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10th Feb 2017

How to... Start Your Own Business

STARTING your own business can be an exciting and challenging time. Here are fives steps that will help you get started.

1) RESEARCH

The first thing when thinking of establishing a new business is to take the time to do research on your market.

This doesn’t have to involve substantial costs, you can find out key information by taking the time and undertaking it yourself.
This will allow you to establish your unique selling point, assess your competitors strengths, weaknesses, opportunities and threats within the marketplace. It will also give a clear picture without any further investment at this time as to the viability of your proposition.

2) BUSINESS PLAN

It is vital when you are starting a new business that you take the time to put together a detailed business plan based on your research and setting realistic budgets, forecasts and timelines.

When carrying out strategic, operational and financial planning being realistic is crucial and critical as to your long term success.

3) SUPPORT

Surrounding yourself with a good support system is invaluable whether it’s a friend, colleague or expert with business experience that you can brainstorm with, who will listen unbiased as to your ideas and give you objective feedback.

The business landscape is changing at a frenetic pace and an experienced opinion would be the ideal solution.

It is crucial that you keep reviewing your strategy on a continuous basis to reflect the flux within the business environment today.

4) NETWORKING

This is an ideal way of generating good business contacts and new business leads. The moment your business strategy has evolved, start attending networking events. Many events are free to attend and don’t involve sign up fees, another option is to join your local Chamber of Commerce which is a great way of meeting like minded entrepreneurs.

5) KNOW THE LAW

It is vital from the outset that you have an understanding of the legislation and laws involved in your chosen industry, health & safety, HR, accounting procedures and payroll obligations. Not following the proper procedure from the start can incur costly fines and penalties that could have been avoided at the start.

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