7 Top tips before setting up your business
Consider these 7 top tips before setting up your business- for a smoother, less stressful journey to success.
Many people choose to set up their own business for the independence and freedom. Small business owners reap the rewards for themselves as one of the biggest incentives, but there’s no doubt that it can be daunting and require a lot of hard work. Here are a few tips that we suggest;
- Write a business plan– A Business Plan will help you to clarify your own thoughts in a concise way which you can then relay to possible investors/ bank/ or prospective employees. Work out if your business idea viable? Is there a market for your brand? How saturated is the market already? What is the profit potential of your product/service? Are there any known obstacles and how will I get over these? Consider a SWOT analysis of your plan to find out the Strengths & Weaknesses (internal) and Opportunities & Threats (external) that may arise from your business.
- Be passionate but keep it realistic- Big dreams are all well and good but these must be broken down into smaller achievable steps. You will not sound plausible if you have unrealistic expectations for your business. You will be putting a lot of time, energy and money into your start up so you must enjoy the process with clearly defined goals.
- You don’t have to do it alone, have support- Find a family member or even a mentor and look for guidance when you need it. If you need professional help we can help with further advice on 01494 552 100.
- Who are your customers/clients? – Focus in on your target market and develop a network of contacts. Get to know your client base and what they are looking for that other businesses may not offer (this could become your USP). Are there any associated companies that you could potentially collaborate or work with to increase your database of clients?
- Have you got the finances? – Unfortunately without enough money your business may not last very long so make sure you have some savings or approach potential investors. Banks may not lend to those with new ideas if there is not enough security that your business is guaranteed to be successful but don’t let that hold you back. Have you considered Crowdfunding?
- Be professional- Try to develop your brand before starting up your business so people know you’re serious about running a business. Your company name needs to either reflect what you do, who you are or how you want to be perceived. If you use something that is trendy now you will need to be sure that it has longevity and will grow with you. Create a logo and start with some simple business cards that you can give to potential clients when out and about, this can then be developed onto flyers, banners and perhaps even employee uniform when you get to that stage.
- Get the legal and tax aspects sorted- Learn what your legal and tax responsibilities are for your new business as its more difficult to fix once something is wrong so try to get it right the first time round, hire a professional to help if you get stuck.
Remember that most businesses aim to turn a profit whether you are looking to run a cottage industry or a global company. Check and recheck your costings make sure everything is covered.
Our New Business checklist gives you a handy way to check you have thought about everything you need to consider. We can help if you need further advice please get in touch with our team on 01494 552 100
Check the link below to see our handy New Business Checklist in PDF format.