The majority of people have dreamed about establishing their own company and becoming the next Branson or Musk.
For many people, that idea would have been buried during the pandemic, but new research shows that nearly 13% of UK individuals are running small businesses, the highest percentage since the late 1990s. According to the Global Entrepreneurship Monitor, they are in the first three months of beginning a new business or are already running a small firm.
Indeed, while more than 70% of Britons say it is simple to establish a business in the UK, hardly one in ten intends to do so.
Here are a few pointers for those who are eager to take the plunge:
- Be prepared and meticulous in your planning. It’s rare to achieve overnight success, so focus on what you can do now and be consistent.
- When your initial motivation wanes, you should develop positive habits and follow routines that will keep you going.
- It’s crucial to take one step at a time, as diving in headfirst might be disastrous.
- The most effective strategy to achieve any company goal is to plan it out step by step.
- Make a decision about the type of business you wish to run.
- Consider what you enjoy and are skilled at to come up with a creative company idea for your future venture.
- Whether you already have an idea, check it against the market, see if you’re skilled at it and have the will to succeed, and, most importantly, see if it’s genuinely profitable.
- Complete your research.
Primary research is the first step in any competition study.
- This means getting data directly from potential clients rather than relying on previous data to draw conclusions.
You may find out what customers desire by using questionnaires, surveys, and interviews.
- You could also look at similar concepts in existing markets to evaluate if your product or service has a strong enough differentiator to outperform the competition.
- Make a business strategy.
- A business plan is a living document that acts as a road map for starting a new company.
Hopefully this makes is easy to grasp and absorb for possible investors, financial institutions, and firm management. Even if you plan to self-fund, a business plan can assist you in fleshing out your concept and identifying potential issues.
If you would like help and support in setting up a business we have a team of specialists here to help.