Are you ready to start up a new business?
Some of the fundamental areas you should consider while seeking financial support and advice include:
You need to research your target market and your competitors. Many new businesses fail because they have not spent enough time on researching their business idea and its viability in the market.
There are no guarantees that your business will make money for you straight away. You should aim to have sufficient reserves to last several months without an income from your business. To achieve this you need to forecast your financial needs, assess how much money your business will make, manage Cashflow and consider ways to reduce your spending.
Your management and support team have a pivotal part to play in the overall success of your business. Additionally, should you need to look for external funding, the management team you have in place can be a decisive factor. You will need to be able to explain who is involved, their role and how it fits into the organisation. You will need to demonstrate that your management team has the right balance of skills, drive and experience to enable your business to succeed. Key skills within your team should include sales, marketing, business and financial management as well as production, operational and market experience.
A recent study by Andrum Consulting among business people revealed that UK entrepreneurs score highly on ideas but are lacking on organisation. Click here to read the full study.
Your Intellectual property is what sets you apart from your competitors. It could be your company brand, invention, design or creative work. The Intellectual Property Office can provide you with more information on this aswell as Patents and TradeMarks.
Family Run Businesses
A family business can bring valuable benefits compared with other businesses – from greater trust between staff to increased flexibility. However, without careful management there can also be problems – from family members lacking critical skills, poor communication to clashes over pay.
Naming your Company
One of the hardest things about starting up a business is deciding what to name it. Whether you play safe and form a name from an owner name, opt for something original, memorable or make a word up – there are no wrong answers. However, you may wish to consider a traditional sounding name for a traditional product or a modern sounding one if your product is high tech. You will also need to check with Companies House that the name hasn’t already been taken.
Buying a Franchise
Taking on a franchise is an option worth considering for anyone who wants to run a business but doesn’t have a specific business idea or prefers the security provided by an established concept.