Business SOS – 10 tips to help you start your business
January is the most popular month to start a business according to research. More than 55% of respondents to survey by Enterprise Nation, the homeowner website, said the New Year gave them the impetus to get started on turning their business dream into reality.
However, despite our best intentions, New Year’s resolutions are often not being kept nine out of 10 resolutions are doomed to fail. So what can you do to turn your business dream into reality this year? Start with these top tips from Mike Bowman, head of More Tha>n Business…
1. Make the decision
You’ve thought about it, talked about it with the ones you love and trust…Now you just have to make it happen!
2. Get to know your market
Market research is essential to help you understand the competition in your chosen sector and then determine if there is enough demand to start up and grow your new business successfully in its first year. Many start-ups are in danger of early failure because they don’t undertake basic or indeed any market research before they start.
3. Write a business plan
This is the foundation of every new business. It should explain what your company does, describe the industry in which you operate, assess any risks you face and detail how you intend to manage your business. It will also provide forecasts and tell you more about the financial requirements of your business.
4. Find a good accountant
It is very important to find a good accountant before you launch your business. They will be able to help you prepare your accounts and finances in a way that is acceptable to the taxman and make sure you pay the right amount of tax every year. A good accountant will also help you set up a bookkeeping system and prepare budgets and cash-flow forecasts, which you will have to show to your bank manager. If you don’t have the budget for this, you can speak to Business Link or the Inland Revenue, who can give you tips and advice on how to manage this yourself.
5. Find a good lawyer
It is equally important that you find a trustworthy lawyer as soon as you set up your business. They will help you get your documentation right, draft your terms and conditions of sale/purchase, employee service contracts, partnership agreements and so on. A properly drafted business agreement can save a lot of arguments and expense later. Again, if you cannot afford a lawyer or solicitor at the beginning, don’t cut corners, speak to Business Link for some advice on what you need to consider for your business.
6. Find a good insurer
Protect yourself from the unexpected, understand your business needs and find an insurance provider that can offer you tailored products and solutions that will cover the specific needs of your company. For example, More Th>n Business puts the average cost of a fire claim at £26,000, but the true cost to business can be even larger: 80% of small businesses affected by a fire will not be trading a year later, so insurance is paramount. When considering starting a business you should also be aware that certain insurance is mandatory – such as employers’ liability Insurance – and that some companies and customers will not be willing to do business with you unless you have other insurance in place, such as public liability and professional indemnity insurance.
7. Find reliable IT support and an established web designer to launch your website
You need someone you can call on if your IT system fails, and someone you can call if that person let’s you down! Invest in IT to stay ahead of competition. According to the Department for Business, Enterprise and Regulatory Reform, e-business can drive up commercial and operational value, delivering benefits to customers and employees. Don’t let presumed costs put you off having a website – these days you can get a good, functional website from about £250. At the very minimum, you can have a couple of pages that give customers an idea of your business, and contact details to find out more, or make an order.
8. Manage your time carefully
Time is money and when you’ve just launched your business, every second matters. So, set some clear deadlines for the implementation of your plan and try to stick to them to ensure that you’re always on target!
9. Look into PR and marketing
PR and Marketing are extremely useful tools for promoting your business and communicating your offering to potential customers, targeting the right people with the right message, and building credibility.
10. Network, network, network
Get involved in industry events, get to know your customers, let your friends know about your business. Word of mouth is extremely powerful and costs absolutely nothing!
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Read about other mums who have done it, successfully in the Inspiration section.
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