If you haven’t started your business yet but have dreams to do so, you might want to check out these tips below. It makes perfect sense to plan out your business in advance, this way you are more likely to be successful in the long run.
Start with an idea
If you’re thinking of starting up a business, you’ll first need to come up with a realistic idea that you can turn into a product or service. Find local support, including help with developing business ideas, on the National Enterprise Network website. Or Browse This is Money for a business to buy.
Register your idea
You might have already come up with an idea for a business you think there’s a market for, or invented something you think people will want to buy.
Read This is Money’s guide to protecting your small business to find out how to register your idea and make sure nobody copies it without your permission.
Tax Help from HMRC
Turn your idea into a business
1. Research, research, research!
Identify who your potential customers are, talk to them about your idea, and get as much feedback as you can.
2. Don’t be afraid to make changes and take your idea back to the drawing board.
Any weaknesses at this point will cost you money in the long-term. Then, use your findings to…
3. Write up a business plan.
This needs to clearly show the results of your customer research and explain how you can turn your idea into viable business. Watch this video for top tips on how to write a decent proposal.
4. Find partners and suppliers
Even if you are a ‘sole trader’ and work alone, your business is likely to involve working with others including partners, suppliers and distributors.
Partners: Finding a co-founder with relevant skills and knowledge that are different to yours lets you focus on what you’re best at.
Consider working with several partners in a team. You’ll be able to share responsibilities including risk, getting funding, expertise and sharing contacts.
Suppliers: Draw up a list of potential suppliers. Get estimates, then go and talk to them so you can negotiate prices, start to develop relationships and get a sense of which suppliers are reliable and trustworthy.
Obstacles and setbacks
There will be many of these but how you overcome them will be critical to deciding whether or not you will ultimately succeed. If you are not the sort of person who responds well to setbacks, you ought to ask yourself whether you are the right person to be trying to get a business off the ground.
Finances
You need good advisers – usually an accountant and a lawyer – when you are handling complex issues such as finances, tax and business law.
All businesses require a certain amount of administration and you will have to spend time going through paperwork. If you tend to bury your head in the sand and ignore detail, you need a good right-hand person who will concentrate on the detail. Not all great business leaders were good at the small print, but all good business people have someone close to them who is.
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