Many people dream of launching their own business. Not only can it be financially rewarding and help people to achieve independence, but many people are also drawn to the idea because it can help them to play a concrete and productive role within their community.


With each passing year, we become more aware of corporate social responsibility. Rather than being a buzzword, it is now built into many new businesses and this is one great reason to be hopeful for the future.


If you are looking to join the ranks of proud new business owners in 2019, you'll want to have established a clear plan for your viable business. To help you create that plan and take your thoughts from theoretical to practical, here's our guide on how to start a new business in 2019 from absolutely nothing.


Step 1 - Check Your Idea

Ideas are funny things, and they often pop up in the strangest ways. When you find an idea that's truly captivating it's an exciting experience... Could this be the one?


The first step is to begin researching and validating your ideas. Does it already exist? Does it offer the potential for a truly viable business? These questions can be answered by yourself initially, but afterwards you might want to speak with a business planner. These can be found in a range of places and some city councils will have the capacity to help you.


Step 2 - Develop a Business Plan

Is your idea viable and logical? Great!


Now it's time to dig further into the specifics and begin to think about how your business may take shape. This will include some key exercises like conducting a SWOT (strengths, weaknesses, opportunities, threats) analysis to check the viability of your business. You'll also want to begin defining the DNA of your business, meaning the mission, vision, goals, and objectives.


Each of these are important elements and help you to define your business formally. This exercise will help you to stay true to your ideas as your business grows and also share that initial vision and enthusiasm with your new team members. This is a really critical step when creating any new business and it's often what separates standard businesses from the very best.


Step 3 - Begin to Think Finances

Now that you have some idea of how your business might look, it's time to think about how it might get off the ground. 2019 is promising to be an interesting year and the financial outlook will have a huge impact on the interest rates that you see on your loans.


You should think about the types of financing that are available to you, such as guaranteed bad credit business loans which might be the best option if you suffer from poor credit. There are lots of options and there'll certainly be a way for you to get your business off the ground.


It is important that you pursue the appropriate financial advice at this stage to ensure that your business is created intelligently and sustainably. Clear planning in this stage can help you to avoid trouble and disappointment in the future.


Step 4 - Create Milestones

You have everything in place and you have a good idea of how your business is going to come together. It's time to think about creating significant milestones and objectives. These should be SMART (specific, measurable, attainable, realistic, timely) and help you to guide your business forward. A well-developed business plan will help you to secure the funding that you need while growing your business.


We hope that these tips have given you the inspiration and advice that can help you to create a sustainable and pleasant business.

Author's Bio: 

Chad Otar is the CEO at Excel Capital Management, a pioneer in the Fintech and alternative lending space. He has assisted thousands of business owners to receive funding over the last 5 years and is focused on helping one small business at a time achieve access to capital.