Where to start?
So you have this amazing idea, it has been gnawing away at you for a while. You’ve decided you’ve had enough of your boss, or are just ready, and your support networks are wondering why you haven’t done this before now. You are ready to take the next step. So what now?
The conservative type would:
Prepare a business plan
Test it with Lean Canvas or Business Model Canvas
Test concepts with potential customers
Find an accountant and/or solicitor, and get their opinion
Develop an action plan
Pull together resources and advisors
The risk taker would:
Decide to do it
Decide on a name
Get their marketing underway
Pull together the resources to run their business
Business Plan, Business Model, or Something Else?
Irrespective of our approach, what is most important, is our ability to articulate the value we bring, and how our product or service solves our customers problem. We can do all the planning in the world, but if we can’t sell ourselves or our product, then our business becomes vulnerable, right from launch date.
A marketing or a brand specialist can help you in this space. For me, it was a simple thing that got me asking more questions. I didn’t like the way my initial logo looked on a pull-up banner, this caused me to dive deeper, to understand my brand. A marketing friend shared, that it was my brand voice and personality that I was stumbling with when translated onto the pull-up banner.
At the end of the day, there is no right or wrong approach, just the approach which is right for you. However, thinking through all the aspects, of what it takes to run and market your business, is how you can anticipate what is going to be needed.
Areas to be reflecting on include:
Brand - Voice & Personality
Products & Services
Assets & Equipment
Risk Management Plan
People & Culture Plan
Planning your exit
It may seem a little odd, but I also recommend you plan how you might exit your business, when the time is right. We can go to a lot of time and effort setting up a business, and for some there is an expectation that the business has to be of some value. It can be a great disappointment, to discover there is no value, other than the salary it provided.
If you set up your business thinking how you might exit in time, then you might structure things a little differently, or perhaps put in more controls from the start.
If you need help setting up your business, whether it be to guide you through the process, form a company, register you for GST, to share our learnings, or to introduce you to solicitors or marketing experts, we are here to help.