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WEB DESIGN + SEO FOR SMALL BUSINESSES, SOLOPRENEURS + STARTUPS

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  • Writer's pictureKylie Wiffen

So you want to start a business. You have an idea — now what?

Updated: 6 days ago


You have a great idea for a business. You might have been thinking about it for a long time and you're feeling the push more than ever to actually doing something about it.


This is exciting!


And scary.


But it might just be the best thing you ever do in your working life.



If your idea really feels right and is aligned with something you have expertise in (or an absolute passion for), then you should probably go for it.


I say probably because there are a few things you should think about before you do.





Make a Plan

 

The first one is get everything down on paper and make a plan.


I'm totally a list person, and I'm also a risk-averse person, so I am going to encourage you to really think everything through and make a proper plan in order to give your new business venture the best chance of success.


as the old saying goes: Fail to Plan = Plan to Fail

These days there are fewer barriers-to-entry into the market - particularly in the eCom space, but it's still important to go through the process and think about any issues that may cause potential problems in the future.



Run The Numbers

 

Unless you plan to not make any profit out of your idea. You are going to need to run the numbers. I'm talking cost analysis, pricing, profit margins. Everything. If the numbers don't make sense then your idea either needs work or it's not a viable option. It's better to find out before you launch into it and get yourself into all sorts of debt and potential legal issues.


If the numbers don't work first time around - have a good look at how you can tweak things to make the numbers work such as alternative suppliers, changing up your offer/product or go back to the beginning and start again with your idea.


If the numbers make sense, this is fantastic and another sign that you are on the right track.



Next

 

You've been through the planning process, everything looks good and you have made the decision — you're going to go for it! Congratulations!


Now where do you start? It's time to make a proper Business Plan.




What is a Business Plan Exactly?

 

It's a really important document describing your business, including all the details you need to nut out in order to give this idea of yours the best chance of success. It doesn't have to be super formal, unless you do require finance, your investors are going to request a very formal plan. I'm going to take you through a very informal plan and what you should think about.


You can get a free business plan online, here are a few good ones:


Business Australia — Business Plan Template  Australian Government — Lean Business Plan Template Shopify — Free Business Plan Template 


THE BENEFITS OF A PLAN

Writing it all down is essential to get your ideas into some sort of order and logical format that you can use to move forward and put your plan into action in an organised way.


It's also a document you can refer back to as you go through your business journey to help you make decisions and future plans as the business grows. You can add to it as you go as well, it is supposed to be an editable and adaptable document.


Writing about your amazing idea is super exciting because its moving you one step closer to making it all happen. You will also find writing it all down not only brings clarity to your research, thoughts and ideas, but can also be used as a starting point for your copy, and marketing material.




WHAT TO INCLUDE

So now you're clear on what a business plan is and why you should have one. Here are some of the main topics you will need to think about and include.


  • Business Concept What does your business do? what do you offer?

  • Mission Statement Clarify your overall business mission and values in this statement.

  • Business Goals Set small goals for your first year and outline steps to work toward them.

  • Business Goals and Vision What does your business want to achieve in the future? What is your grand vision? Or your five year plan?

  • Product Description and Differentiation What do you sell or offer, and why is it different to others in the market?

  • Target Market Who do you sell to? Your ideal customer.

  • Competitors What can you do better, and how can you differentiate yourself to others in your market.

  • Marketing Strategy How do you plan on reaching your customers? What is your marketing budget?

  • Projected Financial State What do you foresee earning in revenue?

  • Startup Funds How much money are you going to need to get started? How are you going to fund it?

  • Viability Run. The. Numbers. If the numbers don't work your business will fail.

  • Exit Plan Particularly if you have business partners you need to have an agreement about this from the start.

  • The Team Who’s involved in the business? If applicable.

  • Legal Make sure you do your due diligence with regard to copyright, safety issues, insurance so you can address those issues to avoid potential problems.

  • Exit plan This is especially important if you have business partners so you're all in agreement about how you would do this will save you a lot of stress and heartache.

  • Launch How will you launch? Where, when all the deets!




Looks like you're ready to take the next step!

 

With careful planning, self-belief, and a good dose of common sense, your business idea will be ready to launch. By incorporating these tips into your strategy, you'll be better positioned to handle whatever is thrown at you in the crazy digital world and it's more likely your business is going to thrive for many years to come.


Here's to your success in the exciting world of online entrepreneurship! 🥂✨




Have a great Business Idea and need help getting it online?

 

I've helped dozens of businesses get started online and I can help you too.









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