Thinking of starting a business?

Many people dream of starting their own business for a multitude of reasons; being your own boss, creating a better work life balance, the satisfaction of creating something from nothing or because you are passionate about a particular cause.

Choosing this path can be incredibly rewarding, but it doesn’t come without challenges. To give yourself the best chance of success here are some key considerations for every budding business owner.

What is your passion?

Your business is far more likely to succeed if you centre it around something you love and believe in. What makes your eyes light up? What stirs an emotion within you? What would you do, even if you were not being paid for it? What matters to you?

It also helps to be good at whatever it is you want to offer in your business,

What personal qualities do you need?

You are going to need a strong work ethic. In the beginning the success or failure of your business is going to be down to you. The business will require time and effort and for a while the balance will be in favour of the business.

You need to be a self-starter, proactive and creative. Good business owners are proactive, not reactive. They actively seek out opportunity and improvements to move the business forward.

Staying power and resilience are also vital. There will be tough times, it will not always go well, and you need the strength and capacity to dig deep and keep going (believe me, I know!) A positive mindset is required.

You need to have a vision, know where you want to go, but you also must have an eye for detail to monitor how things are going. You need to be able to make objective decisions about the business and sometimes these must be made quickly. You must be decisive.

Research, research, research.

Knowledge is power, especially in the business world. Dive deep into research about your chosen industry. Understand your target market, competitors, and current trends. This information will be the foundation of your business plan, helping you make informed decisions.

Creating a solid business plan.

It is worth taking the time to put together a through business plan. Without a plan your business has little clear direction and it can also act as a framework against which to take future decisions. Outline your business goals, target audience, marketing strategy, and financial projections. A well-thought-out plan will guide your actions and provide a benchmark against which to measure your progress.

Financial Fitness.

Calculate your startup costs, set a budget, and create a realistic financial forecast. Being financially prepared is key to weathering the initial challenges of entrepreneurship.

Work with your accountant and business mentor to establish key performance indicators and learn to understand the story around your numbers so you can use the analysis and insights to grow your business.

Legal structure

Choose a legal structure that suits your business, whether it’s a sole trader, partnership, or Limited company. Register your business with HMRC and Companies House (if appropriate) and ensure compliance with the relevant statutes.

Embrace technology.

Technology can be a game-changer for small businesses. Explore tools and software that can streamline your operations, manage finances, and enhance your productivity. Embracing technology will give you a competitive edge.

Branding and marketing.

Building a strong brand is essential for standing out in a crowded market. Develop a memorable business name, design a distinctive logo, and establish your online presence. Social media can be a powerful tool for reaching your audience, so leverage platforms that align with your business.

Networking and Mentorship.

Surround yourself with a support system. Attend networking events, join industry groups, and seek mentorship from experienced entrepreneurs. Engage with professional support that goes beyond keeping you legal and offers expert insights, guidance, accountability, and ongoing support.

Becoming a business owner is thrilling and fulfilling at the same time as daunting and challenging. Success requires careful planning, dedication, a passion for what you do and a commitment to continuous learning. Remember, it’s okay to seek help and guidance along the way. Your business journey is uniquely yours—make it a success story!

How we can help

As well as traditional accountancy services, we offer financial business coaching. We can help you set your goals, write your business plans, and teach you to know your numbers so that you can use them to make better decisions. We are here to support you from deciding on your structure to making your first sale. We want to be part of your support system.