Top Tips for Starting a Business

Every year, people across the UK decide to take the plunge and start their own business. Although it can be an extremely challenging step, the rewards and upside can also be a positive life-changing step!

If you’re successful, then in addition to the many financial benefits, there is the sense of personal satisfaction and achievement which drives many in the first place. For some, setting up a business can be a lifelong ambition whereas for others it can be the result of a great idea and bringing that idea to market.

Whatever your reason and underlying motivation you will need to channel your ambition and sentiments through a capable, well thoughtout plan. No matter how successful the idea, innovation, or product is, a poorly executed plan can lead to abrupt and spectacular failure. If this is the outcome, for most people it can also spell the end of their venture altogether. Here are are some tips to help you:

  1. Start with a good business plan. Lay out what your business will do and be clear about what it won’t do. Do your market research and work out what you are offering that is superior to everyone else. A good plan will help you stay focussed and avoid getting sidetracked or confused about where to spend limited time and funds.
  2.  Make sure you understand the numbers! Have a good sense of what financial targets you should hit and over what timeframe. What will your costs be and what will you make? What will the timing of these be? How will you finance your businss in the short term? Don’t forget to include your own operating costs. Many people have a good idea but fail to get off the ground due to poor financial planning or judgement. Remember financials can make or break your entire business so never lose sight of them!
  3.  What skills and expertise will you need and where will you get them from?
  4.  Try to do as much of the work yourself as this will save money at a time when you are unlikely to be making much i.e. startup
  5.  Know when you will make some profit and how much. Base this on good and realistic expectations of cost and revenue streams.
  6.  Stay positive and focussed
  7.  Drive and determination is one of the most important factors so make sure you have plenty.

There are many books available about how to set up a business. The reality is there’s no right or wrong – just remember to have a good plan from the outset, stay focussed on the financials, and delivering your product or service, and stick to meeting or exceeding each individual goal.

 

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