You’ve made the decision – you want to set up your own business. Brilliant! What next? These 10 easy to follow steps will take you through our ADAPT-THRIVE-GROW model of creating your first business plan. #startingabusiness #businessplan #myownbusiness
PART 1: This will take you through Steps 1-3 in the ADAPT phase.
There are over 4 million Google results to ‘setting up my own business’…. That’s a lot of information. Plus you will probably find about 70% of it useful to some degree, depending on your circumstances. So how do you move forward?
We will take you through 10 practical steps which will give you a work-able business plan from Day-1. This post is 1 of 3 which take you through the first three steps.
Our ADAPT-THRIVE-GROW model is aimed at those who are new to starting a business.
ADAPT Steps 1-3: This is where you take your general idea for what you want to do and adapt it to fit the business landscape that you’re entering. This stage is our focus for this post.
THRIVE Steps 4-6: The actions that set up your business to be successful and provide a solid foundations to launch forward.
GROW Steps 7-10: Your business idea is ready to launch, now let’s make sure it can fly!
Step #1: Your Vision and Purpose
You need to be able to complete these sentences: “I’m going to start a business selling/providing <…….> . I want to do this because <……….>”. This will get clarity in your own mind of what you’re doing and why, and will also help you to convince others that you mean it.
Although this may sound simple, it can be a much harder exercise than you expect. It could take a few tries and you should test it out on a few people as you go, to get their reaction and see how it feels to you when you’re saying it. At Find Your Wings, this evolved a number of different times for us and took a few months to really hone it to a clear vision and purpose.
Step #2: Claim your name
Deciding on your business name is both exciting and terrifying, as it is going to be your first impression to new customers! One way to do it is to start typing your idea into Google and seeing what comes up in the autofill results and in the ‘People also ask’ area of the results. It will show you what other terms people link with the words you put in and also what is already taken.
Next, check social media channels to see if anyone else is already using your preferred name and handle and use the Companies House database to search for any registered company names in the UK.
Once you have it – claim it! Set up the social channels using that name, buy the website domain names and set up a company on Companies House (if that’s the right thing to do).
There are lots of other creative ways that you could come up with a company name and a few things you should consider legally before committing, if you’d like some more help in this area just speak to us.
Step #3: Competitor & Market Analysis
This is an area where putting in the time at the start will help you reap rewards later. Understanding the market that you’re about to enter into will help you prepare and foresee any challenges. There are lots of different ways you can do this and they will differ depending on your business idea, but you need to get a solid idea of the following:
- Your market size
- If geography makes a difference to your business, then where are the hotspots? Where are your customers?
- Who are your competitors and how do they operate? By finding something you could do differently you create a point of difference.
- What are the pricing models that other similar companies are using? How does this compare to your plan?
- What are the potential challenges you could face?
To read next…
10 Steps to Kick Start Your New Business Plan – PART 2: THRIVE
Steps 4-6: The actions that set up your business to be successful and provide a solid foundations to launch forward.
10 Steps to Kick Start Your New Business Plan – PART 3: GROW
Steps 7-10: Your business idea is ready to launch, now let’s make sure it can fly!