12 Mar the first five steps to starting a profitable business
Starting a business is an exciting and rewarding journey, but it can also feel overwhelming if you’re unsure where to begin. The good news is that you don’t need to have everything figured out from day one. What you do need is a strong foundation.
These five essential steps will help you launch a business that is not only fulfilling but also profitable. Whether you’re starting a side hustle, launching a full-time business, or turning your passion into income, these steps will set you up for success.
Step 1: Define Your Business Idea
Before you do anything else, you need a clear and focused business idea. Ask yourself:
– what problem does my business solve?
– who is my ideal customer?
– how does my product or service help them?
– why would they choose me over competitors?
Your business should be based on a real need in the market, not just something you’re passionate about. Passion is important, but profitability comes from solving a problem for people who are willing to pay for a solution.
Example: If you love baking, instead of just selling cakes, consider targeting busy parents who need beautifully designed, time-saving birthday cakes. A clear target audience helps your business stand out.
Action Step: Write down your business idea and your target audience in one sentence. Example: “I help busy parents by providing beautifully designed, custom birthday cakes delivered to their doorstep.”
Step 2: Validate Your Business Idea
Not every idea is profitable. Before you invest time and money, validate your business idea to make sure there is demand.
How to Validate Your Idea:
✔ Research competitors – Are other businesses offering similar products or services? If yes, that’s a good sign because it shows demand exists.
✔ Ask potential customers – Conduct surveys or ask in business groups what people struggle with and if they would pay for your solution.
✔ Test your idea for free or at a low cost – Offer a beta version of your service or pre-sell a product to gauge interest.
If your idea resonates with people and solves a problem, you’re on the right track. If not, refine your idea based on feedback.
Action Step: Find three potential customers and ask them if they would buy your product or service, and at what price.
Step 3: Create a Business Map
Any great journey needs a map to provide you with direction and to keep you on course to get you to your destination, a business is no different. Create your own roadmap to guide your business journey!
A business map is a visual way to plan the key elements of your business, without the complexity of a traditional business plan.
Your business map keeps you focused and adaptable, allowing you to refine your business as you grow.
Action Step: Sketch out your Business Map with these sections, either on paper or using a digital tool like Miro or Notion.
Step 4: Build Your Online Presence
Your customers need a way to find you, trust you, and buy from you. That means having an online presence.
how to get started
Website or Landing Page – Even a simple one-page site with your offer, pricing, and contact info helps you connect with your ideal customer.
Social Media Presence – Choose one or two platforms where your audience spends time (Instagram, Facebook, LinkedIn, or Pinterest).
Email List – Start collecting emails early to nurture potential customers and build a relationship where they can know, like and trust you!
Action Step: Set up a basic online presence—either a website, a landing page, or a business social media profile.
Step 5: Start Small and Scale Up
The biggest mistake new entrepreneurs make? Waiting until everything is perfect before launching.
Stu McLaren was right when he said ‘You don’t need to get it right, you just need to get it going!’ You’ll learn so much more from trying and adjusting your plan than you’ll do from waiting until everything is ready perfectly. You can adjust and modify your plan to suit your customers, work our what works before you invest too much, adjust things based on customer feedback and start earning money in your business faster! a
How to Start Small:
Offer a minimum viable product (MVP) – a simple version of your product or service that solves the main problem. Start with one offer – Don’t overwhelm yourself with too many products or services at once. Get customer feedback early – Use testimonials and reviews to improve and build trust.
Example: If you’re launching an online course, start with a short workshop or a paid beta version before building a full program.
Action Step: Launch your first product or service in the simplest way possible and refine as you go.
Conclusion
Starting a business doesn’t have to be complicated. By taking these five steps, you can move from an idea to a profitable business.
– define your business idea and identify your ideal customer
– validate your idea to ensure demand
– create a business map to visualise the journey ahead
– build an online presence and start your email list
– start small, get feedback and scale your business over time