10 Steps To Start A Business In 2024. By Jo Thornhill & Laura Howard
Setting up a business can be an exciting and rewarding endeavor. However, there are many factors to consider before getting started. This guide outlines ten crucial steps to help you establish and grow your business in 2024.
Show Summary
1. Before You Begin
Get into the Right Mindset Success stories often highlight rapid achievements, but they rarely reflect the years of effort and setbacks behind the scenes. Stay focused on your journey and avoid comparing yourself to others.
Consistency is Key:
Initial motivation can wane, so create habits and routines to maintain progress during low-energy periods.
Take the Next Step:
Balance action and planning by writing out each step to achieve your goals, then tackle them one by one.
2. Be Clear About Your Business Idea
Choose a business that combines your passion, skills, and profitability. Ask yourself:
- What do you love to do?
- What do you dislike doing?
- What are you good at?
- What do others seek your advice on?
- Is there something you've always wanted to do but lacked resources for?
Once you have an idea, ensure it aligns with your strengths and is viable in the market.
Choosing a Business Type:
Balance action and planning by writing out each step to achieve your goals, then tackle them one by one.
- Consider your funding, time investment, work environment preferences, and scalability.
- Explore popular options like franchises or online businesses.
3. Research the Competition
Understand your competitors to identify your unique selling points. Conduct both primary research (surveys, interviews) and secondary research (existing data).
SWOT Analysis:
Evaluate your strengths, weaknesses, opportunities, and threats to refine your business idea.
4. Create Your Business Plan A business plan serves as a roadmap and should include:
- Executive Summary
- Company Description
- Market Analysis
- Organization and Structure
- Mission and Goals
- Products or Services
- Background Summary
- Marketing Plan
- Financial Plan
5. Register Your Business
- Choose a business name.
- Register with relevant authorities (Companies House, HMRC).
- Apply for necessary permits or licenses.
6. Get Your Finances in Order
- Open a business bank account to separate personal and business finances.
- Use accounting software or hire an accountant.
- Obtain necessary insurance (liability, property, business interruption, product liability, employer liability).
7. Funding Your Business
Explore both internal (personal savings, credit cards, family and friends) and external (loans, grants, investors, crowdfunding) funding sources.
Funding Ideas:
- Invoice factoring
- Business credit cards
- Equipment financing
- Small business loans
- Grants
- Crowdfunding
8. Get the Right Tools Utilize tools to streamline your business operations:
- Accounting software
- Customer Relationship Management (CRM) software
- Project management software
- Card payment technology
- Point of sale technology
- VPN for secure connections
- Merchant services
- Email hosting
9. Marketing Your Business Develop a marketing strategy to promote your business effectively:
- Create a website with essential pages (About Us, products/services, contact information).
- Optimize for search engines (SEO).
- Produce quality content (videos, testimonials, blog posts).
- Get listed in online directories.
- Develop a social media strategy and leverage platforms like Facebook and Instagram.
10. Scale Up Your Business
Expand your customer base and revenue by enhancing your marketing efforts, improving products or services, and automating or outsourcing tasks. Keep an eye on your finances to ensure profitability.
Build a Team:
- Use hiring platforms, job boards, social media, and freelance platforms to find suitable candidates.
- Partner with other businesses to expand your reach and capabilities.
Bottom Line:
Starting a business requires dedication and persistence. Conduct thorough research, create a solid business plan, and stay organized to ensure continuous growth and success.
