Starting a business is a fun – if you’re a little unsure on what to do next, we hope this 10-step guide is practical and will help.
1. Validate your business idea
Is your idea a good one? Perhaps the real question is – can you execute it well? Most ideas aren’t entirely new, so your success often depends on how you deliver. Research your close competitors, listen to people who are likely customers and reflect.
2. Choose the right business structure
Decide whether to operate as a sole trader, partnership, or limited company, and register with HMRC or Companies House accordingly. Each structure has pros and cons.
3. Register your business name
Check Companies House, the trademark register, and domain name availability to ensure your name is unique and will not present undue legal risk. A strong brand starts with the right name.
4. Set up a business bank account
Keep your business and personal finances separate. Opening a business bank account makes accounting easier and presents a professional image.
5. Sort legal & compliance requirements
Make sure you’re covered legally. This includes, but is not limited to licenses, permits, contracts, intellectual property and insurance. If handling customer data, you’re likely need to register with the ICO.
6. Get your finances in order
Stay on top of your numbers. Keep digital records of invoices, receipts and expenses. Create a cash flow forecast to plan ahead. Excel works to start but in time, you’ll need bookkeeping software like Xero or QuickBooks.
7. Develop a business & marketing plan
Your plan doesn’t need to be pages and pages. A couple of sides of A4 or a Business Model Canvas can help you outline your strategy, goals and marketing approach. GenAI can be helpful for ideation.
8. Secure funding (if you need it)
Explore start-up loans, grants, investors, or crowdfunding if you need financial backing. Knowing your options can make all the difference.
9. Build your online presence
Create a website, social media profiles and a Google Business Profile to help potential customers find you. A strong online presence is important for credibility and growth. Wix, WordPress, Shopify are useful platforms for building your first website, all with pro’s and con’s.
10. Market & launch your business
Perfection doesn’t exist – when you’re ready, do it, adapt and learn. Resilience and growth mindset are important qualities.
About Evolve and our partnership with BCP Council to support Start Up Businesses
It’s impossible in a blog to say it all – that’s why we provide start up programmes, workshops and 1:1 support to help you start and grow your business, including –
We can’t wait to help.
