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
On This Page
- Getting Expert Guidance
- Understanding Business Planning
- Tips for Writing a Business Plan
- Starting, Purchasing, or Franchising a Business
Seeking Professional Guidance
- 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.
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.
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.
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.
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.
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.
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
Read more about purchasing a franchise.
