When starting a new Company, there are so many factors to consider therefore have a plan in place to ensure that you have researched, discussed and planned every aspect will be very important. Every area of setting up a business will need the same attention to ensure that your business has a chance of success. The planning stages of starting a new Business should take time and will require research and careful planning. Here we list 25 of the top tips to consider when planning to start a new a business.
1: Research your market
This means researching your target market and how you will reach your customers. These are the people who are going to buy your products and services. Question you should be trying to answer is why customers are going to buy from you and not your competitors.
2: Location, location, location
As Kirsty and Phil will tell you, location is such an important factor when setting up a business. Just because you see an empty premise in your high street dose not mean you can just take over the premises and start a business that will be a success. Location is such a key factor in the success of any business especially if you need footfall into your premises. Therefor choosing a location is really important and should involve plenty of research into costs, customers and competition to name just a few.
3: Start-up costs
Start-up cost are very important to any business and this may vary greatly depending on what business you are starting. For example, offering consultant services may require minimal costs compared to starting a coffee shop or restaurant where you will then need to purchase significant amounts of equipment and your overheads are going to be far greater.
4: Have a business plan sorted
A business plan will show how your business will grow in terms of sales and provide an overview of costs and the reality of how much you will need to fund your start-up in the initial phase.
5: Discuss your ideas
This is essential when starting out. Discuss your business ideas with fellow family members, friends or other work colleagues who will be able to provide honest feedback. If you know somebody who already owns their own business, then even better. This feedback could be essential in the future.
6: Take your time
Most new businesses do not become a success overnight so take your time in starting and planning your business. Be realistic to how quickly business can grow.
7: Start small and grow big
There are many small businesses that are huge success. Some of the small profitable businesses are in small niches and as a result can become a big player in that niche. It’s fine to be small and profitable and then grow big as you will have a successful formula. to be small and earning loads of money because once you have found success you can duplicate your formula.
9: Start a business whilst being employed
For security purposes, this can be a great option that will still offer personal security whilst you build up your new business. Starting a new business can take up to 6 months to make revenue therefore testing your business idea whilst you are still earning could be more sensible.
10: Know what the government and tax office need
There are usually lots of red tape to get through when starting a new business. Registering with HMRC and VAT, setting up a limited company and registering with Companies House to sorting out PAYE are all important tasks that will need to be completed depending upon what business structure you will be operating.
11: Hire a professional accountant
Seeking a qualified accountant can be an important step when setting up a new business. This advice and guidance will be important when managing the finances of your business.
12: Have Separate your personal and business bank accounts
Having a separate business and personal account is always advisable which will ensure your business and personal finances are kept separate.
13: Spend time on your pricing
Choosing the lowest price is not always the way forward. Look at your competitors and review their pricing. High pricing may perceive better quality so you would need to be able to offer that. Starting at lower prices may be difficult to increase in the future so pricing really needs careful consideration.
14: Start a business in something you know
If you want to start a business but have no experience in the field, then this could be risky. Your research and planning should be very thorough to bride this gap. However, starting a business in a niche or area that you are familiar with could be the way forward.Do Something You enjoy
15: Do something you will enjoy
Starting a business is going to be hard work so at least start a business that you will enjoy.