I've got a business idea - what's next?

One question I get asked a lot goes something like “I’ve got an idea for a business. I need to get finance from the bank, buy stationery and equipment and do some research. I’m not sure how to plan everything that I need to do.”

Do you feel like this? Do you have a business idea and so much to do to get it up and running, that you feel overwhelmed and don’t know where to start?

If so, you’re not alone. Thousands of new business owners feel like this and that’s why it’s vital to put down on paper what you need to do. Here’s how:

Take a big piece of paper and then write down everything that comes into your head that you’ll need to do to set up your business. Don’t worry if it sounds silly – just get it down. You might want to carry this piece of paper round with you for a couple of days just in case you think of anything else you need to do.

Once you’ve got down the vast majority of all the things you’ll need to do, now is the time to start organising them. The first thing to do is group them. For example, anything to do with finance, group them all together (you could do this using a highlighter pen or writing them in groups on a separate sheet of paper); anything to do with getting a loan, group this too. Keep grouping the categories until you have five or six main headings to do.

With grouping, what you’re trying to do is firstly realise that a lot of the tasks you need to do are related and can be done together and secondly reduce the number of things you need to do into five or six areas. As such, if when you do this exercise, you find that some things don’t quite fit into a category, that’s fine – feel free to break them out into another heading.

When you’ve got your groups, take a good long look at them. Is there a logical order in which they need to be done? For example, if you need to get a loan from the bank, you have to write a business plan first before you can do that and research and cashflow things need to go into your business plan.

Are there things that can be done together? I don’t mean literally – but are there things which are not dependent on something else happening first. For instance, could you write a business plan at the same time as you go on a business start-up course?

Your task now is to prioritise your categories and give them an order in which to be done. Here’s my task list:

1) Write a business plan. Do market research and create cashflow.
2) Research banks (could be done while doing the business plan)
3) Go to the bank to talk to them about getting a loan.
4) Once I’ve got a loan, buy equipment and create website
5) Start marketing the business to get my first customer

Bear in mind, what’s on your list might be different to mine. Don’t worry about that – every business is different. The important thing is to get a concrete list of 5 or 6 things to do. Your initial notes will have broken down the detail of what needs to be done in each category.

Finally, once you have a list of things to do – go do them. Only you can make this happen, so go out there and make a difference. Good luck.

Exceptional Thinking (http://www.exceptionalthinking.co.uk) provides advice and help for people setting up in business and for small businesses on their marketing.