com.
#2 Secure Financing
Once you’ve got a road map for your business to follow, the next step you need to take is securing financing.
If there’s one adage about business that’s stood the test of time, it’s this: “you need to spend money to make money”.
There are many ways to secure the funds you’ll need to get your business off the ground, such as borrowing from family and friends, borrowing on your personal credit, and using platforms such as investuk.com.
As with your business plan, you should be thinking in the long-term, making decisions and reaching out to investors who will be able to help you further down the line.
The initial stages of your business is the best time to be thinking about your business credit. This will allow you to take out loans with higher amounts and lower interest in the name of your business.
#3 Protect Yourself Legally
Once you’ve secured your financing and started actually trading, protecting your business on all its legal fronts becomes essential.
Companies that have similar names, or offer similar products or services, can steal your customers and put a dent in your professional reputation.
Even worse, if you’re unknowingly throwing around names or ideas that are already protected, the owners can sue you for every penny you have!
Be sure to go through the proper channels to register your business and product names. This will assure that you steer clear of any of these nasty conflicts, and minimize the chances of confusing your customer base.
You wouldn’t be the first entrepreneur to lose their dream to one little legal slip-up, so get on the phone to your lawyer now!