At the start of the New Year, many people will be considering their resolution as they move into 2018. Most individuals will look to joining the gym, or altering their diet but a few will be dreaming of starting their own business.
Whether by yourself or as a team, starting a business is a large but very rewarding leap of faith that can change your life. Here at Aston Shaw, we want to see local businesses succeed and thrive which is why we want to provide only the very best advice to those taking their first steps into the world of business.
There are many benefits of running your own business; you’re your own boss, you can decide when you want to go on holiday and you have the pleasure of providing others with a job. You also have the drive and motivation to stand on your own two feet and shape the way you want to work.
The other side of the coin is the risk involved. Depending on how you set up your company, you may be liable for a lot more money than you put in, and you could end up owing someone else money. You can set up a business with a loan, your own savings or a mixture of both; whichever way the investment is set up, you are responsible for what you do with that money and ultimately it is you who controls what return that money generates. Within the first 5 years, over 50% of businesses fail to stay afloat, so it is imperative you have done your research and you are 100% certain there is space for your business in the market.
The first steps to creating your business are simple to follow but easy to get wrong:
- Your Idea
- Your Research
- Your Plan
- Your Funding
One of the most important and overlooked stages is research. Thorough research can give you a head-start and provide a firmer foundation than simply diving in without any idea if and how consumers may respond to your business. It is also extremely important that you not only research the market, but also the ways you can minimise your costs. Whether it is rate relief, employer allowance or any of the available tax reliefs, saving money will improve cash flow when trading begins.
When thinking about your business idea, it is important to keep the following questions in mind:
- What kind of business do I want?
- What products or services will my business provide?
- How much money do I need to get started?
- Who is my competition?
- How will I manage my business?
- What taxes do I need to pay?
- Who is my ideal customer?
- Is my idea feasible?
So, if you’re thinking about starting a business in the New Year (or anytime) we are fully equipped to answer any of the questions raised above and provide you the best advice to get you set up efficiently. Our Client Managers have a wealth of experience dealing with start-ups, particularly in the East Anglia region and by utilising that experience they can advise you on all the common pitfalls and stumbling blocks to avoid. Starting a business can be a minefield, so it is vital you are guided every step of the way. Get in touch to find out how we can help.