HOW TO START A SMALL BUSINESS
1. Think of a business idea
Are you thinking of starting a business, you first need to come up with a realistic idea you can turn into a product or service.
Find local support, including help with developing business ideas.
2. Turn your idea into a business
Research the market - is your business going to be viable, is there lots of similar businesses which could make it difficult for you to stand out or compete with. Identify potential customers, would they buy your products? Asking a group of people what they think (not friends and family - unless you have brutally honest ones!)
3. Name your Business - Choosing a company name is one of the most important things to consider when forming a business . It is also one of the very first decisions that you will have to make – as a result, it’s always best to do your research and plan thoroughly before choosing one.
4. Test the Market - test your product on real customers, get their feedback, make changes and test again. Keep doing this until you know there is a demand for your product.
5. Find suppliers and/or Partners - think about who you’re going to work with to develop and sell your idea. Make sure you develop a relationship so that they understand this is a new business and are willing to help the business grow.
6. Set up your business - once you have everything in place, register your business with company house, become VAT registered (if you need to) or register for self employment.
7. Funding - do you need it? If you need funding ask your business support what grants, loans and options are available to you and your business. You maybe eligible for a test the market grant to help you start your business.
These steps will help you on your way to starting your own business, always ask for help, go on courses about accounting, advertising etc. so you have as much information as possible.
If you would like any advice from us please feel free to contact us.
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Posted by By Jenny on 7th Aug 2017