We have embarked upon a new year with all of the promise that that holds. The circumstances of life can weigh heavily upon us and we feel like they get in the way of what we really want to achieve. But it is a new year. Have you come to a point where you feel you will regret not trying something that you have always wanted to do? Have you decided to follow your dream by starting a new business, but are not sure how to proceed?
Literally thousands and thousands of individuals, couples, partners and groups of people set up their own businesses every year. The inspiration for setting up might be a great idea; or you might just want to work for yourself. Some people think that they will be able to make a lot of money by starting out by on their own. These reasons for starting a new business are all valid. You will, however, need motivation, commitment and drive if you are to make your new business a successful one. Enthusiasm is important, certainly; but without a sound business plan it is likely that you will find yourself struggling to get your new business up and running.
When starting a new business, you will need to take into account the following:
- What will the business run as? What form will it take? – Private limited company? Partnership? Limited liability partnership? Co-operative? Social enterprise?
- What are the physical requirements? Will you need premises? With special equipment? Are there licence and insurance implications?
- Will you need financial support? – Bank loan? Private investment? Or can you afford it yourself?
- Have you got what it takes to make it work? Do you need to invest in training?
There is no right type or wrong type of individual to run a new business. The key factor at play is this: if you are determined to make it succeed and you are prepared to put in the necessary hard work, then you have everything that you need.
When starting a new business, REMEMBER…..
You will need an idea that can realistically translate into a product or service. It’s quite possible that you have had an idea for many years. Now is the time to start planning and implementing a strategy for how it’s going to work. You might well need to register your idea with the relevant body – patent office, PRS, other intellectual property – such that no other person may replicate it without your permission.
You will have to do the relevant research for your new business: identifying who your target audience is; discussing your product or service with focus groups or collecting questionnaires; collecting feedback; interpreting the data. When starting a new business, you have to be prepared to go back to the drawing board without being resistant to making changes to the product or service you are offering.
The business plan for your new business
When you have ironed out the creases based on revisions to your idea, write your business plan. Within the plan for your new business you will need to show the results of research and the interpretation of collected data. This will link up with how you set goals for your new business and what those goals are. It is recommended that legal advice be sought at this point.
Finance and your new business
Money is the driving force behind a business. You will need sound advice. An accountant and a solicitor are vital professional allies to your new business. Administration is necessary in business. If you don’t like to get bogged down in detail, you will need someone who does.
Setbacks and your new business
Setbacks are inevitable with your new business. The manner in which you deal with them and overcome them will be essential in determining whether your new business succeeds or not.
Involving others in your new business
When starting a new business, put together a list of potential suppliers and request estimates or quotes. This sets up new relationships on a professional basis enabling easier negotiation. Speaking to a broad range of suppliers will allow you to judge which of them are reliable. You will need to find suppliers and may need to find a business partner. If you are going it alone you will still have to work with other people such as suppliers and distributors. If you are looking for a co-founder, choose the individual based on their skillset: someone with a different background is useful, with different expertise. This will provide you with someone with who you may consult where your knowledge and experience is lacking. Doing this will also allow you concentrate on areas where you have expertise.
Sourcing the expertise of your business partner and applying it to areas in which you have little or no knowledge is important. It is also of vital important to invest in next-generation skills that will enable you to compete in your market with up to date knowledge of current marketing methods, current legislation, the latest thinking on leadership, and project management skills. With this vitally important investment to consider, Alternative Partnership would recommend investing in our suite of online Business Skills courses.
We offer Courses in
- Facebook for Business
- LinkedIn for Business
- Twitter for Business
- Social Media for Business
- SEO for Business
- Data Protection in the Workplace
- Conflict Resolution in the Workplace
- Equality, Diversity and Discrimination
- Stress Management
- Time Management
- Leadership Skills
- Presentation Skills
- Project Management
- Customer Service
- Disciplinary Procedures
- Anti-Harassment and Bullying Policy
For further details and for a free trials on the courses, follow this link: