When I think back to the day I started my first business (roughly 16 years ago). There are a few things that come to mind that I would have done different. The first being, taking the time to come-up with a proper business plan that I could execute. At the time, I was a year fresh out of high school and although I had ambition, I lacked patience and a plan. Essentially, I was a sprinter running a marathon for the first time.
So what does a proper business plan look like? Assuming you have already decided on what your business is going to be (restaurant, e-commerce shop..ect). Initially, your plan doesn’t have to be complicated, however you should take your time to make sure you have the following areas covered.
1. The steps and items you will need to take in order for you to be open for business (along with the costs). Business Account, Business License, office or retail space (if needed), Insurance, website..ect..ect. Basically everything you will need to consider yourself open for business AND most importantly, how much that will cost you.
2. Develop a budget for your first year of business (this should include your expected recurring costs, along with an emergency budget for unexpected costs). Included, should also be the money you will personally need to survive (rent, food..ect).
3. Develop a marketing plan and budget for how you plan to initially market your business. I say initially because your marketing plan should always be evolving and what you first try may or may not work.
Once you have these 3 areas covered, I would say you are ahead of the game and will have a much clearer idea of what you will need to open your new business and what you will need to get there.
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