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How to get your business off to a great start

6 Simple Steps to Starting a Business the Right Way  Are you super excited to start your business, but confused about where to begin? Starting out a business is an incredibly brave (see: terrifying) process. It’s filled with hope and dreams for success that have probably been bubbling away at the back of your mind […]

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6 Simple Steps to Starting a Business the Right Way 

Are you super excited to start your business, but confused about where to begin?

Starting out a business is an incredibly brave (see: terrifying) process. It’s filled with hope and dreams for success that have probably been bubbling away at the back of your mind for years. It’s a rush and a risk.  Will your business be the example that exceeds all odds? Will it ensure a comfortable retirement, a proliferation of a life-changing product/service, or… nothing at all?

I won’t sugarcoat it. Starting a business is stressful. There’s no workaround to the long list of things required to get setup. For most new business owners this exciting process involves a steep learning curve. Why so much learning? It’s likely that your product or service is your specialty, which is why you’d like autonomy on its production and distribution as a business owner. But this may mean that you may not have the same level of experience in actually running a business. 

I won’t sugarcoat it. Starting a business is stressful. There’s no workaround to the long list of things required to get setup. For most new business owners this exciting process involves a steep learning curve. Why so much learning? It’s likely that your product or service is your specialty, which is why you’d like autonomy on its production and distribution as a business owner. But this may mean that you may not have the same level of experience in actually running a business. 

Most business owners don’t even know what they don’t know.

But that’s perfectly fine because what we don’t know can be learned. Let’s get a head start now.

Here are a few things you need to know and do when starting a business.
1. Get Expert Advice

There is a reason people go to university. We aren’t saying you have to get a business-related degree, but it’s time to start having conversations with people who do. We are talking solicitors, accountants and other professionals.  

Professionals will usually provide you with a free 30-minute chat giving you some b\road advice (at Fempire we certainly do).

2. Start Off Right

Get yourself organised before you start. Have a lunch date with the Business Start-Up Checklist before you launch your business. Giving yourself the best chance of business success starts with planning.

This sounds like a bit of a buzzkill to your eagerness to just start, but it’s important to give your business idea every fighting chance possible for absolute success.

3. Market Research is Queen

We can’t emphasise the importance of market research enough. A successful business needs customers, and unfortunately, your supportive friends/family are not enough to keep it standing long-term. Is there a real, uncrowded market for you to enter with your product or service? If so, how do you know? If you are entering a crowded market, do you know how to be successful in that market?

Market research can seem overwhelming. Where do you even start? You may have 1000 followers on Instagram, but that does not mean you have 1000 customers. The hard news to hear is that not everyone who says they love your product will get their wallet out and buy from you. This means you may have a false sense of your business potential within that group. This can be rectified with apt market research.

4. Plan Your Future

Plan, plan, plan. Doing even a simple business plan can give you a real insight into the possibilities of having a successful business. Wisebread states that a simple business plan will address key factors as you identify responses to four elementary questions.

  • What are your products or services?
  • Who are your customers?
  • When will things get done?
  • When are bills due and when do you get paid?
5. Financial Forecasting

A Financial Forecast is a future plan of money you expect to be coming into and going out of your business.  It is very easy to put together, in fact, I have a template for you here to get your started.  

Doing a financial forecast will allow you to identify how long it will be before you can anticipate real income from your business.  You can do a simple Cash Flow Forecast using this template – click on the image to get your copy.

This takes time.  So before you quit your job and storm out in a blaze of glory, or tip all your spare money into a startup – make sure you have the funds to cover running your business and your life essentials first.  

Too many businesses go under before they have a real chance at success because the owner runs out of the money needed to give the business a good start. 

This is why a Financial Forecast is essential.  It allows you to anticipate the funds you will need to cover business expenses until you make a profit.  If you know what funds you will need and when, you can make better financial decisions.  These include deciding if you can afford to pay for business assets, hire staff, or pay your rent.

Essentially, if you can see that you will run out of money before your business generates enough income to be self-sustaining, you need to change your plans and be proactive in assessing expenses, cost of sales, your pricing, and your estimated sales.

6. Get a Coach

Getting a coach in from the start can supercharge your chances of success. Having access to a wealth of business experience, education and support can help you find the clarity you need to define the vision you have and how it translates into your product or service, your business structure, your marketing message or the way you operate. A good business coach will ensure you are supported and made accountable for taking the action needed to succeed.

Once you have made strategic plans then the real work begins and the fun starts.

It’s important to realise that all of this work is necessary, and for your dreams to become a reality it’s important for you to put in the hard yards early on.

It’s not impossible, it just takes some dedication, which you will have bucket loads of because this is your passion, right? 


Feeling overwhelmed? Have more questions about starting or running a business? We’re always happy to help at Fempire. If you are ready to invest in your business book a free 30-minute Business Start-up session with me and let’s talk about getting number 6 ticked off your to do list.

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