The Good Business Roadmap
Starting up a business is overwhelming and a little terrifying. You’ve got an idea, a passion, a purpose but you aren’t too sure what steps to take and where to focus your attention. You might feel like you’re muddling through things and worrying that you’re missing some crucial aspects - but you don’t know what they are.
Don’t worry, you’re not alone. If this is the first time you’re starting up a business, you’re one of the thousands experiencing the same angsts.
I’ve been there too, a couple of times, and boy have I learned a lot.
I was fortunate enough to have been part of two founding teams and designed and run an accelerator. So I had a lot of knowledge and experience to go by. But even then, doing it for the first time isn’t something anyone can prepare you for.
But there are steps you can take, things to avoid, and areas that will need your attention in the first year that will make or break your business.
I’ve designed The Good Business Roadmap, a step-by-step guide, to support first-time entrepreneurs like me get their business up quickly and with the right foundations for long-term sustainability.
You can download the Roadmap and Checklist below and each step of the journey is described in greater detail below, with recommended actions to take as well.
Good luck on your adventure!
Follow this Roadmap
Starting up a business might feel like sailing into the biggest ocean, and without the right tools, it’s easy to find yourself going roudnd in circles without even knowing it. This Roadmap will guide you each step of the way, highlighting where to focus your attention so you stay on course.
So, what are you waiting for? The journey begins today.
1. It all starts with an idea 💡
You might have spent years sitting on this idea, molding it around every conversation you have - or you might have been moved by the current climate the planet or society finds itself and you have an idea that will contribute to shifting us in the right direction.
Actions
Create your purpose statement - what is your purpose or ambitions, beyond making a profit? Why are you doing it?
2. Set your sights on a destination 🧭
Do you find that when you say something out loud to someone else, you’re move likely to do it? It’s partially accountability but what’s also fascinating is the power of setting a goal post. You find a way to achieve it. What ever you set, small or big, you will only see opportunities that will help you get to your destination. So don’t worry if you don’t know HOW you are going to get there. Choose the destination and the rest will sort itself out.
Actions
Create a vision for the business - this can be a creative piece or a written statement of where your business will be in 10 years time.
3. Map out your journey 🗺️
You might not know how you will reach your 10-year vision, and that’s okay, but you will need to plan out the first years. Ensure you are being realistic and including all the essentials to launch the business. This means taking into consideration how much time you’ve got to commit to the business, your budget, and what “launch” looks like.
For some, launching a product can take years, for others, you can launch your business tomorrow.
Actions
Create a 12-month plan - Use the Good Business Checklist to map out the timeline to launch your business
4. Do your research 📊
Starting up a business without doing your research really is like climbing Mount Everest without knowing anything about climbing or the mountain itself. Sure, there’s a chance you make it to the summit by winging it, but it’s slim and I can promise you the journey will be tougher than it needs to be.
When it comes to research, there are two key things you want to explore. Firstly, who are your customers and what are their needs, and secondly, which companies are already giving these people what they need. These two pieces of information will form the shape of your business offering and without them, you are going in unnecessarily blind.
Actions
Draft a customer profile - get in the shoes of your ideal customer and explore how your product or offer will solve their problems
Map out the ecosystem - find out which businesses and services exist that are offering the same or substitutes for your product
5. Understand the money 💰
Money, money, money. The make or break in business. When creating a budget you need to know your costs and your income. To know your income, you need to know the price of your offering, so work that out first. Once you’ve decided the price you can map out how much you might sell each month, that’s your income. Capture the costs and there’s your budget.
Make sure you consider what funding you’ve got to get the idea off the ground. Are you boot-strapping or can you access a pot of money? You can start a business with pennies but an investment, if spent wisely, will always get your further faster.
Actions
Work out your pricing strategy - Play with the numbers and see how the change in cost or time can change the price
Create a 12-month budget - this should work alongside the plan, all costs accounted for
Set up your financial management tools - so you’re ready to track your finances and you’re ready to submit your tax return
6. Skill up and fill your knowledge gaps 🎯
By this point, you will probably notice what you’re good at (normally it’s what you enjoy) and what you’re not as skilled at (the stuff you are trying to avoid) which is great news. Because now you can go and fill the knowledge gaps.
This could be in the form of an advisory board, or a mentor, or like-minded business owners who are a rung or two higher on the ladder than you - who’s brain you can pick and expertise you can access. You might also be on the lookout for people to contribute their time and energy such as a co-founder or team members.
You don’t have to go on this journey on your own, so stop being a martyr and get some support.
Actions
Build an advisory board - Find people with skills or experience you don’t have that can contribute to your business development
Find a coach or mentor - some people do this pro-bono while others you can pay to guide you through the journey
Find your tribe - you aren’t the only person on an adventure to do good in the world. Find your tribe. You’re going to need it.
7. Make sure you’ve got the right gear 🎒
When I’m on an adventure, I’ve learned to pack light but not forget the essentials. It’s the same with a business. Trust me when I say it’s unlikely your business will look the same in a years time as it does today. That’s the reality, and a good indication, of successful testing an idea. So don’t buy all the expensive kit, not right now. Get the bare essentials and invest as you grow.
Actions
Setup a Bank Account - it’s best to separate your business finances from your personal finances and an account does that
Select a domain name - time to find a name for the business. Once you’ve got something, see what domains are free
Create a basic website - There are a lot of easy to use, cheap DIY websites now. Or get support from your network
Setup an email account - Some of the websites will have an option to set this up through the site which makes it fairly simple
Setup any payment systems you might need - You’ll need to take payment somehow. Once you’ve decided how, get the systems setup
Create some social media accounts - Depending on who your customer is, set up an account on platforms they use
Legally register your business - The tedious but important part. If you aren’t sure what legal structure to choose, get advice on this
8. Let people know about what you’re up to 📣
Now you’re ready to go, let the world know you’re coming. Your friends and family might know, but now it’s time to reach the people you want to engage.
Building a crowd on social media platforms allows you to reach not just potential customers but also potential partners, team members, funders and more.
Actions
Reach out to your existing network - let them know what you are starting and ask them to follow on social media or share with their network
Share on social media - introduce yourself, your vision and mission and think about creating an ‘about’ video
9. Do a test run 🧪
All your planning has been to get to this point. Will people want your product or service? Before launching something, you might want to do a test run. Create a prototype or small version of the product or service and bring it to the market and see what feedback you can get.
You want to test the price as well as the product so ensure this isn’t a “freebie”. You might want to offer a discount, but make it clear what the full price is so you can get feedback on that. And feedback really is the key. Take it all in and shape the offer based on it, ensuring who you are asking are people who fit your customer profile - otherwise the information is pointless.
Actions
Design you MVP - what’s the smallest, viable version you can use as a test? Get that out and see what feedback you get.
Design your test period and get feedback - this doesn’t have to be long or big. Just enough to give you useful information to feel confident about launching this
Draft a customer value proposition - know you’ve got some real information, who is your customer, what are you offering them and how is it different to what exists?
Design your customer journey - what touchpoints will you have with the customer and how will it lead to them buying from you
10. Launch your business 🧪
Launch will look different for each business. Some people might want to host an event, others will focus on making their presence known through the media. There is no one way but there are some key things you’ll want to ensure you’re doing to reach as far as possible to give yourself the best chance of success in the first few months.
Actions
Design a launch plan - what will it look like, how will you let people know about it, what do you want to tell you world
Download these Resources
As well as the roadmap to mark the milestones, I’ve designed a check-list so you can ensure you’ve got everything you need to launch your business. You can download this alongside the Roadmap below.
Download Your Good Business Roadmap and Check-list below
You don’t have to go on this journey alone!
Join a small group of like-minded entrepreneurs to turn your idea into a business in just 11-weeks.
I’ll guide you through the Roadmap and share tips, sign post you to the right people and opportunities and help you avoid all the common pitfalls so you can set up a business that sustains you and the world.