Have you always dreamed about being your own boss? Perhaps you’ve had enough of taking orders from others and you’ve decided now is the time to strike out on your own and set up a company. The data shows you’re certainly not alone, with the UK government reporting 390,000 business births in 2019.
There are no guarantees of success, however, and it’s estimated that around 60% of start-ups will go under within three years. So, how can you avoid becoming just another statistic? Here are a few steps you can take to give your business the best possible chance of thriving.
Do your research
First of all, it’s crucial that you assess the market you’re going to be operating in. Is there a demand for your product or service? What is the level of competition in that sector? Are you going to be able to go toe-to-toe with them, or will you be acting as more of a disrupter brand? It’s important that you have a handle on all of these considerations before you get started.
Write a business plan
Armed with the information gleaned from your market research, you can start to put together your business plan. This will outline both short-term and long-term goals, identify avenues of funding and map out a strategy of how you will go about reaching the objectives that you’ve set. It should also include a contingency detailing actions to be taken in the event that your revenue targets are not met.
Assess your funding options
There are plenty of options for you to consider when it comes to business finance support. It might be that you’re eligible for a grant from the local authority, or you may take the more traditional route of applying for a loan through the bank. Recent years have also seen the emergence of alternative options such as crowdfunding platforms, so be sure to weigh up all your choices when it comes to securing that all-important capital.
Find a suitable premises
Will you be able to run your empire entirely from the comfort of your own home? If not, it might be that you’ll require an office space, a warehouse for storage, or a workshop to craft your wares. Whatever your situation, you’ll need to take the time to find a premises that is perfectly suited to your line of work.
Obtain the necessary tools and equipment
Depending on your industry, it might be that you’ll need to accrue some fixed assets. For example, if you’re setting up a carpentry business, you’ll need all manner of tools including screwdrivers, hammers, saws, chisels and planes to name just a few. Similarly, if you’re going solo as a personal trainer you may need to acquire gym equipment such as barbells, dumbbells, resistance bands and medicine balls.
Complete the relevant paperwork
When you register your business there are a wide range of administrative tasks that need to be completed. You may have to obtain licenses or permits, for example, while you’ll have to take out insurance in order to protect yourself and your company. There are also various laws regarding selling online and importing and exporting goods, so make sure all your paperwork is in order before you start trading otherwise you could leave yourself open to legal action.
Market your business
You might be offering a revolutionary product or service. However, if nobody knows about it then your business will never get off the ground. Get the ball rolling quickly with your marketing campaigns – be that through email, social media, print, word of mouth, or a combination of all of those. The sooner people are aware of your venture, the sooner you can start out on the road to success!
Photo by Charles Forerunner on Unsplash
About the Author/s
The New Jersey Digest is a new jersey magazine that has chronicled daily life in the Garden State for over 10 years.
