10 Step By Step Checklist to Start a New Business. How to start a business? What are the steps to start a business? Checklist to start a business.

10 Step By Step Checklist to Start a New Business

Based on our extensive experience, we can confidentially suggest that there are many factors to take into consideration when launching a new company. There are many moving pieces to keep track off - from the early planning phases through operational setup. 

We've distilled business starting process into a synthesized and summarized checklist of 10 items to consider, before beginning a new business. We've further categorized them across Ideation, Execution, Strategy Phases.
Video summary of the article:

10 Steps to Start a New Business:

1. Ideation Phase: Describe your company. What are you offering (Product or Service or Both)? Who is your intended customer based? What distinguishing qualities do you offer?

2. Ideation Phase: Do Market Intelligence. Who is the competition? How does the competition operate? Which market trends are present?

3. Ideation Phase: Financing options. You'll need to obtain capital to launch your firm, whether via bootstrapping, investments, loans, or grants.


4. Ideation Phase: Draft a marketing strategy. How will you approach your intended audience? What channels are you going to use?

5. Ideation Phase: Develop a business plan. This will serve as your success road map. Steps 1-4, will all be part of the business plan.

6. Execution Phase: File a business registration. This will guarantee that you are in compliance with all laws and rules.


7. Execution Phase: Create a team. To help you realize your idea, you'll need skilled individuals.

8. Execution Phase: Start up your website and go active on relevant social media channels. Be where your customers are.

9. Execution Phase: You're now open for business. It's time to get down to brass-tacks of things!

10. Strategy Phase: Assess and Pivot. Pay close attention to what works and what doesn't as you get started. Make improvements as needed to keep your company on pace for growth and success.

Summary:

Starting a new business is difficult, but it can also be extremely rewarding. Be mindful that some of these items may take long and some are very quick. The main thing is not get disheartened during the process. 


It's also important to point out that, some of these items can be replaced or combined as parallel activities. Albeit, we do not suggest skipping the fundaments, such as market intelligence, to ensure that there is alignment with customer expectations and market demands.