You’ve had this great business idea for a while, you’ve mulled it over, discussed it with loved ones, and now, you’re ready to make it a reality!
But where do you get started, what are the key things you should be considering and are you really ready to make your business aspiration a reality?
We aim to help you tackle some of the basics of starting your business journey in our latest blog:
1. Developing your ideas
Every successful business starts with a great idea or passion, but how do you transform that idea into a strategy, something more tangible that you can use as a basis for building your business?
It’s time to work on your business plan.
Whilst creating a business plan can sometimes feel like an unnecessary formality, it provides the structure to ensure your idea is viable, defines the plan for the earliest stages of development and ensures you have adequate financial and external support to transform your vision into a reality.
So, what key things do you need to consider as part of your business plan?
- Research: Is there a gap in the market, how will you differentiate and who are your competitors? Just some of the questions you should be answering as part of your research.
- Identity: Think about your name, your brand and what you stand for. Don’t forget to Check your choice of company name and make sure you can register a suitable domain name as early as possible.
- Objectives: What are your short-term, medium-term and long-term business objectives?
- Strategy: Think about the how, when and the order in which you will execute your plan.
- Financials: Explore how you will finance all aspects of your business including staff, premises, stock, assets and suppliers.
- Partnerships and Suppliers: Consider your key business partnerships and the companies you will need to collaborate with along the way.
If you are stuck on how to get started with your plan, you’ll find some great templates, resources and tips for your business plan online.
2. Choosing Your Location
Your location/place will play a fundamental role in your business and its development. Whether it’s the place that you work, where you deliver your service to your clients, where you manufacture or where you store your products, it pays to give your physical location some thought.
- Are you running an online business and have you considered the quality of Wi-fi in your area?
- Do you need to supply a physical store and have you thought about your logistics and supply chain?
- Do you hold physical stock and need to think about additional storage?
- Are the skills you need for your business accessible in your location?
Even with a huge shift in ways of working, prompted by the pandemic, location will remain an important consideration in your business journey.
3. Securing Finance
It’s an exciting time for businesses and entrepreneurs looking to start out, with a growing number of financial options and support to help you kick-start your business. You may be financing yourself or with help from your family, seeking a bank loan or there may even be relevant business grants you can apply for in your desired business area.
The truth is, there are now financing options to suit every business need and these are continuing to evolve.