Starting a business is something many people dream of doing. But fear of the unknown is often the reason why some don’t chase their dream.
For many, they think they won’t be able to afford to do so or are worried that no one will buy the product or service they want to offer.
But if you have an idea, then you are ready to start the process of looking at the viability of running your own business.
Where do I start?
Like most things, you can’t start if you don’t have an idea. If you’re reading this then you probably do but probably need to make sure it is viable.
Don’t be put off if your idea feels too similar to another business. Look at the companies that are known as ‘disrupters’ because they started up and shook up a traditional market.
For example, Elon Musk and Tesla! Other car makers were investing in electric vehicles, but it took Tesla to really start the ball rolling and the big car companies have had to catch up.
The main thing you need to do is explore your idea to see if it has the potential to become a business.
You will probably need some help to look at the market potential of your idea.
Get some advice
Once you have an idea, then you need some advice. There are a few things you need to know about running a business before you start.
First of all, how do you find out if your idea has a market? How will you fund your business? Do you need expert, outside help to get the idea off the ground?
If you are based in Yorkshire and starting a small business, we have experience in helping businesses set up and successfully developing them.
For example, in the South East of Wakefield area, we currently offer free help through our SEBLO Assisting Potential Entrepreneurs Scheme. Find out if you qualify by contacting us on 01977 651624
This support package means we can offer individuals who qualify a range of services including
- Advice on preparing a business plan.
- An action plan to progress your idea.
- Exploring the market potential of your idea
- Funding opportunities
- Marketing/promotion/social media advice
- How to become self employed
Business plans
Benjamin Franklin is often quoted when it comes to plans. He said: “If you fail to plan you plan to fail!”
Many small firms go out of business because they didn’t plan. Had they done so they may have noticed the possible issues at the beginning and created a contingency for the event!
Part of a business plan is checking that there is a market to sell your idea. If there isn’t then at least you can change your mind or rule out your idea completely before you start spending money unnecessarily.
The plan will also allow you to estimate what kind of funding you need and whether you’ll need help from funding providers.
It will also mean you can work out if you can start from home or whether you have to find business premises.
Many people start from their kitchen table but in some cases suitable premises are essential.
Will you need employees from the start? Did you know 96% of small businesses are micro-businesses, which mean they employ fewer than 10 people!
You may be able to start alone for a year or two but if your business takes off, would you be able to afford to take on employees?
Your plan will also be able to help you decide whether you should start as a sole trader or start as a limited company.
A sole trader is essentially a self-employed person who is the sole owner of their business. It’s the simplest business structure.
A limited company is a type of business structure that has its own legal identity, separate from its owners (shareholders) and its managers (directors). This remains the case even if it’s run by just one person, acting as shareholder and director.
There are advantages and disadvantages to both, but which structure you have will depend on the type of business you intend to start.
All of this and more will be part of the planning process and can help you make the best decision.
Your next step!
If you’re thinking of starting your own business or think you have what it takes to be an entrepreneur, then the government has some useful information here on their website.
And once you have made your decision, why not contact us and we can point you in the right direction.
