Most adults flirt with the possibility of creating their own business and becoming successful entrepreneurs.
Although the pandemic may have paused this idea for many, new figures show that 13% of UK adults now run fledgling businesses. According to the research by The Global Entrepreneurship Monitor (GEM), this is the highest percentage since the late 1990s.
More than 70% of Britons believe it easy to start a UK business, but less than one in 10 intend to set up their own. Observing people set up new business ventures within the local community and having confidence in their abilities has a positive impact.
For those willing to leap, here are a few tips for getting started:
Be prepared and plan carefully
Overnight success is a rarity, so focus on what’s achievable and be consistent.
You should create good habits and follow routines that power you on when that initial motivation wanes.
Take one step at a time, as diving in headfirst can be disastrous.
The best way to accomplish any business target is to plan it out step by step.
Decide what kind of business you want
What you love and are good at can lead you to a brilliant idea for your next business.
If you already have a vision, measure it against the market, and consider whether you’re good at it. Have a passion for success, and most importantly, assess whether it is genuinely a profitable idea.
Research thoroughly
The first stage of any business is primary market research.
You can obtain data directly from potential customers through questionnaires, surveys, and interviews to learn what consumers want rather than base any conclusion on past data.
You should also review similar ideas within existing markets and see whether your product or service has a sufficient unique selling point that could beat the competition.
Create your business plan
A business plan is a dynamic document that serves as a roadmap for establishing a new business.
This document makes it simple for potential investors, financial institutions, and company management to understand and absorb.
Even if you intend to self-finance, a business plan can help you flesh out your idea and spot potential problems.
We help businesses of all shapes and sizes, from start-ups to international organisations, through every aspect of running a company. If you need help with accounting support services, company secretarial matters or understanding tax implications, contact our expert advisors here.
