Many talk about and dream about starting a business, but never turn that dream into reality. Anyone with a good idea and a bit of ambition can become a successful entrepreneur. Although the survival rate of start-ups over 5 years sits at 50%, there are a number of ways you can increase your likelihood of success. Here we have put together a quick step-by-step guide to turning your great idea into a hugely successful company.

Respect the Research

When it comes to starting a business, research is crucial. Once you have identified your business idea and your target market, research any established businesses which are similar and look closely at what they’re doing and why. Also, if you can, set up focus groups made up of your target demographic and generate as much feedback as you can on your product/service idea. During the research stage you want to discover if there’s a need for your business, what’s the competition doing and how will you fit into the market.

Create Your Business Plan

When it comes to starting any kind of business, a business plan is necessary. Your business plan will be the blueprint and will cover everything from finances, to marketing strategy to your plan for growth and expansion. If you are planning on applying for funding of any kind you will want to make sure your business plan is detailed and accurate; if you are only using it for yourself, then the business doesn’t need to be more than a couple of pages.

Funding Your Business

One of the most important things to consider when establishing your business is just how you intend to fund it. The good news is that there are lots of different options available to fledging entrepreneurs, including everything from a bank loan to crowdfunding. One of the best and most common methods of funding is government grants for small businesses.  In the UK the kind of grant available to you will depend on where you are based; in England there are 38 local enterprise partnerships (LEPs) which offer funding and can help you get started.

Structuring Your Business

Once you know how you want to fund your business, you will want to decide how your business will be structured. If you are starting off small, the easiest option is to set up as a sole trader; this is the simplest structure of business and one of the quickest ways to set up and get going. If you are planning to try secure investment, the best option is to create a private limited company which will separate you and your personal finances and liability from your company’s.

Promoting Your New Business

Once you have your product/service set up, the next big step to take is to effectively promote it. Your business plan should include some details about how you will market your business, including offline and online activities. Have a look at where your competitors are advertising and promoting their businesses to garner an idea about what you’ll need to do to compete.

Finally, remember that at times running and growing your business will be tough, but if you persevere and properly plan, you have the potential to see huge success.