At the beginning of 2016, there was a record of 5.5 million private sector businesses. More and more people are considering starting their own businesses and with reasons such as financial independence, designing your own career and creating a unique business idea, it’s no surprise that building your own business is becoming an increasingly popular career move.
Along with the pros of starting your own business, there will always be some cons, and unfortunately a large amount of start ups don’t make it past the first couple of years.
“Don’t let failure discourage you. Walt Disney had several failed businesses before he achieved success, Lady Gaga got dropped by a record label early in her career after just 3 months with them, and J.K. Rowling was on welfare (and a single mother) when she wrote the first Harry Potter” – Forbes
If you want to be a business owner then there are some considerations that you will need to look into that will help you strive towards success.
The first thing that you need to define is your reasons to start your own business – this may be because you’re motivated by self direction and personal freedom, financial success or self fulfilment. Defining motivations will help recognise success which will also help you set priorities and manage progress.
- Develop A Business Plan
Often people will skip past creating a business plan, however it is an important factor when starting up your own business. As well as detailed market research, a business plan allows you to communicate your visions, values, goals and predictions to others who may later support growth and secure funding. It is also important to have a unique selling point that differentiates your business from others.
- Effective Marketing
Marketing principles play an important part when creating a new business. Market research, recognising competitors and distinguishing target markets will allow you to build precise marketing strategies. To read more on low budget marketing strategies read our blog post.
- Financing The Business
Financing your own business does not come cheap. It will involve some initial investment on essential expenses such as office space, insurance, legal fees, equipment, marketing and branding (to mention a few) before turning a profit. There are various options that you have when it comes to funding, depending on your circumstances:
- Private loans
- Private investment
- Personal savings
- Borrowing against assets
- Family and friends
To find out how we can help with accountancy and marketing strategies so you can focus on business success then call our team on 01326 660022