Starting a new business is an incredibly exciting time, but it can be a bit nerve racking, especially if you’re not really sure where to start. That’s why we’ve put together our top tips for starting a new business that includes everything you need to know from establishing your initial idea to figuring out your finances.
10 tips for starting a new business
1. Establish your idea
Our first bit of new business advice is to establish your idea and do your research. Check out other existing companies that do something similar and think about how you can do this differently and most importantly, better. By doing this initial research, you can also determine if there’s even a market for what you want to do or sell, which could save you a lot of headaches later on down the line.
If you’re struggling to think of that million-pound idea but really want to be a business owner, you may want to consider franchising. There’s a huge wealth of great franchises out there that you could join from beauty to finance and we at Accountancy Solutions even have our own franchise opportunity that includes plenty of start-up and ongoing support.
2. Think about your brand identity
Once you’ve got your idea, our next top tip for starting a new business is to think about your brand identity. Pick a memorable business name and ensure it captures the essence of your brand and use the company name availability checker on Companies House to make sure it’s available. From here, you can plan more elements of your brand, including what colours represent you, fonts, your tone of voice and how you want to communicate with your customers.
3. Know your target audience
Knowing your target audience is possibly once of the most important pieces of new business advice. Take the time to understand who they are, their motivations and figure out why they would want to come to you and hire your services or purchase your product. Also decide why you want to work with or for them to begin with, this will help you to understand your mission and identify how you want to engage with your target customer base.
4. Create your business plan
Have an initial or several smaller goals in mind and map out how you want to reach them. Don’t worry, this doesn’t have to be set in stone and it’s highly likely they’ll change a bit along the way, but it’ll be very helpful for you to have these initial ideas in mind as they’ll assist with keeping you focused. Remember to try and make these goals SMART: Specific, Measurable, Achievable, Realistic and Timely.
5. Understand your business’s needs
Understanding the needs of your business is one of the many overlooked tips for starting a small business and one that many don’t give too much thought. Decide how it’s going to operate on a day-to-day basis: if you’re selling products, how will these items be delivered? How will customer support be done and by who? Who’s going to be responsible for your website and social media presence? Are you going to have time to juggle all these tasks yourself or are you going to need to hire people or outsource? Will you need a warehouse or premises to conduct your operations or is it something you can get up and running from your home? These are just a few questions you’re going to need to bear in mind.
6. Do it alongside your current job
It’s important to note that new businesses can take a long time before they become profitable and unless you’ve got a large lump sum that you can pour into your business and use to keep you afloat, one of our pieces of new business advice is to freelance alongside your job, initially. Yes, life will likely be hectic for a while whilst you balance the two, but it will ensure you have the cash to keep you going throughout the whole start-up process.
7. Don’t forget about insurance
Insurance is one of those things that’s easily slipped from your mind, but getting the right insurance is incredibly important. Ensure you find a policy that’s right for your business as there’s a variety of options out there that cover everything from damage, to theft, to customer lawsuits and all things in-between.
8. Stop making excuses
It’s really easy to procrastinate and to put it all off until every last thing in your life and plan is perfect, but one of our top tips for starting a new business is to stop making excuses! We’re not saying throw caution to the wind and go into your business with no plan at all, but get the basics down and have an initial plan. Most new business owners don’t feel ready, even after they’ve got started!
9. Never stop learning
This isn’t just some new business advice, it’s a top tip to bear in mind throughout your life as a business owner. If you can, find a mentor, if you can’t, look for groups you can join. You can find groups specifically targeted at small business owners and start-ups which can offer invaluable support. Also search for conferences and training courses in your industry, stay on top of the latest news and learn from the people who have been there and done it all.
10. Keep track of your income and expenses
Our last, but certainly not least top tip for starting a new business is to keep track of your income and expenses. Keep everything separate from your personal accounts and if you can, open up a business bank account as this makes everything a lot easier. Don’t forget to keep really clear records and receipts too as you’ll need these to do your tax return.
If you’re not really sure where to get started with your business tax return, we can help! We have a team of personal accountants and professionals that can help take the stress out of your finances. Get in touch today for a free, no obligation quote.
Those are our top 10 tips for starting a new business! Looking for more great business and financial advice? Check out our guide of top 10 small business ideas, next.
