4 first steps you’ll need to take to turn your business idea into a reality

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By Emma Sturgis

If you’ve come up with a brilliant idea for a new business, then you’ve successfully taken your first step as an entrepreneur. Unfortunately, you have much farther to go before your dream becomes a reality. Starting a business isn’t easy. It requires patience, hard work, and determination. It also requires a well-thought out plan. Here are the first four steps you should consider to make the most of your idea for a new business.

Research the market

Starting a business without conducting market research is like heading out on a road trip without a map (or without confirming the existence of your destination). You need to investigate if there are potential customers in your area. You also need to check for other businesses similar to your own that are already in operation. This research will tell you if your idea is worth pursuing and whether you should make some adjustments to your initial idea to suit the circumstances.

Write out a plan

Once you’ve solidified your basic idea, it’s time to come up with a more specific business plan. If you proceed with only vague ideas, you’ll have trouble staying focused and your project could become unhinged. It is best to write out a detailed plan that will then serve as a blueprint for your business. Some might say the planning process is the most important part of starting a business and marketing for that business. Make sure you don’t overlook the importance of this step and take your time.

Get to work on funding

Just like you can’t build a house without materials, you can’t start a business without initial funding. If you’re sitting on a sufficient stack of cash, then you are all set. Most entrepreneurs, however, need to raise capital for their new ventures. Determine how much money you’ll need, then get to work on loans or fundraising. Once you determine your funding sources, you can set up a business checking account and start to put your business plan into action. This will be a crucial step in making your business official. Start organizing your finances and making a budget right away. Hiring an accountant right from the start can help with this.

Choose location

Your business’s location will likely decide the entire future of the enterprise. If you need a brick and mortar location, then finding a suitable place to rent or purchase should be at the top of your priority list. Not only will the location affect your sales strategy and business model, but it will also determine your taxes and regulatory burdens.

Starting a business is a massive endeavor, but by following the advice above you can set yourself on the right track. No business was started in a day. Keep at it, and you’ll see your efforts pay off.


Emma Sturgis is a freelance writer based out of Boston, MA. She writes most often on health and education. When not writing, she enjoys reading and watching film noir. Say hi on Twitter @EmmaSturgis2.

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