Great Oaks from Little Acorns Grow

Many people assume the first step in starting a new business, idea, product, service, or project is to write a business plan. But before doing so, several key steps lay the right foundation.

At Langstone Advisory, under the vision and leadership of our director Tony Down FCCA, we’ve helped countless businesses navigate these early stages. Here, we share our top 10 points to consider before beginning the detailed planning process:

1️⃣ Define your vision

Be clear on what you want to achieve. Write out your basic idea, product, or service.

2️⃣ Break your ideas into subsets

List out as many scenarios and variables as possible. Take your time — you’ll likely keep adding (and removing) points for weeks or months. Build substance.

3️⃣ Identify your market

Who is your audience (profile, age, needs)? Where are they located (geographically or by sector)?

4️⃣ Define the ‘why’

Why will your idea improve the lives or businesses of your potential customers? How will it add value?

5️⃣ Research the competition

Is there already something in the market that delivers what you’re planning to offer?

6️⃣ Plan how to reach your audience

Consider your message and channels — website, social media, events, webinars and seminars.

7️⃣ Understand barriers to entry

Who are your competitors, and how might they defend their market share?

8️⃣ Know your market size and capacity

Can your potential customers afford your offering? Are you delivering one-to-one services or aiming for scalable volume?

9️⃣ Calculate delivery costs

Understand the costs involved in making and delivering your product or service.

🔟 Determine pricing and margin

Know what the market is willing to pay and ensure your margins make sense.

💡 Our advice: Dream boldly and be creative.

Some ideas may not be worth taking forward but you’ll only know by writing everything down and reviewing it regularly. This helps avoid the pain of pursuing projects that are unlikely to succeed.

And most importantly, seek feedback and share your ideas. We strongly believe in the value of working with trusted advisors, mentors, or coaches. Even with decades of experience, we continually share ideas with other experienced entrepreneurs — because the best businesses are built through shared wisdom.

About Tony Down, FCCA

Thinking of starting a new business? Writing a plan isn't the first step. Langstone Advisory shares 10 critical foundation-building steps every entrepreneur must consider before starting the planning process.

📩 Contact: tony@langstone-advisory.co.uk