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The Ultimate Guide to Starting a Business: Part 1

Posted: 7th May 2019 by Clair Watmore Business Advice General, Cloud Accounting

The Secret to Starting a Business

Starting a new business is a big job, but don’t let that put you off. Thousands of people do it every day. Here is some great advice brought to you by Xero Cloud Accounting.

Starting your own business is a process not an event

People talk about ‘taking the plunge’ into small business like it’s an adrenalin sport. And there will be some heart-stopping moments, like when you take a loan, sign a lease, or submit your first order of supplies. But starting a business isn’t one big decision. It’s hundreds of small decisions. And if you want to succeed, you need to move through them systematically and with a cool head.

You don’t have to think of everything right now

There’ll be hundreds of variables and numerous unknowns when you first consider starting a business. It’s hard to unpick it all. That’s why you need a process. It allows you to deal with things in the right order and saves you from getting stuck on problems before you have to.

How to start a business in eight steps

You’ll be able to use the tools and insights in this guide to grow your idea into a business, step by step. This guide will show you how to:Assess your business idea – checking if your venture has legs.

  1. Assess your business idea – checking if your venture has legs.
  2. Write a one-page business plan – outlining your goal and how you’ll get there.
  3. Do market research – learning about your customers and competitors.
  4. Build a sales forecast – getting to a realistic number.
  5. Create a budget – figuring out how much money the venture will make.
  6. Write a long-form business plan – pinning down the details (including marketing and promotion).
  7. Organise finance – working out how much you need, and how to get it.
  8. Start up – getting the show on the road.

Figuring out how to start a business is just the beginning. Once you’re launched, you’ll need to run the ship. There are sales to make, accounts to keep, budgets to watch, taxes to file, and so on. This guide will take you through that, and more.

Let’s get into it

Set yourself a deadline for completing your research and planning. Schedule a particular time to work on it every week. It’s vital that you’re disciplined: treat it like the business it is, and you’ll reap the rewards.

Next week we look at how to put your business ideas into action.

Source: Xero