The First 5 Things to Do When You Have a Business Idea

You’ve got your first business idea—now what? Turning that idea into something real means taking action, not just thinking about it. To get your business in motion, you need direction. In this article, we’re breaking down the first five steps you need to take to go from concept to something you can actually build on. 

Step 1: Do Basic Market Research

Market research helps you figure out if people actually want what you’re offering and how your idea stacks up against what’s already out there. You’re looking at demand, pricing, and how others are marketing similar types of services or products. Basically, is this something people will buy, and can you make it better?

Here’s how to get started:

• Ask friends, teachers, or mentors for honest feedback on your idea.
• Search for similar businesses and check out their pricing, offers, and customer reviews.
• Use Google Trends to see if people are even searching for what you’re planning to offer.
• Scroll through social media comments or forum threads to hear what people are saying in real time.

This isn’t just for good measure; it’s necessary. About 35% of startups fail because there’s little or no demand for what they’re offering. Doing this research early on gives you ideas for how to make your product or service stand out.

Step 2: Set 3 Clear Goals

Instead of starting with a full business plan, which can feel like a lot, it’s better to begin by setting three clear, specific goals. These should be things that move your business forward. Using the SMART method (Specific, Measurable, Achievable, Relevant, and Time-bound) helps you stay focused and gives you something to measure your progress against.

If you haven’t started building your product or service yet, one goal could be to create a prototype or put together a basic service package and set a deadline for it. Another could be hitting 20 sales by the end of your third month or launching your business’s social media page. The goals don’t need to be huge. What matters is that you have a direction and something to work toward. 

Step 3: Figure Out Funding

Think about what it’ll take to get this business off the ground. Here’s what to do:

• List everything you need to get started—software, supplies, packaging, whatever it is.
• Do a bit of research and ask people who’ve done something similar what startup costs they ran into.
• Put together a rough budget based on your list.

Once you have that number, figure out how you’ll fund it:

• Can you cover it yourself with savings or money from a part-time job?
• Do you need help from a trusted adult or mentor?
• Are there any small grants or competitions for student entrepreneurs you could apply for?

Knowing what you need and how to pay for it helps you move from idea to execution faster.

Step 4: Pick a Business Name + Persona

Your business name doesn’t have to be perfect, and it can always be changed later—but try to pick something that clicks with you and makes sense for what you’re offering. Choose a name that gives people a clear idea of what your business is about without overthinking it.

Once you’ve got a name, start shaping your brand’s personality. Do you want it to feel bold, funny, relatable, or more professional? If your target audience is other teens, your tone might be more casual. If you’re reaching an older crowd, you’ll probably want to adjust your voice to match. Whatever vibe you go for, keep it consistent. Staying consistent with how your brand looks and sounds across platforms can increase your revenue by up to 23%.

Step 5: Take Action and Stay Accountable

Taking action will get you way further than waiting around for the perfect plan. You may never feel 100% ready, so it’s better to just start—whether that’s posting on social media, building a basic landing page, or even just talking to someone about your idea. Keep it simple and manageable. Each week, track what you’re doing: Did you send any emails? Talk to potential customers? Post anything? You can even ask a mentor or friend to check in with you for some accountability and help you stay on track.

Put It Into Motion

Every successful business starts with just one idea. The secret is to take consistent action. Try out these steps, and if things get tough, don’t let it discourage you; challenges are part of the process.

Got a business mindset? If you’re a Florida high schooler, the Kantner Foundation scholarship could be for you. Apply today!