So, you’ve got a great business idea. Now, it’s time to put that great idea into action. It’s difficult to transform a business idea into a legitimate, functioning business. However, that isn’t to say that the process is impossible. In fact, the entire process can be split into four easy steps. Here’s how.
Step one: Research it
Your idea may be great, but your idea will first need to be checked. Chiefly, you need to ensure that your idea isn’t already a business. Simply Googling your business idea and associated terms should help you discover this. It’s also worth checking with Companies House to make sure your potential business name isn’t already in use.
If your research proves that you have a unique business idea with a unique name, you’re ready to move to stage two.
Step two: Make a business plan
Your business will only be a valid idea if you can prove that it can be funded. To do this, you have to make a proper business plan. This can then be presented to banks and financial institutions.
This can then show what you imagine the required expenditure levels will be in the first couple of years, how much money you’re investing personally and how much investment you require from others. It should also show where exactly the money will be invested and how much revenue you expect the business to generate and why. You can download a free template here.
Step three: Register your business
Once you’re satisfied that the maths behind your business plan adds up, you should register your business. This will show intent to anyone you’re applying for funding from and will also ensure that nobody else can steal your business name.
At this point, you should also apply for any patents and trademarks.
Step four: Seek financing options
Finally, you’ll need to get finance for your company (unless you’re able to self-fund). For finance, you can drop into your high street bank, but you can also seek specialist commercial funding solutions like the ones available from Secure Trust Bank. It’s wise to shop around and look at all of your different options in great detail. This way, you’ll find the best possible deal.
To conclude, turning your business idea into reality is difficult, but it’s not impossible. Follow these steps and you can ensure you have the best chance of securing funding and fulfilling your dreams.