10 Steps to developing and launching a small business

Define your new business idea

• Identify the problem or need in the market - now propose a solution to have that problem fixed.

• Focus on a niche audience to differentiate yourself - what is your personal hook or what makes you unique compared to others doing the same thing?

• Ask around and see what people think of your idea - include people that aren’t the same demographic as yourself to see if the idea has scalability.

2. Do some research

• Who is your audience? Analyse your target audience and figure out their demographics, separate behaviours and needs - do this for each individual group.

• Take a look at those already doing it. Research competitors for their pricing, strengths, weaknesses and any gaps in the market you can spot.

• Use online tools like Google Trends, Statista or online communities, forums like Reddit or searches on social media, for insights.

3. Develop a business plan

• Outline your mission, goals, KPIs and the steps to achieve them.

• Include sections on marketing strategy, operational plan and financial projections.

• Set realistic milestones to measure progress. Don’t overwhelm yourself by making your data recordings too arduous. Keep it simple and scale up as you go.

4. Decide on Your Legal Structure

• Choose a structure: sole trader, limited company or partnership.

• Register your business with Companies House. Not required if you want to start as a sole trader or you project your income to be low in the first year or two.

• Obtain any necessary permits or licenses, including insurance, if you want to open an agency or you will have staff to begin with.

• Do your research on GDPR and ensure you don’t break guidelines (I see small businesses fall on this hurdle often).

5. Secure funding

• Calculate start-up costs and forecast revenue for the first year.

• Explore funding options - are they your own savings? A bank loans? Crowdfunding it? Or do you have investors lined up?

• Apply for small business grants - they are on the GOV.UK website.

• Ensure you track expenses, freelancer or contractor costs

6. Build your brand

• Create a compelling brand identity - logo, tagline (if needed) and simple design aesthetics. Choose suitable brand colours that work well together.

• Develop a brand story that connects emotionally with your audience. Use personal stories if they help and build a founder brand.

• Choose a memorable business name and secure a domain for your website. You’re welcome to make up a name as well as many domains are taken these days. Keep it simple and memorable.

7. Establish your online presence

• Build a professional website optimised for SEO (search engine optimisation). I can assist with this, if required.

• Set up business profiles on social media platforms relevant to your audience. I can assist with this, if required.

• Consider an e-commerce platform if selling products.

8. Create a marketing strategy

• Leverage digital marketing - email campaigns, social media content, social media ads (only use these if you can afford to) and influencer partnerships (again, if you can afford to).

• Use local marketing methods, like networking events or community partnerships. Make connections with local small businesses as well who you can assist and vice versa.

• Start building an email list early for consistent engagement.

9. Test and refine your product and/or service

• Launch a beta version or trial to gather feedback. Apply the feedback as long as it’s constructive and comes from people who know what they’re talking about.

• Use customer insights to improve and iterate your offering. Keep refining and changing the things that don’t work and keep the things that do. Check your stats if you don’t know what is working - see clicks, engagement, etc.

• Monitor reviews and implement changes based on customer needs.

10. Launch and scale, scale, scale!

• Plan a launch event or campaign to create buzz. Yes, you can ask your friends to help - everybody is doing it these days.

• Monitor sales and customer feedback in the early months. Don’t overspend or make rash decisions concerning money!

• Invest in automation tools or hire staff as needed to scale operations. Start with freelancers off payroll to keep costs low.

By following these steps and ensuring you include the suggested elements, you'll be equipped to start, grow and sustain a successful small business in 2024.

If you require any help with this, let’s chat. Good luck with launching your small business!