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A great idea is just the first step to launching a new venture

The entrepreneurial spirit remains strong across the UK, with millions of people having great ideas and following their dreams by starting up their own business every year.

Now the economy appears to be getting back onto an even footing, 2015 could be the perfect to time to get cracking. As a result, here we look at some of those essential steps that all great entrepreneurs must go through in order to successfully launch a new venture:

  • Having a great idea can be the inspiration for many a new venture, but this is not enough to create a viable corporate structure and this is where hours of research and the real hard work begins.

One of the first things anyone with a groundbreaking new product or technology that will form the foundation of their enterprises should do is to register their intellectual property.

Once this has been achieved, it is then time to start the careful process of examining the potential size of the market any new company will be targeting, as well as scoping out potential competition and talking to those with more experience of running a company to learn all about the potential problems they could face.

  • Developing a comprehensive and realistic business plan should be the next key focus for those looking to start a new venture, as preparing for success in the long-term is essential.

Setting out all of the information that will outline the future trajectory of any new business is extremely difficult, but this is arguably the single most-important step in starting any new venture.

By sitting down and creating a comprehensive plan that identifies costs, overheads, projected earnings, potential customers, projections for the coming years and more, this will clarify the feasibility of the venture and should be able to show how your great idea can be transformed into a viable new business.

A good way to create an effective business plan is to focus on the need for the customer that the firm will aim to meet, while at the same time stating how this can be achieved while making a profit. If a business plan can successfully do this, then the time is right to move onto the next step.

  • Securing funding can be one of the most difficult propositions in getting a new company off the ground, but it is an essential part of turning one's dreams into reality.

Exploring different sources of funding can be the best manner in which to bankroll a new venture, with many options open to those who are in the know.

Entrepreneurs should look out for government schemes that could help their new business to get off the ground, while a visit to their local bank manager is one of the most likely funding avenues that new starters will pursue.

Other options including crowdfunding, peer-to-peer lending, seeking a 'business angel' and acquiring a venture capitalist are also becoming increasingly common means for new companies to begin.

  • Finally, getting up and running after all of the hard work involved in planning and preparation can be a daunting prospect, but ultimately, this is exactly what every budding entrepreneur is working towards.

By following these simple steps, individuals keen to follow their dreams and start their own business should find themselves making all the right moves.

However, it is important to remember that beginning a new venture is fraught with difficulty and not for the fainthearted, plenty of hard work will lie ahead, but equally so could significant rewards. Good luck!