Establishing your own business is an exciting yet nerve-wracking experience at the best of times. With the pandemic inspiring many people to take the leap into the role of business owner, in the midst of economic recovery within the UK, those first steps can be even more stressful but, in our opinion, however, the rewards that being a business owner can bring, far outweigh the stress you may feel at first.
So, how do you ensure that you get your business off to the best possible start? Below, we take a look at some of the top things you should do to make your start-up a success.
Understand your market
Whilst you may feel confident that you understand the industry in which your business operates, it is crucial that you understand the market that you will be serving. Whether you wish to operate on a local or national basis, ensure you take a closer look at your target audience and what your product or service can offer them, as well as your competitors, what they are doing well and what areas of the market are they missing that you can potentially capture.
Step into the role of business owner
Knowing your core business is one thing, but understanding how to run a business is entirely different. For those starting their very first business, there are a number of areas that you may have not had any involvement in within previous roles, such as payroll, tax, human resources procedures and so much more. At the outset you should understand the basics of running a business, over time you will gain more knowledge and, of course, there are plenty of fellow businesses out there that can provide the support that you will need.
Find your funding
Funding your business won’t just include initial start-up costs, but consider what funding you may need moving forward as your grow your business. There are countless financing options out there, some of which will be more relevant to your business operations than others, so ensure that you do your research before committing.
Build a network
A strong network of fellow business owners can make a huge difference at any stage, but this is especially vital when just starting out. They will be there to share guidance, advice, make recommendations and even give you referrals. Networking is one of the best ways to meet and get to know these fellow businesses, so take a look at local events near you. For Ellis & Co. our local Chamber of Commerce has provided a wealth of support and connections.
Choose the ideal accountant
Of course, every business needs a great accountant. So make sure you choose one that can offer you a range of services and support. For the team here at Ellis, this not only means providing traditional accounting, but also guidance on a wide array of topics including growing your business, financing, pensions, retirement and so much more.
Whether you’re considering setting up your own business or your start-up is in its first stages, we can help. Find out more about how our expert team of Chartered Accountants and Business Advisors can help your start-up to flourish by getting in touch today! Call 01244 343 504 or email firstname.lastname@example.org.