What to consider when starting your own business

 

In 2012, 400,000 new businesses were launched in the UK, proving the recession had not dampened the drive in Great Britain. The prospect of starting a business is exciting, overwhelming, and there are lots of challenges.  However with a strong strategy, clear business vision, and an understanding of the tools needed to succeed, it can be extremely rewarding.

The Basics

Have a concept; everything starts with a light bulb moment.  Take that idea, make sure it is roadworthy, and ensure you really feel the fire in your belly when you talk about it.  Starting your own business will take a lot of your time and money, make sure you are passionate about what you are proposing.

Be unique, research the market, are you trying to reinvent the wheel, or do you have an original idea that is plausible.  Use networking partners to gauge customer reaction and question who will use your product, what your target market is, how much people will pay to use your services or product, and will that be profitable based on your outlay.

Starting Up

Get your office in order, research payroll systems for your staff, and see what applications are most suited to your business.  Maximise the digital world we live in and start building your own database on Excel, or data software such as MailChimp, and start to go to market.

Prepare to wow your future customer base and put into place systems that have their total satisfaction in mind.  It is worth looking into call centre software, choose one with a simple web interface that is easy to set up and use.  This will offer you flexibility, functionality and make a great impression on your customers by answering calls quickly and professionally.  A fantastic solution for a new venture that wants to be out making contact, not answering the phone every five minutes.

Putting in the finance

Do you need a cash injection?  Historically a new business needs money, and in previous economic times this has often come in the form of a bank loan.  However, in post recessed England, bank loans are not easy to come by.  Hunting for an investor may be a consideration.  Or, your product may be one that needs little investment, similar to the bespoke tailoring company ‘A Suit That Fits’, an online suit making business that asks their target market to pay in advance, keeping them debt free.

Rolling up your sleeves

Launching a new business is hard work, make sure you speak to friends, colleagues who have travelled the road you are looking to take and you are ready, and able, to dedicate the time needed to get the business off the ground and en route to being profitable.

By Jane Blackmore, writer, editor, blogger.