Thinking of Starting a Business?

You may have always wanted to start your own business or you may have to start a business because of necessity. Either way, there is no perfect approach but the following steps are usually involved once you decide to be your own boss.

Develop Your Idea: Consider what you enjoy doing and the type of skills you have and then explore the market to see if there are any obvious gaps.

Research the Market: The best market research can be done by you and is as simple as finding out the facts of the market you are about to enter, identify where customers will come from and define the likely size of the market for your product or service

Write a Business Plan: Writing a business plan will help to clarify your thinking and is essential for talking to banks, support agencies and potential investors.

Draft a Budget: Develop a realistic budget on the assumption that everything will cost more than you first think. You will always need more money than you’re initial estimates, so revisit your figures a number of times.

Appoint Advisors: Visit your Local Enterprise Agency and choose your accountant and solicitor to ensure your finance, tax and legal affairs are in order from the outset.

Choose a Structure Decide on the best structure for the business in the short and long-term and take the necessary professional advice.

Raise Finance: Decide on how much money you will need to start the business and identify where it will come from: self, family, friends, bank or investors.

Decide on a Location: Decide on a location for the business and whether to rent, buy or lease premises or, alternatively, work from home.

Recruit Staff: Decide on the number of staff you will need and the type of skills they will need to add value to the business.

Generate Sales: Decide how to use marketing and digital and social media to promote the business. Develop a sales plan and set monthly targets. Make your first sale, make your second sale and repeat.

Develop a Support Network: Develop links with support agencies and meet with and learn from other business owners, entrepreneurs and mentors.

SO, if you are thinking of starting a business research the market, organise your finances, seek advice and when you are ready MAKE A SALE.

What do you think? Are you thinking of starting a business? Get in touch, we would love to hear your views contact Nick on 028 8224 9494 or via Twitter @nick_oec.