flavour talks
Starting Your Own Business
Starting you own business is never easy, but being Shoot a short video and put it up onto YouTube for
your own boss and taking control of your destiny promo. Don’t wait until you’ve officially started your
is an exciting prospect. There are no guarantees business to line up clients, because your business
in business, but you can improve your chances of can’t survive without them. Start doing this now.
success with good planning, preparation, and insight.
If you have a business idea, here are some useful tips
Write a business plan. An honest business plan will
to help you get yours successfully underway:
help you see your business more clearly and help
you avoid sinking your valuable time and money into
Love what you do. It’s really important to do starting a project that will NOT succeed.
something that you truly enjoy because you’re going
to devote a lot of time and energy to starting a
Research is key. You’ll do a lot of research working
business and building it into a successful enterprise.
through a business plan, but that’s just a start. You
Start thinking about your hobbies and the things that
need to become an expert on your industry, products
you enjoy doing and work backwards from there.
and services, if you’re not already. Joining related
industry or professional associations before you start
Get support. Take time to speak to the professionals. your business is a great idea to hit the ground running.
If you need specific business advise, then contact
a professional, e.g. accountants and solicitors.
Be professional from the start. First impressions
You need a support system while you’re starting a
count, so everything about you and the way you do
business. There are business start-up programmes
business needs to let people know that you are a
out there that you maybe eligible for and also ensure
professional running a serious business. That means
that you find a family member, friend or mentor who
getting all the relevant bits and pieces together such
is available to bounce prospective ideas off and listen
as professional business cards, a business phone and
sympathetically through the ups and the downs.
a business email address, and treating people in a
professional and courteous manner at all times.
Don’t quit your job just yet. With rent and bills to pay
(and maybe even mouths to feed) you can’t live too
Get the legal and tax issues right the first time.
long without money coming in. It’s best to start your
This is hugely important as it’s much more difficult and
business while you’re still employed. Working full or
expensive to unsnarl a mess afterwards. Does your
part time while starting your business means money
new business need to be registered? Learn what
in your pocket as it may be a long time before your
your legal and tax responsibilities are before you start
new business actually makes a profit. If you don’t
your business and operate accordingly.
want to work, then at least save up as much money as
possible first before you begin your new venture.
Useful links:
Get money. Don’t expect to start a business and then
Companies House – Register your business
walk into a bank and get money. Traditional lenders
at
www.companieshouse.gov.uk
don’t like new ideas and don’t like businesses without
proven track records. Save up if you have to, but For business information contact Business
figure out your financial fall-back plan first. Link at
www.businesslink.gov.uk
Get clients or customers first. It’s never too early If you are under 30 you may be eligible to
to start marketing your business. Getting networking, receive additional funding from The
ds By Annika Allen
or
make contacts and have your business cards to hand. Princes Trust
www.princes-trust.org.uk
W
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