Seven Steps to Start-up

Successfully starting and running your own business is one of the most intensely satisfying things you can to in life. However, it’s rather like an extreme sport—exhilarating when you win, and painful when you don’t. What makes people successful in business start-up? Here are 7 important steps:
1. Have a good idea—Know what you’re going to do, love it and understand it. This will reduce risks.
2. Check out the competition—See who is already active in your chosen field and work out how you’re going to be different.
3. Do the sums—How much have you got to invest and live on for the next few months? Work out how much money do you need to get started, then double it.
4. Seek advice—There are Government funded advice agencies able to offer independent guidance and support.
5. Write a business plan.
6. Test the market—Without customers you have no business. Find out what potential customers want.
7. Measure everything—Don’t get so tied up working in your business that you have no time to work on your business. Stand back and look at what you’re doing and record everything.
[The Life Plan, 2007]