Turning your idea into a business

Once you’re sure that there is customer demand and your business idea is financially viable, it’s time to take action and establish your business. To help with this process, consider:

Consulting with a professional advisor
Creating a detailed business plan
Determining the most effective approach to launch your business

Is the business feasible from a logistical standpoint?
Does the current technology meet your business needs?
What are the potential risks involved?
How will your product or service stand out in the market?
What is the projected growth of the market?
Do you have the necessary finances to make the business successful?
Are there any time constraints in establishing the business?

How to Assess Your Business’s Feasibility

During the start-up phase, professional advice can help you navigate the process and address any questions you may not be able to answer on your own.

Consulting experts can highlight areas of your business you may not have considered, helping you save time and avoid costly mistakes, especially when it comes to skills outside your expertise.

It can also provide an objective view on the strengths and weaknesses of your business idea.

You can seek advice from a variety of professionals, including:

Accountants
Lawyers
Financial advisors
Business mentors
Insurance brokers

During the early stages of your business, expert advice can assist in:

Simplifying your approach and removing unnecessary complexity
Avoiding time spent on ideas already in the market
Learning how to secure investors for your business
Understanding the steps to commercialize your product
Identifying trends in industry innovation and Steps To Business investments
Gaining insight into export markets and attracting export investment

Learn More About:

Working with business advisers
Mentoring for Growth program

Exploring Business Planning

A business plan defines your goals and objectives, outlining the steps you’ll take to achieve them. It’s a critical tool during the initial stages of starting a business.

A well-prepared business plan can improve your chances of attracting investors and can help you:

Evaluate the feasibility of your business idea
Identify necessary steps to launch your business
Create a long-term strategy for growth
Set both short-term and long-term goals
Make informed decisions
Determine how your offerings align with your level of commitment and expectations

Types of Business Planning

There are various types of business plans that can be developed based on your business needs.

Feasibility Planning

A feasibility plan is focused on evaluating the potential success of your business. This plan covers:

Strategies for attracting customers to your business
How you will generate profits

Feasibility plans are useful during the early stages of your business or when seeking investment.

Start-up and Ongoing Business Planning

A detailed business plan is essential for both new businesses and those looking to improve or expand. This plan will outline how your business will operate, where the funding will come from, your goals and objectives, and staffing needs.
A 1-page business plan is a concise version that highlights key information about your business, goals, and objectives. This approach can make the start-up phase feel more manageable and adaptable.

How to Create a Business Plan

Developing a business plan provides the foundation for success when launching a business. Discover how to create one that sets you up for growth.

Starting, Purchasing, or Franchising a Business

When you begin the process of turning your idea into a business, you can choose from three options: starting a new business, buying an existing business, or investing in a franchise. Each option comes with its own set of benefits and challenges.

Starting a New Business

Advantages

Full control over decisions, ideas, and overall business direction
Flexibility to choose your business location and design
Ability to start small and grow as your business develops
Freedom to select your team

Disadvantages

Challenges in securing the necessary capital
Lack of a built-in customer base
Need to establish a network of support
Potential for limited profitability and cash flow in the early stages

Learn about selecting the right business structure for your new venture.

Starting a Home-Based Business

Advantages

No overhead costs or long-term lease agreements
Time savings and greater flexibility
Increased work-life balance

Disadvantages

- Potential distractions at home
- Limited interaction with others in a professional setting
- Constraints on offering in-person services

Read about how to start a home-based business.

Purchasing an Existing Business

Advantages

Inherits an existing customer base and experienced staff
Benefits from a well-established brand
Access to equipment, stock, and resources
Inherits necessary licenses and registrations

Disadvantages

- Higher upfront costs
- Inherits outdated systems, equipment, and resources
- May inherit staff who don’t align with your new business vision

Learn about buying a business and performing due diligence.

Investing in a Franchise

Advantages

Access to support, training, and resources from the franchisor
Leverage an established brand with a loyal customer base
Use proven systems, policies, and processes

Disadvantages

- Limited business independence
- Restrictions due to the franchise agreement
- Ongoing costs and fees, including franchise fees

Turning your idea into a business