1: Develop your idea
Find out whether your business idea is profitable. This is where networking is invaluable. Find networks that could help your business idea more profitable and help your business grow.
2: Define your USP
Find a unique selling point that will separate you from other businesses in your industry. What is going to make a potential customer choose you over your competitors?
3: Understand your market
Do extensive research into your chosen industry and sector. What is your customer segment? How is the market developing? Who are your competitors?
4: Assess how running a business will impact your life
Running a business is definitely isn’t for everyone. Assess whether you are willing to meet the demand of time and effort running a business makes. Will you have a work/life balance? Is the risk too much stress for you to currently take?
5: Write a business plan
Create a detailed document that includes all elements of your business. This includes the aims, the budget and how it will operate. This document can be shared with your bank, investors and employees to demonstrate your strategic goals and commitment
6: Register your business
Here are some organisations a business must notify to fomalise your business enterprise:
1. The bank
2. Insurance Company
3. HM Revenue and Customs
4. Companies House
5. Specialist Registrations (depending on the authorities within your business sector)
7: Start Marketing
After you’ve chosen your business sector and have set up a business you need to decide how you are going to draw in customers. This can include:
· Launch events
· Social Media
· Special offers
8: Keep record and consider an accountant
Whether you have set up as a sole trade, partnership or limited company, you will need to keep company records. You will also need to choose and accounting method. It may be worth considering employing an accountant, like Bambridge Accountants, if you do not feel comfortable looking after your own company finances.
9: Regularly review and adapt your plan
Successful businesses rely on a tactical analysis of how different variable have affected or could affect your business and then responding accordingly.
10: Pay your bills
Pay all your bills on time to avoid any unnecessary threats to your business and stress.