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Hindsight can be a wonderful thing

Quite often we see questions appearing in forums about hindsight and what we would have wanted to know before we set up in the world of business.According to the Federation of Small Businesses, small businesses accounted for 99.3% of all private sector businesses at the start of 2016 and 99.9% were small or medium-sized (SMEs).

Many individuals dream about setting up their own business and about being their own boss, we know, we have done it.  Sometimes it can seem like the moment is never right, but when it is time you will know.

There are a number of things that you will need to think about before starting a business and below we have outlined our top eight tips to help you on your journey and if you have already started on your first steps then we may have flagged something you missed.

 

Decide on your business idea

This may sound like an obvious tip, but you will be surprised how many people have a number of ideas floating around in their head. Make a list and follow our tips below to help you grow or launch your business idea.

 

Make a business plan

In your head, your plan may be fantastic, but as a business, it may not. By writing a business plan you can set goals.

 

Transferable skills

Experience is key.  Write a list of transferable skills and you will soon see what you can achieve and how well you will do.

 

Do your research

Check out the competition, market research is essential for small businesses that are selling physical goods. If you are offering services, then check out your local competition to see how they work, their costs and whether you can compete.

Talk with your ideal customers and clients, check out the demand. This will save you a lot of time in the future.

 

Brand and build

From the offset start building your brand.  People will recognise, buy and share from those they know and trust. Social media channels don’t cost anything at all and are an easy way to start.  Branding doesn’t have to be expensive; there are many tools out there to help you that are free.

 

Shout from the rooftops

Networking and communication are so important for sole traders and small businesses especially if you are working from home.  Shout from the rooftops and talk to people, potential clients or customers will only know about you if you are pro-active.

 

Learn from your mistakes

There may come a point in your business where you make a mistake and feel ready to throw in the towel.  Take a moment out, breathe and learn from the mistake.  You’ll be glad you did and this will make your business and you stronger.

 

Make sure you are covered

Many small businesses start out without any idea about the legal aspect of what they are doing and how they should move forward.

This can relate to insurance, HMRC regulations, Money Laundering Regulations, Tax, Employment and more.  Be sure to ask for legal advice should you have any doubts. Remember, though, our advice is basic and generic.

Spend time on you and your objectives and your business will be a triumph. Believe in yourself and know that you are not alone; there are many others like you in the same boat.

 

Seek, speak and connect

If you need help with any professional aspect or need pointing in the right direction then get in touch, we have been there and we know a wide network of professionals that could help.

Over the months and years your business will grow, ours is and you will start to see changes soon, learn to adapt and change.

Be bold and good luck on your journey, it’ll be worth it.