At some point, everyone with a business idea has thought to leave it all behind to build their own company. After all, all of us dream of being our own boss, making lots of money and being featured on the cover of Forbes. Maybe not in that order, but you get what I mean.

What many aspiring entrepreneurs don’t know, however, are the practical steps involved in establishing a company before it can become the next unicorn. Here are 5 of the most important ones:

1) Assess your idea, assess your idea, assess your idea!

If it wasn’t clear enough, I will say again: the first, and most important, step is to assess your idea. Whether it came to you during a sleepless night or, you thought about it since you were 15, you need to evaluate its potential and understand its limitations. Research market demand, potential customers and competitors to make sure you know what you are getting into.

Take our Idea Playbook to help you successfully complete this crucial step.

2) Plan your business structure

Make sure you correctly form a company and plan its organisational structure from the start, it will help save you, and your accountant, some headaches down the line.

3) Organise your company’s ownership

Are you alone? Will you need help? Is your team going to be granted equity? These are all very important questions you will need to answer before you start to operate as a business.

4) Have you thought of a name?

Make sure you take some time to come up with a really great name for your business, one you will not regret in ten years (*12-year-old me email address*, I am talking about you!)

5) Finance

Here’s where things get serious. Are your finances in order? Do you have some buffer? The first year can be tough so make sure you plan ahead your business and personal finances to avoid hiccups.

Things such as Operations, Location and Insurance also play a part in your initial company assessment and planning, so you will have to know how to go about setting up the most beneficial ones for your business.

But, don’t worry if this sounds like a lot. Our Start A Business Playbook is designed to guide you through each of the steps above, helping you learn your needs and determine the best way forward. Plus, after completing the Playbook, our team of mentors at TheStartup.com will be available to you to help you figure out the best arrangement for your business.

Complete the Start A Business Playbook now!

Startups, Let’s Get You Started!

‍