Small Business

Starting a Business

Starting a business involves arming yourself with the right information, preparing a plan and working out if embarking on business is right for you and your circumstances. To help you on the journey, consider these steps:

1. Ready to start?

Not everyone is cut out for business. If you are thinking about starting a business, honestly assess your credentials for success.

2. Choosing the industry

Do a SWOT test – look at your strengths, weaknesses, opportunities and threats (SWOT) before going any further.

3. Investigate yourself

Ask all the hard questions – how much money do you have? Do you need to borrow? How much? Are you asset rich or asset risky? Do you need training? What are your strengths and where do you need help? Are you happy to invest all your time, money and energy for little return initially?

4. Do the numbers
Add up the costs you expect to fork out – all of them.
Have a look at the different costs you could face.

Contact industry associations, government departments and people in the same game and get a worse case scenario figure in your head for these costs.

Then compare it to a realistic guess on the income potential of the business.

Be rational when doing these estimates.
Rose-coloured glasses only spell long-term disaster.
5. Plan, plan, plan!
A good business plan is an invaluable resource.

A really effective plan is a blueprint for your business, detailing your goals and how to achieve them. If you are starting a business from scratch, a well thought out plan will:

·      Help direct your business and uncover areas not considered.

·      See if your venture is practical and achievable.

Determining this is critical before you decide the more operational issues of your business — or more importantly, start committing yourself legally and financially. Your plan means you’re prepared for what could go wrong.

Remember that this is one of the most important things you’ll ever do for your business. Once you have one, revise it regularly and don’t forget to stick to it.

6. The right side of the law

Your next port of call is a solicitor.

They will advise you about your business structure (sole trader, partnership, company), and help with registering a business name, trade mark, etc.

Yes, your accountant can come up with this type of advice too, but having two opinions is always a good idea.

A business coach can make all the difference to your operation.

When seeking professional advice, always aim for the best, even if it costs you. Saving money at the expense of sound business advice is not a good move.

Many small operators fail to understand that paying for advice is not a cost, it’s an investment in the growth of their business

7. Get a relationship with a bank

Many start-up businesses use their own savings but there will most likely come a time when you need to get an overdraft or loan from a bank. If you’ve completed steps one through until to six comprehensively, your friendly bank manager will be like putty in your hands!

So, if you’re looking to work on your business rather than being stuck in it, book in for a complimentary business assessment today with Switzer Business Coaching. 

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