Before executing your full business, do a test-run using the core concept on a small scale. Going through this test process will offer valuable information about your idea. Once you’ve developed a product/service that represents the business and received customer feedback, you can refine your concept. You’ll have a clear understanding of whether it makes sense to go back and make changes or proceed forward. 

Making a business plan gives you the chance to think critically about the big picture. The process will require that you consider everything from overarching goals to possible sources of income for each expense. Once this information is down on paper, it can serve as a reference as you work through more specific details. It also helps business partners, investors and banks visualize your company.  

Funding your business starts with finding the right financial resources. Before offering a loan, banks often need prospective businesses to be open for at least two years, have a credit history and income record. In the early stages of establishing a business, this might not be possible. Fortunately, there are other options such as fintechs, crowdsourcing, friends and family or self-funding.  

Once you have a solid business plan and the kinks are all worked out, it’s time to make things official. Following the critical legal, government and insurance processes is critical to get your business started. These tasks may feel more technical and less inspiring, but they ensure you’ve accounted for very important details.  

Having the right team is a key part of a business’ success – and your peace of mind. When it comes to hiring, you have plenty of options. You might consider recommendations from people in your network or take a chance on interested applicants with the right skills. Choosing the right vendors adds another dimension of uncertainty. It’s all about finding out what works best for you and your company.  

To effectively market a business, several different platforms may be used. Using multiple media will help your message reach the largest possible audience. Develop a strategy by finding out which forms of advertising work best for certain objectives. Regardless of your business type, engaging with the public, acting as a thought leader, capturing leads and showing up in the community can enhance customer relationships and build your brand.

After you’ve launched your business, priorities will shift from planning to doing. This is an exciting time to see all your hard work and concepting come to fruition. It’s also important to set up benchmarks for the first year to make sure business is strong and growing over time.