With all of the changes that have happened in the last 12 months, you could easily be forgiven for thinking it might just be easier to matters into your own hands and start up your own business. While others might think this is an ambitious decision to make, it can be made a lot more achievable by getting a few of the basics right.
With that in mind, here are some things you need to get right if your start-up is still going to be here in 12 months’ time.
Write up a business plan
You can’t just go in with an idea and expect things to work. You’ll need to have a clear plan about what you want to achieve and where you see yourself in 2, 5, or even 10 year’s time. You’ll need to work out what all of your start-up costs are, whether you’ll need premises, and what your initial starting requirements are.
Even if you intend to do things yourself from your bedroom, you still need a plan as you will be looking to expand someday.
Get finance if you need it
Once you’ve written your business plan, the first thing you’ll probably find is that it’s going to be more expensive than you thought. While you could exist hand to mouth until you have some money behind you (which could set you back years while you go around in circles), it may be better to look for some financing to get things off to the best start possible
With things the way they are at the moment, you might find that local banks are reluctant to come forward, so you may need to source some funds from more specialist lenders – which is where having a good business plan comes in very handy.
Make sure you get the best tech you can afford
Regardless of what business you are in, it doesn’t run without a certain amount of tech. This tech is now so important that it can severely affect your ability to do business if it goes down. With so much at stake, it is essential to get the best tech you can afford (another reason to source some financing). Whether you go for desktops or laptops UK companies can be the best bet, and the same applies to your mobile phones and other tech.
While we live in a global market, there is a level of comfort in knowing that if there is a problem, you have customer support that is in the same time zone as you. This is also something that you need to consider when targeting your first customers, as they may think the same way.
There are many things in a new start-up that you cannot solve with just enthusiasm and determination. You need to deal with a few areas like planning, financing, and the tools you will be using if your business is going to get off the ground.