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Establishing your own business may be thrilling and difficult at the same time. You need to consider several things, like a good Business Plan, a budget, costs, regulations and more. In this article, we go through our checklist of 5 things to consider and to help Get Your Business Off the Ground.
Considering this checklist before starting your business may help to reduce the risks and challenges later on therefore giving you the best chance to position your business for success!
Do Market Research
Market Research will help you create a winning Marketing Plan. It is among the key factors that make market research crucial for businesses that wish to make informed judgments.
You must be aware of the needs and preferences of your customer base if you want your offerings to be well received as a way to grow your new business. You may get key facts about your competition and current products or services via Market Research. The outcomes give you information about the prerequisites of being impactful in the market.
By helping you to decide on product features, prices, and promotions up front, Market Research contributes to reducing risk. Additionally, it helps concentrate resources to where they may have maximum utility and gives you a plan to build on.
Get Adequate Funding
Access to Finance for your company is a big deal, it is arguably the most important thing if you intend to Start a New Business. You must accurately pinpoint the resources from which you can obtain capital for your company. Additionally, it is preferable to have a strategy in place in order to effectively manage a business’ budget.
Refer to our Business Finance & Funding FAQ’s page for some common funding-related questions.
Raising capital can be the largest obstacle to getting things off the ground. If you aren’t self-funding your business, you’ll need to seek out alternate ways to raise money and often business owners use several options together to launch their business.
Business loans might not be possible here as you may often not have a business’ accounts to loan against, and as a consequence you may need to look at Personal Loans to start off with. A modest loan can help you get going much more quickly, especially if you’re purchasing expensive equipment.
It makes sense to shop around, given the high-interest rates right now. Draw upon different loan provider estimates and compare them to get the best offer with an affordable payback schedule.
Grants & Other Options
There is often some grant funding available for those wanting to start their business so this is worth researching well.
Other options may include Crowdfunding, Angel Investments, Incubators etc. To know more about this, read our detailed separate blog on the subject.
It’s worth adding that it’s always a good idea to acquire accounting software in order to organise and keep track of finances and do cost calculations through revenue predictions before participating in any early-stage financing rounds. However, with Making Tax Digital (MTD) applying to all tax payers who file self assessments with income or turnover over £10,000 by April 2024 it is now vital that business owners have compatible MTD software to send digital tax returns.
Create A Business Plan
The steps you must take for the launch and growth of your business are laid out in the Business Plan. This document is crucial for giving your business a focus, attracting the right professionals, and maintaining financial health. A New Business Startup Plan assures that you present your business in the best possible light to others who are assessing it, so be sure to keep such a plan on hand and be prepared to provide it upon request.
Spend some time preparing the essential elements, such as:
- Your statement of purpose, objectives and aims of the business.
- A synopsis of your company.
- A list of the goods and services you offer.
- A review of the potential competition currently on the market at the moment.
- A list of the company’s decision-makers and a brief profile of each.
- Financial Plan, so people who look over it can see the opportunity.
Many entrepreneurs skip over competitor analysis, a crucial part of developing a Business Plan. However, it could come back to hurt you in the future.
Finding a niche in the market and understanding your rivals’ strengths and shortcomings in relation to your own is the focus of competitor analysis.
It’s important to analyse competitors because:
- You will learn how to improve your own business strategy with its assistance.
- It will explain how you may outperform your rivals in these areas to maintain customers’ interest.
- It will give you a strategic advantage over other businesses in your industry.
Have The Right Tools
Making the right business software purchase is vital for boosting operational effectiveness. It is a key component as you build your new business. Buy the software tools early so you can achieve your company objectives quickly.
Here are some of the best software packages that SMEs have to take into account:
Quickbooks – It is a good choice for bookkeeping and accounting software. Accounting software installation will guarantee that you are in control of your funds right away.
Xero – Is another cloud-based accounting software product allowing business owners to manage their finances. It has additional reporting and accounting tools to quickbooks but can be viewed as more complicated because of that reason.
Iris – It is an effective payroll software and is important for paying yourself or your employees.
Wix – It is recommended for website building. A website may serve as the public face of your whole company, especially for modern startups. Therefore, choose your website builder carefully because it will probably affect your subsequent actions.
WordPress – Is an alternative software for website building. It is preferred by some due to its SEO qualities and has plugin features and templates.
Shopify – It is a good eCommerce building tool to complement your online retail goals.
Monday.com – Is a CRM software that promotes faster sales processes that may increase brand loyalty and exposure. It is advised that you implement a CRM (Customer Relationship Management) system as soon as possible if your company will be engaging in any type of transaction.
HubSpot – It is a marketing software for developing and growing the brand. We advise using some type of marketing software to get started on building your brand’s awareness and attracting clients.
In addition to all these software packages, there are certain tools that you can access online for free, especially before setting up your business. Our Business Name & Domain Search Tool is one such source. It can help you easily sort out intellectual property questions related to your business name.
Get Professional Help
Entrepreneurs can never be experts in every aspect of running their new business. As the saying goes, a jack of all trades is a master of none. Therefore, making use of the expertise of seasoned professionals is useful to ensure that you get off to a good start. Help on the front of how to manage a small business, the legal and financial nuances, and a range of other things can go a long way towards your business goals.
Ensuring that your business is legally compliant is vital, therefore advice to ensure you are protected and carrying out all processes legally should be prioritised.
We sometimes think that seeking legal advice is only necessary when legal problems are at the door. Being proactive and putting in place preventive legal planning might be the greatest approach to put your company on the right trajectory.
When you seek legal advice after you’ve encountered an issue, it’s usually already too late or might have a serious negative impact on your company in the immediate and long term.
By helping you steer clear of danger before you ever get into it, investing in legal professionals early on in the life of your company pays off handsomely.
An accountant and bookkeeper are other wise choices for a business to invest in. It can be particularly difficult for one person to manage every area of a business, and this is one area that can be easily outsourced and by doing so may not only give you more oversight as to your cashflow and profitability. It should also ensure that you’re abiding by the relevant laws and paying the correct amount of tax along with advising you on what you may be able to claim as expenses or claim back such as research and development.
Community organisations and mentors can also offer valuable advice and professional knowledge. They may urge you to examine your progress in order to get knowledge and advice regarding the path of your organisation. Their input may also assist you in avoiding costly blunders.
Entrepreneurs can usually locate regional businesses or community groups on internet social networks. This doesn’t mean you have to always pay out regularly for this help, by networking and meeting other business owners it’s likely that you will gain a sounding board for your business.
It is worth bearing in mind that some of this professional help could be in the way of training, having some training on how to amend your website rather than having to pay each time. A bookkeeper may offer training on how to use the accounting software to allow you to use it to its maximum efficiency.
By considering our checklist above you will be well-positioned to have success in your business venture.
At Start.Biz, we provide step-by-step help to businesses and help them get off the ground in the best way possible. We have a team of experts who cover all business frontiers and stand ready to help you realise your business goals!
- Do market research. Be aware of the needs and preferences of your customer base to decide on product features, prices, and promotions up front to be able to reduce risk.
- Raising capital is a crucial component of launching a business. If you aren’t self-funding your company, loans, grants or other sources may be useful.
- Create a Business Plan that includes a statement of purpose, a synopsis, a list of goods and services, a review of the market, a Financial Plan, and profiles of the company’s decision-makers.
- Small business software purchases boost operational effectiveness. Some of the best software packages include names like Quickbooks, Xero, Iris, Wix, WordPress, Shopify, Monday.com and HubSpot.
- Consider employing or outsourcing for professionals such as Accountants, Bookkeepers, Website Developers.