Janine Smith, Head of Growth Services at the Business Growth Hub, shares some top tips for starting and growing your new business.
People decide to set up their own business for many different reasons but having a plan and the right support can often mean the difference between success and failure. We help our clients with all aspects of setting up and growing a business, from writing a business plan to finding a lawyer so here are our top five tips on what to consider if you’re thinking about going it alone.
Have a strong business plan
A strong business plan is crucial because it is the showcase document for your business and should include your business aims, strategies, market and financial forecasts. It is the single most important document you will share with your bank if you are seeking funding.
Know your market
Unfortunately just because a business idea looks great, it doesn’t mean that it will make money. It is crucial to do your research on your target market and your potential customers.
Explore your funding options
Never start a business under-capitalised – you must know all your options. You could consider personal investment, investment from others, bank finance and business angels or venture capitalist backing.
It is often your ability to get your product in front of people that can determine success and growth. Ensure you have a clearly defined marketing and communications plan that includes PR, advertising, direct mail, online and social media.
Don’t forget the formalities
Don’t overlook the formal aspects of setting up your business, such as accountancy and legal matters. Are you a sole trader, partnership, Limited Liability Partnership, Limited or social enterprise? Do you need to register your product or service or are you taking on staff? We can introduce you to a number of approved partners who work with many start-up companies.
Above all else don’t forget, working for yourself can be one of the most exhilarating and rewarding experiences you’ll ever have!
To find out more about the Growth Startup programme, contact the team on firstname.lastname@example.org or 0161 359 3050.