Start with an idea

All good businesses start with an original concept or idea, but more often than not, that original idea goes through multiple iterations. Your business idea may need slight adjustment or even a major overhaul—either way, it’s all part of the planning process. The marketplace changes constantly and to be successful in business you have to keep up the pace.

Look before you leap

Before you take your idea to the next stage of development, you’ll want to analyze it from different angles to make sure you've thought of all possible scenarios. There's a lot of information and research available to you on market trends and other issues and it can also be helpful to talk things through with trusted colleagues and potential business partners. You might feel a little stuck in analysis paralysis, but remember, a failed business can cost you time and money. It pays to do your homework.

Map it out

The final step before launching into action is to create a thorough business plan. This plan should be a summary of what you want to achieve with your business and how you intend to achieve it.

A well-constructed business plan should be doing a few different things. Firstly, it allows you to accurately determine the amount of money you'll need to start your venture and when you'll need it. It will also help you to set short- and long-term goals.

A solid business plan also makes it easier for potential investors or lenders to see that you are organized and have thought things through. This demonstrates that you have strong business management skills and are therefore a business they may invest their money in.

Lastly, and perhaps most importantly, a business plan allows you to identify your market, your customers, and your competition. Your plan can help you gain a competitive advantage and determine what strategies will drive you to succeed.