You can have the greatest business idea in the world. If you don’t have a customer base to sell it to, your business will fail. This is why the first thing you need to do is conduct market research. This will form the foundation for all your future operations, telling you if your business has a market, who your target consumer is, and how to market your idea to them.

This may seem like a small thing, but a distinct, memorable business name can mean the difference between business success and failure. You should pick a name for your company as soon as you can, so you can start cultivating your firm’s identity, which will help you carve out space in your desired target market later on. We’d advise you to avoid names that are similar to your competitors; the confusion this would cause could deprive you of custom later down the road.

This is perhaps the most vital measure you need to take before establishing your business. You should write a business plan so you can set out where your firm is going and what it hopes to achieve, so you can keep the focus you need to grow. We would suggest that you revisit and update your business plan regularly as your company expands. You will also be expected to draw up a business plan to secure financing.

Establish an accounting and cash flow-system as soon as possible so that when you open your firm, you have the infrastructure to process receipts and invoices. This is especially important if you plan to expand your business beyond the current VAT Threshold, £85,000. You might want to hire an accountant, so you have the experience you need to handle your nascent firm’s financial matters.

You need to catch a consumer’s attention as quickly as possible. If you don’t make the right impression within the first few seconds contact, you will lose a customer. A potential customer will see a logo before they see anything else, so you need to design your firm’s logo early on, to ensure you make the right impression on consumers from day one.

In this increasingly digitised world you need to have an online presence consumers can connect with. The more you market yourself to your consumer base, the more likely they are to want to research your business, so you need to establish a company website for them to find. The earlier you do this, the sooner you’ll be able to start building a following online, so we’d suggest you make sure you register your domain site before you start trading.

You should adopt a legal business structure for your company before you open for business. Many entrepreneurs start out as ‘sole ‘traders,’ but it might be better to become a ‘limited company’ straight way. Placing your firm under a limited umbrella can provide an element of protection in financial matters.