Thinking of Starting a New Business?
Whether it’s the motivation of being your own boss, having the flexibility to work your own hours or pursuing your own career goals, starting a business for the first time can be challenging to say the least. Starting with a good plan and research, you can give your business the best chance to succeed.
Read our Quick Guide below for new Start-Ups.
1. Start with an Idea
This may sound obvious, but almost all businesses start with an initial idea. However, only those that develop it into a tangible product or service that can be marketed and sold go on to succeed.
Again, doing your research and planning will help identify any pitfalls you may encounter on your business journey.
2. Protect your Intellectual Property
Once you have your idea, you need to protect it as much as you can specially if you have invented a product. Seek professional advice if necessary and determine
what unique functionality you are bringing to the market.
If you have a business idea or if you have invented a product that can be manufactured and sold then you will need to protect your intellectual property to make sure nobody copies it without your permission.
3. Research your Market
If you haven’t already done so, then you need to identify your target customer. First, you should think about whether your product will appeal to a certain
age group more than others, what kind of people are likely to buy it, what income group are they in etc.
All this information and research will help you determine how to market your product, what price to sell it at, and what marketing channel is most appropriate
to sell it through etc. In today’s world, information is money, so the more information you gather from your research will put you in a better position to make
informed business decisions.
Pick up a book or google on how to do market research, it is always important that you conduct your market research in the right way.
4. Develop and plan
By now you should have a good idea about who your target customers are, what price you need to be selling at and where you should be advertising.
The next step is to think about developing a plan that sets out all operational aspects, i.e. who and where will you buy your products from or how you will be
manufacture your product and issues regarding suppliers and business partners. You should use suppliers or business partners that will benefit the distribution
of your product or service.
Find suppliers or business partners – source suppliers and partners that will benefit the distribution of your products or services.
Get Funding –To buy products you need the right funding. Securing funding can be tricky. You should explore the different sources of business
finance that are available such as bank loans, government-backed schemes and crowd funding. If you are unemployed then support and financial help can come
from your Job Centre Plus. Business support helplines in your local area will also offer help and advice on starting or growing your business.
5. Set up your business
You are almost good to go, but before you begin trading, you need to choose the right business structure for your business.
Choosing the right structure can make a huge difference to your business and therefore we have prepared a quick guide on
choosing your business strucure to help you with your selection.
We strongly advice that for this part you seek professional advice from a qualified accountant to make sure you don’t leave any stones unturned.