First 30 days in Business

As most people aren’t familiar with the steps to start a business, this checklist covers everything you need to know pre-launch and post-launch, from market research to domain names and business banking.

If you’ve got a business idea, then this checklist will help ensure your start-up hits the ground running…

Days 1-30

Don’t quit the day job until you have to

There are a number of benefits to starting a business part-time while working. Retaining a guaranteed income reduces the usual start-up risk and means you won’t necessarily have to secure start-up capital straight away. What’s more, by being involved in two jobs at the same time you’ll know for sure whether you’re truly committed to your business idea.

Talk to business owners and peers that you know and trust

When embarking on the journey of starting a business, it's invaluable to seek guidance and advice from business owners and peers you know and trust. These individuals can offer you firsthand insights, practical knowledge, and valuable lessons learned from their own entrepreneurial experiences. Their guidance can help you navigate the complexities of launching a new venture, make informed decisions, and avoid common pitfalls. Engaging in open and honest conversations with them not only provides you with a support network but also offers a platform for brainstorming ideas, gathering feedback, and refining your business concept. Building connections and seeking mentorship from those who have walked the entrepreneurial path can be a cornerstone of your business's success, providing you with the guidance and confidence to make informed choices as you embark on your entrepreneurial journey.

Join an online business community In today's digital age, joining an online business community is a smart move for anyone looking to thrive in the world of entrepreneurship. These virtual networks provide a wealth of resources, support, and networking opportunities right at your fingertips. By becoming part of an online business community, you can connect with like-minded individuals, share experiences, and gain insights from a diverse range of professionals across various industries. These communities often offer discussion forums, webinars, and access to valuable educational content, making it easier than ever to expand your knowledge and keep up with the latest industry trends. Whether you're seeking advice, looking for potential collaborators, or just want to stay informed about the ever-evolving business landscape, an online business community can be an invaluable asset on your journey to success.

Recommendation: Your Business World: Your Business World Home | Your Business World (ybworld.co.uk)

Define your customer profile You need to know who you’ll be selling to so draw up a customer profile by considering attributes such as age, gender, income, relationship status, hobbies, car ownership, housing type, and more.

Check out our Customer Persona Blog:

Research the market Market research is a vital step for any business. It involves gathering and analysing information about your industry, customers, and competitors. This process helps you make informed decisions, identify opportunities, and understand the needs and preferences of your target audience. By conducting thorough market research, you can fine-tune your business strategies, develop products or services that meet the demands of the market, and gain a competitive edge in your industry. It's a crucial investment in the success and sustainability of your business.

Check out Market Research Blog:

Assess the competition Assessing the competition is a fundamental aspect of strategic business planning. It involves a comprehensive evaluation of rival companies operating in the same industry or serving a similar customer base. By analyzing their strengths, weaknesses, products, pricing, and market positioning, you can identify opportunities for differentiation and gain insights into market dynamics. This information is invaluable for refining your own business strategy, improving your offerings, and finding a competitive edge in the marketplace. Understanding the competition is key to making informed decisions that lead to sustainable growth and success.

Check out blog posts and online Masterclass about Competitor Analysis:

Draw up a brief business plan Drawing up a brief business plan is essential as it serves as a roadmap for your entrepreneurial journey. While it may be shorter and less detailed than a comprehensive plan, it provides a clear vision of your business goals, strategies, and key milestones. This concise document helps you stay focused, make informed decisions, secure funding, and communicate your business concept effectively to potential partners and investors. It's a valuable tool for keeping your business on track and adaptable as you navigate the ever-evolving challenges and opportunities in the market.

Business Planning Masterclass and blog posts for more detail:

Choose a business name You’ll need to think carefully about this from legal and marketing purposes. Check the Companies House web service to find out whether your business name is already taken and then check domain name providers to find out if there is a domain available which fits with your company name. You’ll want your name to match your brand identity. Make sure you read our guide on how to choose a business name.

Blog Post on Registering and searching Business name:

Register a website (or two) Once you’ve decided upon your business name, you should register your web address (a domain name). Given that you might want to change your company name, you may want to look at purchasing more than one web address to give you more flexibility down the line.

Same with social media channels and other marketing avenues.

Make a list of suppliers and distribution partners

One of the most fundamental challenges to get your business idea off the ground, particularly if you’re a product business, will be sourcing suppliers and distributors. Google is a great starting point for sourcing local or European suppliers, while websites such as Alibaba.com list a range of international manufacturers and wholesalers. It’s also worth looking at stockists of competitor businesses.

Make something you can show people – an MVP Creating a Minimum Viable Product (MVP) is a smart approach when developing a new product or service. An MVP is a simplified, functional version of your idea that allows you to quickly test its feasibility and gather valuable feedback from real users. By making something you can show people, you not only reduce the time and resources needed for development but also gain insights that can help you refine and enhance your offering based on actual user experiences. This iterative process can be a game-changer, ensuring that what you ultimately deliver to the market is aligned with the needs and preferences of your target audience.

Find your first customers

Finding your first customers is a pivotal step in launching a business. These early adopters are essential for validating your product or service and generating initial revenue. Start by reaching out to your personal and professional networks, leverage social media and online platforms, and consider offering introductory promotions to attract early customers. Building strong relationships with these initial clients not only brings in revenue but can also lead to valuable referrals and testimonials, helping to establish your business's credibility and fueling future growth.

Masterclass on Networking and other sources of Marketing