Starting up your own business is one hell of a job. Some of the guys and gals who are editors for this website have made this big jump in their lives, and they can all tell you that it isn’t easy. However, we don’t want to scare you off and think it’s impossible either.
It is very much possible and we’re here to show you how to do it. Probably the most important thing you need to have BEFORE you even start thinking about starting your business is motivation and ambition!
This may sound logical or a bit weird; however it is one of the most important aspects of being an entrepreneur. There are so many people out there with good ideas who want to start their own business, but who also lack the discipline and motivation to work hard each and every day.
So let’s get down to the practical stuff. In order to start with a business you (of course) need to come up with a good and realistic idea that you can turn into a product or service for your company.
Let’s say you have found a service for you company you think there’s a market for. Or perhaps you have invented something that people would want to buy from you. It is important to know how to protect your (intellectual) property from the very start. In order to prevent people from copying your idea without your permission you should find out how to register your specific idea.
Depending on your specific situation, papers and forms for registering your ideas can be found on the official government website.
Now in order to turn your idea into a real business there are some other important and crucial things you must do before registering your new business and start trading or selling.
- Researching your market is one of the most crucial things to do before starting up. You might have a good idea, but have you already looked around and found similar business dealing in your idea? If there are none, how do you know that people are going to buy your product or service?
- Planning and developing your product with real life customers will allow you to find out new things about your idea. Test your product, change crucial aspects test again and change it again. This way you can use feedback from your (potential) customers to improve your idea.
- Find partners and suppliers. It’s pretty hard to do everything on your own. That’s why you have to think about and approach people or organizations who you’re going to work with in the future.
- Set up your business. In order to set up your business you need to know what kind of legal structure your company’s going to be. Most businesses in the UK are: sole traders, limited companies or business partnerships.
- Find funding. Try and find several different sources of funding for your business. This includes bank loans, own money or government-backed schemes.