People set up their own businesses for many different reasons. It could be that they want to escape from the 9-5 working day or they’ve spotted a gap that they can fill. Whatever your reason, growing your own business is a challenging yet immensely rewarding experience.
It has never been easier to start your own business journey. Read our top tips.
Start with a plan
There’s an old saying – fail to prepare and prepare to fail. Jumping straight into a business without planning is one of the worst mistakes you can make.
Take a look at what you want to achieve from your business and how you will get there. Many new businesses fail within the first few years because of a lack of planning for when times are difficult. Make sure you are up to date with what your competitors are doing, the demand for your product or service, and how you can stay one step ahead.
You might also be able to access funding to get your business off the ground. Whether this comes from your bank or through a charitable organisation such as The Prince’s Trust, a robust business plan is essential.
Showing you mean business
First impressions always matter in business. Often, the first impression comes from your website, your logo, even the name of your business. In the early stages of building your business, you may have to rely on word of mouth, so it’s important that people remember you for the right reasons.
Websites with spelling errors and hastily constructed logos are just two examples of how to build a poor impression. After all, would you hire someone who didn’t dress smart at an interview or hand in a scruffy CV?
Focus of showing that you understand your potential customer’s problem and be clear on how you can help them.
Office or work from home?
Depending on what you plan to offer as a business, choosing the right office space can be a challenge. Though working from home could be an option, an office not only gives you somewhere where you can truly focus, but it can help add a level of credibility.
Take some time examining what you will need as you grow your business. It could just be that you need a hot desk but if you need to hold materials, then security will also be a factor, and of course, somewhere you can present proudly to your clients.
Keep on top of the books
Managing the finances is a challenge faced by businesses of all sizes. You might well be able to handle them yourself up to a point, but it is highly likely that you will need to find some additional support from an expert accountant.
This is also where the plan we mentioned earlier comes into its own. Make sure that you meet your tax deadlines and that you have a contingency plan in place.
VASS has a wide network of accounting and tax experts who will be more than happy to help you, from bookkeeping through to tax and VAT returns.
Managing the balancing act
Every new business owner will have to learn how to juggle the different sides of their company. There’s bound to be pressure on your shoulders, but by finding some extra help, you can carry on focusing your efforts where they are most needed.
Contact VASS to find out how our business support services can help your company grow and succeed.