Having a great idea can really energise you to open a new business. Many people may think that there is a certain mystique to starting a new business, but in fact there is less magic and a lot more logic to getting your business off the ground.

We have created a comprehensive list of vital actions you will need to do or consider before you start handing out your business card. We have also included some very useful links, lists, templates, articles and tools that you may need. This is the first of the series “What to do with your brilliant idea”.

Research your idea

VITAL

VERY HELPFUL

Form an entity

VITAL

VERY HELPFUL

Competitor analysis

VITAL

VERY HELPFUL

Economy and finance

VITAL

VERY HELPFUL

  • There are plenty of tools to help you judge the economy to see if starting a business is viable. The RBA offer a bundle of resources that may be useful in understanding key economic data.
  • The Chartered Accountants Association lists multiple articles such as understanding inflation and franchising information
  • You may already have the capital needed to start your own business but if you do not have the capital available, can you raise the capital from your support network, crowd funding or investors? Research funding sites like Pozible, Crowdsourcing or Kickstarter to see if you can use a broad network to raise the finds you may need to start your business

Make a name for yourself

VITAL

VERY HELPFUL

Motivation

Keeping motivated when you are a start up can be hard work. You may start with a bundle of energy to get the business up and running but this may wane over time when your well laid out plans take time to get into motion.

Why not try keeping motivated by signing up to a series of online business coaches such as Marie Forleo and the big guys like Tony Robbins and Richard Branson.

Branson and his team provide an entrepreneur's site to keep you informed and motivated in business. You may even want to try Virgin's "In focus" series for new business owners or those looking to start out as an entrepreneur.