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How to start a business - Quick step guide on what to expect

Have you been completely inspired and formed a business idea? All to now be thinking, how on earth do I get started? What is the first step? Starting a business is exciting but it can also be overwhelming with so many different elements to consider.

The biggest advice I can give, don't let the fear of failure stop you from following your dream... but do let it help you! 50% of businesses that failed were actually profitable. It wasn't that the idea didn't work, it was that the idea wasn't cultivated. If you start your business the right way, you're chances of success is going to increase ten fold.


23% of businesses fail because they didn't have the right team

17% of businesses fail because they lacked a business model

14% of businesses fail because they ignored their customers


Okay, so what to expect:

Step 1 - Start simple

Brainstorm what you expect from your business, your ideas, names, keywords, goals, and anything else that comes to your mind.

Step 2 - Understand your why

Use your brainstorm to configure your 'why' statements. What value is your business going to bring?

Step 3 - Test viability

Check your finances, do a cost prediction and explore what to expect of start-up costs and how you are going to manage your living expenses until you become profitable. What do you need to charge for your services/products to be viable? Will customers pay this? Create a business plan and keep adding to it.

Step 4 - Swot

Conduct a SWOT analysis (strengths, weaknesses, opportunities and threats) so you have an understanding of your new businesses positioning. This is vital for your planning.

Step 5 - Competitors

Who are you going to be competing with? What are they doing? How are you going to add value or do something different?

Step 6 - Identify your target market

Who is your ideal client? What market will you target? What are their needs? Interests?

Step 7 - Write your foundation