Updated: Jan 13
The lunchbox has landed! You have an amazing product/ service/ concept and its bursting at the seams to get to the market and start making you some dollar dollar bill! Or pounds.... we’re in England after all.
Starting your own business is a big decision and requires a lot of faith, breath-holding, planning, researching and dedication. But, if done correctly, it can lead to the type of life-defining, breath-taking and blessing counting moments that only becoming the master of your own enterprise can give.
We deal with new businesses and Startup’s daily and here are our top tips on starting a new business. We hope they help you to take the (well thought out and planned) leap of faith into the world of being your own boss!
Consider your capability
If you are thinking of heading out on your own,youalready have a passion or talent for your chosen business. But running a business is about so much more than passion and talent. Are you confident in tax returns? Accounting in general? Admin, purchasing, marketing, social media marketing, invoicing, even just cleaning are all aspects of having a company that you might not have stopped to consider whilst caught up in your new idea bubble. They are often not only necessary but vitally important factors and if you don't make time for them or budget to pay someone else time to do them, you might end up feeling overwhelmed quite quickly. A common question when thinking about hiring someone to carry out certain aspects of the business is "can I afford them but when it comes to legal compliance or professionalism, can you afford not to? It is not a defeat to admit you aren't good at everything and by investing in paying someone to do things properly for you, you have more time to stick to what you're good at. Your passion and talent have time to shine!
Do the numbers
Boring and serious but so important. It is essential you do some sort of business plan before zooming off with all systems go. Particularly if you are going to be incurring monthly costs for premises or equipment, you need to crunch the numbers and make sure it is financially viable. If the figures are disappointing-don't be disheartened. A financial planner or a business advisor could look at your plan and suggest alterations to help you follow your dream. It could be worth approaching another business in the industry to ask for advice on starting out. They will probably be flattered and happy to help, or there is a possibility they will tell you (the new competition after all) to mind your own business! We hold no responsibility if they opt for the latter!
Carry out research
We can’t emphasise enough how important it is to do your research. Research the market, your target audience, your competitors and your liability! Make sure you are operating in a viable market, aiming at a receptive audience, have a USP (unique selling point) and make sure you comply with the correct insurances and within the realms of the law! Market research is really important, and a model called The 5P’s can help to structure that (another blog coming your way!).
Lastly, have passion. If you don’t love and believe in what you are doing, you aren’t likely to stick it out through the rough to see the smooth. Being a business owner brings a lot of benefits but the most satisfying of all is doing something you enjoy every day, otherwise, is there any point?
Good luck 😊