Step 1: Create a Business Plan
Your business plan is one of the most critical documents you’ll ever create. It will serve as the backbone of your entire company. Having a clear idea of what you are planning to achieve and the steps you are taking to achieve it will help you stay consistent and focused throughout the process. You can learn more about creating a business plan here.
Step 2: Choose A Name For Your Company
You’ve chosen a name for your company, now it’s time to choose a name for your business plan. Get legal advice and make sure you have the correct business registration. Your chosen name will appear at the top of any business listings, so it will be important to keep it short and simple. You can learn more about choosing a business name here.
Step 3: Set The Date For Your IPO/Initial Public Offering
Your business plan will form a crucial part of your company’s application for investment or listing on a stock exchange. The date you choose for your IPO will depend on your business model and the amount of funding you’re seeking but it should be set in advance. Be careful not to choose a date too close to a leap year, as this may affect the security of your company’s registration. You can learn more about choosing an IPO date here.
Step 4: Attracting Investors
Your business plan will form the base of your company’s pitch to investors. Having a solid foundation to build on will help you convince investors to fund your project. You’re pitching to attract funding, so be prepared to reveal as much information about your business as possible.
Step 5: Selecting The Right Location
The location you choose for your company will affect its identity and it’s always a good idea to select a prominent and memorable space. For example, if your business is located in London you may want to consider using one of London’s many famous blue-chip corporate headquarters as the basis for your plan.
Step 6: Researching The Market
The market you choose for your company will determine its identity. You don’t necessarily need to target a specific market, but it’s a good idea to do extensive research into existing businesses in your chosen niche. This way, you’ll be sure to choose a market that is fertile ground for your product or service. It’s also important to choose a market that is willing to accept your product or service. You can learn more about researching the market here.
Step 7: Building A Manufacturing Or Distribution Facility
If you’re planning to manufacture or distribute your product or service in large quantities, it’s a good idea to base your plans on a manufacturing or distribution facility. Be sure to take into account the type and scale of the facility you need. You may want to look into renting or buying a factory or warehouse before committing to the purchase of a building. It’s also important to research the location of the nearest distribution centre, or get distribution agreements with retail stores.
Step 8: Hiring A Professional Planner
You’re almost there, at this point your plan is taking shape and you can start filling in the details. However, there’s still one major piece of the puzzle you’re missing, and this is the part that takes the most time. Your business plan needs structure and you can’t draft a business plan that is half-done. For this reason, it’s a good idea to hire a professional business planner.
Step 9: Review And Edit Your Business Plan
As with any other piece of writing, it’s important to review and edit your business plan before the end. This will help you make any necessary corrections and ensure the finished product is of a high quality. Remember, your plan will serve as your blueprint for success. It is, therefore, important to enter this stage with complete clarity about what you’re aiming for. In addition to this, it can be a good idea to hire an external editor who can take a fresh look at your plan and offer suggestions for improvement. You can learn more about the benefits of hiring an external editor here.
Step 10: Promoting Your Business
Now that you have a business plan that is ready to go, it’s time to start promoting your business. Be sure to follow the same step-by-step guide that got you this far, you’ll find this approach will consistently get you results.