Tips to make your start-up business successful
October 12, 2017
It is the ambition of many people to start up and run their own business. Some may have always have dreamed of running their own business and others may see an opportunity to work for themselves following a change in circumstances.
Before embarking on a starting up a new business there are five key areas that you need to consider:
- The first is you. There are a number of qualities that we see in entrepreneurs including a positive attitude, proactive and determined nature, great leadership qualities and being flexible to change. Above all its incredibly hard work with very long hours involved. Its worth standing back and ensuring you have these traits before going it alone?
- Linked to this is your commitment & that of your support network – starting a business is demanding – determination and enthusiasm are essential. In addition to this are your family and friends ready to support you. There will be times when cash is going to be tight and you can’t take any money out of the business. Do you know how long your personal life can survive without money from the new business?
- The third area is to consider your skills – you will need managerial, financial, technical and marketing skills within the business. It’s unlikely you will have all of these yourself so you need to make sure any business partner or employee does. If not, you will have pay for experts to assist which can be an initial drain on cashflow.
- Your product or service should have a proven or tested market, but must not conflict with the patent or rights of an existing business. You need to consider closely what name you want to use, so as not to copy something already in use and keep it as unique as possible. A good starting place is Companies House to check if a name is already in use.
- The fourth is the most important in my mind and that is having a business plan. This needs to have a summary of your plan, the product or service you are supplying, why you think there is a gap I the market for you, how you will trade and have some projected financial results. You need show you know how much investment you need and when you think the business will be in a profitable position. An accountant can help you put together or review a business plan.
Before you can put together your financial business plan you need to consider how you will run your business and the taxes that will affect you. Tune into the next video which will cover these points.
If you would like to discuss starting up in business in more detail, or you would like to speak with a member of our team, please contact Judith Dugdale or call 01772 821021 to be put in contact with a member of our Start-up and Small Business team.