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Starting your own business

Here are some steps and tips you will need to know about starting your own business.

You need to start with a realistic idea which you know can turn into a product or service. This needs to be useful for customers. Once you have this idea you need to think about turning it into a business. There are 5 key things which will help you do this;

  • Market research- By doing this you are able to look at other competing businesses and see what things they are doing to improve themselves- which you might be able to adapt within in your business. You can also identify potential customers and get a feel for what is really needed.
  • Plan- You will need to develop a plan, this can be done by testing your product on customers and seeing what the outcome is. If the outcome is not as good as you hoped make changes and then test the product again.
  • Find suppliers- Think about the people you are going to work with, develop and sell your idea to them. Make sure they are trust worthy and reliable, and they are the type of people you want to associate your business with. By drawing up a list of potential suppliers you can get estimates, start to develop relationships and
  • Decide on the legal structure- Set up your business and decide which legal structure is best for you. This means decide whether or not you are going to be a sole trader or a limited company etc. You will also need to decide whether or not you are going to employ people, if this is the case you will need to register as an employer with the HMRC.
  • Funding- Research where you can get loans from and which would suit your business better. There are a number of different ways in which you can do this, from government schemes- sometimes you can get funding from the government to test or develop your business idea. A bank loan- once you can show there is a market for your idea you can usually get a loan from the bank. Selling shares- when needing more investment you may be able to raise money to fund your growth plan by selling shares in your business.

For more advice or help on this call our Manchester offices to speak to a member of our team on 0800 020 9542 or email hello@JacRox.co.

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