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Things to consider if you're thinking about setting up your own Business
There are currently 5.6 million small and medium sized businesses (SMEs) in the UK. Proof that with a good idea, passion, hard work – coupled with access to the right guidance and resources – you can set up a business and start to trade successfully.
The thought of starting a business is exciting. But can also be daunting. And you will soon have more questions than answers. isme|&|co has been created to make it easier to find the answers you need.
Whether you’re wondering how to register a business or how to develop a winning business concept, isme|&|co can help provide you with the information and support you need.
isme|&|co is here for you. Providing access to information on how to define your business concept, what you’re going to need to start your business, creating a business mission, and how to take your first steps as a new business.
How to define your own business concept
So, how do you start your own business? When thinking about how to set up a business, one of the first things you need to consider is how to develop your business concept and define exactly what your business proposition is. What will your business do? How will it do it? What will make it competitive?
Starting a business is challenging and requires a high level of commitment. It’s important you are passionate, serious and committed about your business idea.
Once you have a business concept you’re passionate about, it’s good to understand how to develop your skills. In aspects such as marketing, sales and leadership. Whilst continuously taking time to make sure your business concept has the potential to be successful?
Test your idea. Asking yourself questions such as:
● Is there a gap in the market for your business concept?
● Who are your competitors and how are they doing?
● Is your business model realistic?
● How long will it be until your business makes a profit?
● How might the market for your products or service change over the coming years?
● What are the immediate Top 3 business goals for your startup?
Consider preparing a SWOT analysis to help you evaluate your idea. A SWOT analysis examines the potential strengths, weaknesses, opportunities, and threats of your business concept. This will help you understand how realistic your business idea is. It will also help you highlight the business’ potential, define your start-up business goals, as well as identifying any issues or risks that need to be addressed.
How to validate your idea
Before investing too much time and money, it is important to first validate your business idea.
Start researching your intended target market. Gather evidence and data to test your assumptions against.
Speak to other people. A reasonable and obvious place to start is with the people you know. Friends, family and individuals in your existing network. People you trust. Explain your concept to them and listen to their thoughts and feedback.
If everything still stacks up, then consider conducting more formal and structured User Group validation sessions. Designed to test your thinking with people who are less likely to say what they think you want to hear. Select representatives samples of your target customers.
Document your findings. Then take time to sit back and reflect. Before refining your business concept, as required. Use the information you have gathered to set your priorities. Defining a series of milestones and the targets you aim to hit.
What do you need to start your business?
Once you have a sound business concept, and are happy that you have validated it, think about what practical elements your business will need to be able to run efficiently and successfully.
Consider whether you have access to the appropriate resources, skills and equipment:
Qualifications
Certain qualifications, such as health and safety training, are mandatory for all businesses. But your business may also need more specific training depending on what services you offer. This is also something you will need to consider when it comes to your employees.
License or permit
Will your business operate in a regulated industry? If so, you will need the relevant licenses or permits.
Equipment
Will you need any particular or specialist equipment? If so, provision for this will need to be made in your Business funding and finance plans.
Products
You also need to consider whether you want to sell products to customers and/or businesses. If the answer is yes, you need to go through a similar process to when you decide on your business concept, using a SWOT analysis to weigh up the strengths and weaknesses. It is also important when thinking about your products, to consider your branding and marketing strategy plans.
Property or facilities
Do you need an office, production or storage space to run your business? Or will it all operate remotely? Could this change if you hire more employees? Where do you need to be located? Do you know how much renting space in that area costs? Are you planning on opening a physical store to sell goods to your customers? Consider whether you want to rent or buy your premises.
You will also need to consider the appropriate legal structure for the business. With options for operating as a sole trader, or registering your business as a limited company, or form of partnership.
Think about Values, Mission and Vision
Think about what are the guiding principles you wish to set for your Business.
What is it’s Purpose? It’s Mission? What core Values do you want it to operate with? And what is your Vision for the Business going forward?
Creating a formal Business Plan
A formal Business Plan provides details of how you propose to deliver your Business Strategy. When creating a business plan, you should be explaining where your business is now and where you want it to be at a particular point in the future – say in 3 to 5 years time.
Together with details of how you intend to set about getting there. Some of the key elements you should consider, include:
An overview and introduction to your business
A practical introduction to what your business does and and how it does it. The principal inputs, key processes and the major outputs. The nature of the market it operates in.
Details of your market strategies
How do you currently reach existing and potential clients, and how do you want to be reaching them in the future?
Competitor analysis
What are your competitors up to? Are they exploiting any markets you currently aren’t serving? How does their approach differ? How can you create and maintain competitive advantage?
Operational plans
The key resources used in your business - materials, human resources, equipment, funding and others. Organisation structure. Management span and control. Key systems and processes. Plans to maintain operational efficiency, and any productivity improvements.
Financial forecasts
Typically 3 year projections including details of forecast income and expenditure. Together with cashflow and balance sheet forecasts.
Resource plans
Setting out details of the financial funding, human resources, equipment, and other resources required to deliver the financial forecasts.
Regulation
How will you obtain and maintain compliance with applicable regulations?
Risk analysis
Identifying the principal risks to delivering the financial forecasts and creating (and maintaining!) an effective risk register. Forming the basis of your ongoing risk management process.
Key assumptions
A list of the key assumptions made in preparing the business plan, in order that these can be clearly understood by the reader.
Creating a business plan will help frame your business and allow you to think about where you want your business to be in the future. And when used correctly, and reviewed and updated periodically, will allow you to consider whether the assumptions made were correct. What worked and what didn’t work the way you had planned.
Understanding how to set up a business is the fundamental first step of any successful company. By following these steps and carefully considering how to start your own business, you can join the 5.6 million other SMEs currently in the UK.
At isme|&|co we are dedicated to supporting new, and existing business owners. Providing access to the information and help that you and your new start up business deserve.
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