Every business begins with an idea. But an idea alone does not make a successful venture. You need to develop and hone many aspects before you can really get your business off the ground. From conducting a market analysis to picking the leading business bank accounts from Aldermore, here are the essentials for getting your business up and running.
You may know your product inside out, but who is going to buy it? Understanding your target demographic of customers is vital for the early stages of your business planning. Once you have an idea of your target market, you need to fully understand their buying habits and tailor your business which will include many things such as how you sell, where you sell and how your market your product.
From the outset, it's important to establish the framework of your enterprise. Will you set up as a sole trader, a limited company (whether public or private) or a limited liability partnership? You need to gain a full understanding of the different forms of business status in the UK and decide which one is best for you. There is a large amount of detailed information provided online to help you make an informed decision. It may also be advisable to seek expert advice at this stage.
Finances and protection
This is the lifeblood of your business, so you need to get it right. Business insurance is a must to ensure you fully protect yourself. If you're going to employ staff, Employer's Liability Insurance is a legal necessity and it's vital that you take out a full and comprehensive small business insurance policy as soon as you're up and running.
Opening a business bank account is a vital step to get your business off the ground and ensuring the income you receive is put into a high rate of interest savings account. Choosing a business bank account from Aldermore, for example, you'll find great rates of interest, as well as the flexibility you need in the early stages of your enterprise to withdraw and deposit funds as and when required.
Plan your financial future
You're probably putting a substantial amount of your own funding into the project but it's also likely you're going to need outside help. Look into traditional ways of funding such as loans from the bank or SME invoice finance services, but also widen your search to include any potential assistance from Government or from local business groups who are dedicated to assisting viable enterprises getting off the ground.
Funding at the initial stage is vital, but saving for growth is also important. If you have an idea, great. Now it's time to make it work and get that business off the ground.
Shawn Manaher is a former financial advisor, has founded 5 online businesses, and is a coach, speaker, podcast host, and author. He's been featured on The Consults Corner on TAE Radio, The Writing Biz, What's Your Story, and more.