Considering starting your own business? Here’s what you need to know

Considering starting your own business? Here’s what you need to know

There has been a rise in people aspiring to take a more entrepreneurial route, which may be due to the pandemic kickstarting people to re-evaluate their course in life. 

During the period that has been referred to as the ‘Great Resignation’, many employees have decided to leave their jobs and could potentially be choosing to be their own boss.

In fact, according to a survey from Purbeck Personal Guarantee Insurance, half of employees at small and medium sized businesses (SMEs) aspire to start their own business in the future.

Tips for starting a business

Of course, before starting your own business you will need a solid business idea.

It is important to contemplate:

·         What good or service will you provide?

·         Is there enough demand for the goods or services you want to offer?

·         Will consumers pay enough for the proposed good / service?

You should identify a gap in the market before moving on to:

·         Researching – this includes getting to know who your potential competitors would be, as well as their prices.

If the market is saturated or you lack a unique selling point (USP), then you may wish to devote your time to another business idea.

·         Formulating a business plan – having an in-depth outline of the realistic progression of the business is vital for monitoring growth. 

Within this plan, there should be a clear idea of the target customers as well as some initial assessment of a potential budget and the finance you will need.

·         Exploring finance options – you may be able to finance the start-up yourself; however, there are also grants available that may be useful.

The Government has a wide range of grant schemes to support businesses, which can be seen here.

Other finance options include bringing in investors and taking out loans.

The most important thing to do when contemplating starting your own business is take your time!

Thorough research and mapping out all of your option is key to success.

If you require advice with related matters, contact our expert team today.