If you’re thinking of starting your own business, this is such an exciting time! However, you do need to make sure that you think everything through properly, so you know that the business is viable and you are going to be able to afford it. It is so much better to figure everything out before you invest, so that if you realise it’s not the right time, you haven’t lost any money and you can just wait a little longer until the time is right.
Create A Business Plan
The first step you need to take is to create a business plan. This will outline everything you have planned for your business, including an executive summary, company description, unique selling points, market analysis, management plans, organisation, supply chains, marketing and sales, funding, financial projections and so much more!
A good financial plan can take months if not years to get right. So, get advice from mentors so you know what to include, take your time and take this stage very seriously. Without a detailed business plan, you won’t get very far!
Speak To A Financial Advisor
Once your business plan is in place, you need to present it to a financial advisor including all of the projections, and they will be able to tell you if it is financially viable. This is perhaps the most important step in the process, as if you progress without knowing the finances through and through, then you are highly likely to run into issues later down the line.
Financial projections should be around 3 to 5 years into the future, with the first year having very detailed and data driven forecasts. Be realistic at this point and if it’s not quite right yet, take some time and wait until it is. This gives your business so much more chance of being a success long term!
Figure Out The Logistics
Once you know whether or not the business will be able to go ahead, it’s time to start figuring out the logistics. You need to start implementing components from your business plan, which might be setting up your supply chain, creating your website or so many other different things depending on the business! This will be a long process, but as it’s such an important one, it is worth it!
Get The Insurance You Need
Next up, you need to start thinking about getting the insurance you will need for your business. From whole turnover insurance to employers liability insurance and professional indemnity insurance, without the right cover, you could be faced with significant financial issues if a claim is ever made against you. This may take a small amount of investment, but it will be worth it in the future.
Work With A Design Agency
Having a strong brand is absolutely essential for any business, so making it a priority early on is key to long term success! Working with a branding agency Manchester or London will help you to access some of the most talented designers and innovative teams in the country, who will help you to build a very strong brand that will compete in very saturated markets. With a strong brand and the right idea, the sky is the limit.
Overall, starting a business is so exciting but you need to be sensible to make sure it’s the right time. Once you know it is the right time, take your time so everything is right the first time round and you will reap the benefits for years to come! Good luck with your business and we hope that it is a great succes.