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1. Do lots of research

“The businesses that have the biggest chance of survival are the ones that people really, really care about,” says Deborah Meaden. “Caring comes from passion and seeing people's passion is one of the fundamental reasons I invest. However, passion alone doesn’t make it a success. You have to move from the sheer passion into the slightly more hard-nosed research bit that says: ‘Actually, I might love this, but are there enough other people out there who would love this as much as me to make this into an actual business?’”

“Ask yourself whether there is a clear market pull for what your business delivers,” adds Sam Jackman, founder of Boost Innovations, who designed a prosthetic breast for those who have had a mastectomy. “For my brand, I spent a long time talking to women to establish whether there was a gap in the market. This meant that jumping into the stress and the costs of product development was a bit easier because we had done the research first.”

2. Follow your gut instinct

“Anybody who tells you that they've got it right every time, I promise you, they are not telling the truth,” says Deborah Meaden. “But instinct is a big thing. When I think about investments, the final thing I ask myself is: How do I feel about this? And that's the instinct bit. You might get it wrong sometimes but all you’ve got to do is get more right than you get wrong.”

3. Don’t be afraid to test the waters

"Would I advise anyone to quit their day job to start a business? No," says Sharon McBean, founder of Nia Ballerina, who create ballerina boxes with black ballerinas. "There is nothing wrong with working your day job whilst you test the waters with an idea and it certainly puts less pressure on an individual when starting a business.

"However, it is important for anyone wanting to continue with their day job to be extremely disciplined from the outset and commit sufficient time on a weekly basis."

4. Don’t forget about your values

"Including your values and ethics into your enterprise is as important as employing your skills and incorporating your passions,” says Lynne Franks OBE, Social Entrepreneur and founder of the SEED Women’s Enterprise Network. "Delve deep into defining your passions and work out which relate to how you want to run your enterprise.

"Never choose to do anything just for the money. Research and make sure you know who your market is, what is special about your idea, why you’re doing it and how you are going to get it out there."

5. Find a support network

"It’s important to build a diverse support network to navigate through the early stages to fast-track your start-up process, and also help to avoid costly mistakes," says Sharon McBean. "A great way to develop relationships is by attending networking events and business shows. LinkedIn is an absolute must for business networking – it’s especially good if you struggle with face-to-face events. It will take time to develop your support network, but as you grow and develop as a business, so should your network!"

"Have clarity on your skills and gifts," says Lynne Franks. "Make a clear list of the things you are good at and look at what is missing – maybe financial experience or marketing knowledge. There are many other women out there who could help you and in return may want to share some of your gifts.

"Arrange to meet regularly and be open about sharing your stories. Being an entrepreneur or solopreneur can be lonely so ensure you have a community of like-minded women, either as an online or real time committed group of peer mentors."

6. Don’t be afraid to get hands-on

"When you are starting out, you need to be prepared to do everything," says Sam Jackman. "From packing, postage, answering the phone, to strategic business planning, it all needs doing.

"Being hands-on at the beginning gives a wonderful base from which to understand and develop each aspect of what you do, and this can be invaluable when it comes to planning to scale up. You will often still find me at the packing station on a Saturday morning, processing orders and making sure things are running smoothly!"

"When you first start a business, there are times when it's running you, instead of you running it," says Deborah Meaden. "You may think that you’ll have loads of flexibility, but a business is very, very demanding. It's a little bit like having children - when it needs you, it needs you. You can't say: Oh, I'm clocking off at five o'clock. They need nurturing. You can get to a place of freedom, but you do have to recognise that, particularly in the early days, you are going to be at its beck and call."

7. Develop your elevator pitch

"Once you have your business concept clear in your mind, it’s time to share your ideas with others," says Lynne Franks. "Ask your friends and family for patience as you practise your elevator pitch of your new ideas with them. Let them know you are open for critique and hear what they have to say. As a PR for so many years, I know how important it is to make your description of your business succinct and understandable. Study other businesses on how they describe their businesses in less than one minute on a Instagram video and practise, practise, practise!"

"The overarching thing to think about is: What is this business's reason to be? Is it going to be the cheapest? Is it going to be the fastest? Is it going to be the best? Why is it going to succeed?" says Deborah Meaden.

"Most businesses are not completely new. But it has got to have a reason to be. Understanding your reason to be is absolutely essential, and if you can't articulate that quite quickly, then I think you have to think long and hard. Otherwise, you’ll just become one of the many providers."

8. Celebrate your successes

"Think carefully about what success means to you and celebrate the things that matter," says Sam Jackman. "This doesn’t have to include fancy business awards. Although I recently received one of 10 Highly Commended spots on the 100 Female Entrepreneurs to Watch, some of our customer feedback and internal milestones are equally worthy measures of success."

"The things that we do are valuable,” says Deborah Meaden. "Start thinking about the things you’re doing in a different way. Place value on the work you do. We’re all very capable of saying: ‘I was rubbish.’ But that also gives us the right to say: ‘Do you know what, this is important stuff and I did a darn good job on it."

9. Start today

"Just do it," says Deborah Meaden. "You could think about it for a long time. But just take the first step and the next step will happen and the step after that."

"There’s never a right time to start a business, and you’ll probably never be as ready as you’d like to be," says Sam Jackman. "For me, the deciding factor to get on and do something was the fact that so many women who had breast cancer treatment told us it was a good idea. Finding a strong motivation to create something that didn’t already exist, but could have such an impact, was our call to action. You can learn as you go as long as you make a start."

"Know that it’s completely normal to feel nervous," says Lynne Franks. "But if you have done your research and pre-planned thoroughly, your confidence level should remain high. The difference between an idea and a success story is perseverance. Stay firm but flexible, understanding that your idea can always be adjusted and improved upon and you are ready to start!"

To listen to our special programme all about how to turn your passion into a business, head to ´óÏó´«Ã½ Sounds – it's the episode from 2 January 2023. Plus, you can join the conversation on and @bbcwomanshour.