Each year in the UK, more than 500,000 people start a business of their own. Some are natural-born entrepreneurs with a fantastic idea they turn into a successful new venture. Many want to earn more money or be their own boss. Some seek greater flexibility or a more favourable work-life balance. Many simply have no alternative, perhaps after losing their job.
Starting up a business can provide you with a more rewarding life, but there are no guarantees. The start-up survival rate remains low.
However, the good news is many new businesses do survive and if you take care of key start-up tasks properly and in the right sequence, you can get your new venture off to a great start.
Key points to consider are:
- Deciding when to launch your new business
- Boosting your start-up knowledge
- Deciding who you’ll sell to — and how
- How to analyse your competitors
- Creating a brand
- Writing your business plan
- Registering your business
- Managing your business finances
Business finance is obviously vitally important since you’re starting your new business to make money. Business loans are available and can be an excellent resource for setting up your business – you probably will need a cash injection to start with, after all.
Once you have your initial finances in order, choose who you do you business banking with – for example, do they offer free business banking? You should be able to build a good working relationship with your bank and feel comfortable doing business with them.
Don’t give up. Some businesses can be slow to get off the ground. The reality is you may have to wait to see how customers respond to your latest business idea, service or product. Furthermore, if it’s not what customers want then stick to your guns, but there may be a consequence. You cannot sell what people do not want. Remaining open and being flexible means being willing to adapt your business idea to the needs of your customer.
So whether you need to alter the hours you work to fit around them, adapt your product to suit their requirements, or you have to find new solutions to old problems, being flexible pays off. You also need to be persistent. So make sure you keep asking for business and always work beyond the point that most people give up.