What are the most effective ways to prepare for starting a business?

You must first determine whether it's an idea you will spend the next decade of your life solving. - Speak to potential customers. If it's a B2C product, at least 500-1000 people. If it's a B2B, at least 50-100. - What do they absolutely hate about the existing solutions, and what do they love? This is the opportunity you're looking to explore. - Use these insights to build an MVP and THEN collect customer feedback. If you ask potential customers if they would like a particular solution, almost everyone will say yes. Note that validating an idea typically takes 9-12 months, minimum. Achieving PMF will take 12-24 months.

On paper, most ideas seem amazing, it's when you take it to the market is when you realise the gaps in your approach. We validated our idea through multiple activities: - Did a thorough competitor research (for direct, indirect and potential ones) - Talked to 10s of users to understand the problem more deeply - Interviewed multiple stakeholders to curate a solution that provides value - Consulted industry experts (founders/ operators in healthcare) to understand the market better and if our approach made sense - Talked to multiple investors and VCs After we built our MVP, we validated it with a set of early users and built better products by iterating on their feedback.

Sometimes the visionary sees what others have validated yet missed to capitalize on. Historical data can provide insights to paths taken by others and considering ones own market research while keeping plans to oneself can aid in a great deal. External validation may hinder delays from opinions of others that have sometimes failed or neither tried. Having a trusted confidant should one decide to share can be helpful. Understanding ones weak points to gain support matters and being able to drive revenue is a skill set that shouldnt be overlooked for the value proposition one brings. Theory and action paralleled can be impactful. Challenging current methods or creation of new ones that dont exist with a business offering can win a plan

💡Founders should prioritize idea validation to eliminate bias. Actively seeking feedback, conducting market research, and testing assumptions can refine and strengthen the foundation of a startup. Remember, validation is key to building a resilient and successful venture.✅

Validating your business idea and carrying out in-depth market research are essential for long-term success. It not only aids in understanding your intended market but also enables you to improve your offering by incorporating insightful input. The viability of your firm can be greatly impacted by implementing these actions as soon as possible.

Rather than spending time working on a long written business plan, consider the use of a tool like the Lean Canvas - which gives you an overview of your business model in one page, something you can easily view and update as you progress. In all the companies I have started using a Lean Canvas has been the first step, and its one of the few things I would print out and stick on the wall as a daily reminder to review and refine the business plan/model as the start-up develops.

All about that business plan life! I used to feel like writing a business plan was like climbing Everest in flip flops, but it's actually SO helpful to have your goals and strategies mapped out. Plus, it's a total confidence booster when you can explain your vision in clear, concise terms.

I am not a mathematician and have ADHD so long drawn out business plans you are never going to get from me. One page for any task is all you get ... Pros & Cons Lists, Options/Shortlist Research, Minutes, Guidance ... and Business Plans!

Business plans are not very helpful in the beginning of starting a business. You start with an idea on the back of a napkin and before you spend tens of hours writing a 20+ page business plan, it best if you do a quick market research, talk to friends in the industry and decide if this idea makes sense. Documents your research, play around with numbers but no need to put effort in organising this into one big document. A lean canvas and a pitch deck are more useful at this point of your startup journey. A business plan can become useful later on when you talk to business partners (coming from a more traditional industry background) or some investors at the later stages might want to see one.

You legal entity is the holder of your IP and your value. Your cap table is a representation of the contributions in the business done by co-founders, investors, advisors and key employees. Make sure you have a investor-friendly legal entity (jurisdiction, liability, etc) and a clean cap table, don't give equity to people who won't be in the company in the long run. Also always include cliffs and vesting terms. Set aside equity for your ESOP.

Our community media organisation was a CIC, my 27 year old web services business is a Ltd company, but sometimes just being a Sole Trader is enough.

❌ DON'T RUSH in registering your domain name. 💡 In my opinion, rushing to register a business domain may lead to overlooking the essence of your venture. Focus on creating impact first – a memorable business stems from its value and purpose. Take the time to define your mission before choosing a name; it can make all the difference!✅

I would suggest registering as many domain names and variations as possible, given a domain name will cost a few $/£ to secure - its a small investment to gather as many as possible related to the business, which can all ultimately forward on to your business site - I often even register domains with common typos for example :)

I run a web services business so get asked all the time what domain is best. As long as you're sure about your business name and/or campaign message then register something that is as short and memorable as possible. The domain i use for the occasional blog/promo page but every link I share on air in my radio show is catie.co!

Before choosing a Name for your company, do this exercise: Imagine you are pitching your startup on a big conference and there are investors in the crowd who could be a great fit for you. You start your pitch: "My name is X and I'm the Founder & CEO of Y. We are building etc etc" Now, image the investor in the audience - there's noise around them, they only got one chance to hear the name of your company, they take out their phone and start typing the name to google you. Your goal is to have an easy-to-pronounce, easy-to-spell name, ideally, the name indicates what industry are you in; avoid any special characters and letters that are not in the English alphabet. Names that pass the test: Facebook, OpenAI, HelloFresh, Amazon, etc

Before starting a business discuss the financial risks with your family and any dependants, you will need their understanding and support. Then secure savings for you and your family for at least 18 months. Assume that it'll take at least a year working full-time on a business idea to get to revenue and then assume another 2-3 years until the business becomes sustainable.

The move to digital filing and some great online accounting packages has certainly made life easier. There is a bug I wish Xero would fix but otherwise it's a lifesaver for the neurodiverse among us!

"Your network is your net worth" is something I often hear and I believe that's pretty accurate - having a great range of people and expertise in your business network will have a huge impact on if your business start-up flys or flops. Opening doors, providing insight and advice, making connections - business is all about people at the foundation. I would always suggest to start-ups to find a rock star co-founder - its much easier to win when you have more than one person to share the journey with, that said it's not easy to find the perfect match and the perfect co-founder for every venture, some will cross paths down the line..via your network. Buil the network, and connections and you will no doubt find success.

🚀 Ready to start your own business? Here are the keys to success: Build Relationships: Connect with industry experts and potential partners to unlock opportunities. Master Persuasion: Learn the art of influence to win over customers and investors. Solve Problems: Identify market gaps and create solutions that truly add value. Stay Resilient: Be prepared for setbacks and keep pushing forward. Content is King: Share your story, expertise, and vision with compelling content. Embrace Innovation: Stay ahead of the curve by adapting to changing trends. Measure Everything: Data-driven decisions fuel growth and refine strategies. Remember, the journey is the reward. Stay committed, and success will follow! 💪