There is no doubt that new businesses are the backbone of the UK economy. Figures from 2016 showed that £1.8tn was contributed to the UK economy by SMEs, and this figure will surely have only grown since then. All this means that there has been no better time to jump into business with that great idea you are sure will succeed.
Of course, it is not quite as easy as that, and lots of hard work is needed along the way to make it a success. From a business plan to marketing, accounts, your core work, and invoicing, among others, there are always many tasks to do when you are setting up a new business. While this can seem daunting, it shouldn’t!
Know your business first, and then know your customers
One of the best tips for any new entrepreneur is to know about the sector in which your start-up will operate. If you have never run a restaurant before, then it is a big risk to think that you can suddenly open up one day and do just that. Take the time to get experience in your new industry first as it will help prepare you to succeed in your new start-up. Once you have done this, you also need to conduct thorough online and offline research to know your target market and plan to meet their needs.
More tips for start-up success
If you are thinking of starting up your own business, then read on for some more tips on how to make your start-up shine:
Funding – of course, the first thing that you may need to think about is how you will fund your new business. All businesses will need some money in the bank to cover costs, buy stock if needed, and also for you to live on while you become established. You could get a bank loan, find an external investor, or use your own funds for this. If you plan to use your own funds but need some extra, why not think of ways to do this? Many will investigate making a PPI claim as this can bring significant extra money in if upheld. Just remember that the PPI deadline is in August 2019, so don’t wait too long to do this!
Become an expert – many new businesses fail because they try to cover too many bases. Rather than being a jack of all trades, try to focus on one niche in which to become an expert. This will see you build up a name within the industry quicker and attract more business from the people who need that particular service. Obviously, just be careful that the niche you choose is wide enough to have enough potential clients.
Don’t waste your money – this may sound obvious, but you would be surprised by how many new businesses waste their capital. The key thing to remember is that you want to keep as much capital in your account as possible and only spend what is necessary. You should always consider if the money that you are spending will bring money back into the business. Many start-ups waste money on ultra-expensive branded notebooks or the most cutting-edge website design. While things like this may be worth it when more well-known, to start with, it is money best kept for the business.
Get some Government support – the UK Government places a huge emphasis on new start-ups for the country’s economic health. As a new business owner, this puts you in prime position for public funding and help that the UK Government offers. Go online and track down as much free support as you can get.
Construct a sound business plan – one of the cornerstones of any successful start-up is a solid business plan. This will allow you to fully investigate every aspect of your new business idea before embarking on your new career. Naturally, this will help flag up any issues or problems that you may not have thought about before. Having a solid business plan will also make accessing funds easier, as the bank or investors will want to see one.
Live the dream
Many people now will form their own start-up business when looking for work. If you are thinking of doing the same, then it is an exciting time. Just remember to bear the above tips in mind and you will be well on the way to success. The great thing about being your own boss and working in a sector that you love is that you will have lots of fun along the way!
