This may be because redundancy has produced unexpected free time and financial resources to pursue an idea, or it may be that budding entrepreneurs seek greater independence and what they see as proper remuneration for their efforts.
Whatever the reason, if you are thinking of setting up in business there are some basic considerations to think about :-
Are you fully committed? – starting a business requires dedication and enthusiasm. No half measures here. You must believe in your business and your ability to deliver.
Do you have the right skills? or know where to find them? – you will need financial, technical, IT, marketing and possibly managerial skills to get your business off the ground. If you can’t tick all of these boxes yourself training is available, or promoting key employees can often fill the gap.
Do you know your market? – understanding where the competition will come from and how to distinguish your product from theirs is the key to success.
Once you have answered these 3 basic questions there will be other considerations :-
- Have you formed a Business Plan that your Bank will accept and lend against?
- Is yours to be a sole trader, partnership or Limited Company venture?
(Different rules and considerations will apply, depending upon the choice you make).
- Have you considered accountancy and tax aspects and found yourself a good Accountant?
- If staff are involved, have you got Contracts of Employment to roll out that comply with current legislation?
- Have you found premises to operate out of that provide security and flexibility into the future?
- Are your terms and conditions fit for purpose?
- Is your website (and social media skill) up to the mark?
The list goes on! Hopefully you have answers to those questions that apply to your business. Your strategy has to fit your situation and your budget.
Professional advice can seem expensive, but it can save money in the long term by helping you to avoid some of the problems that beset new businesses. If you would like to discuss the needs of your new business give us a call to find out more.