Thinking of starting a business?
Whether it's a new year, new business motivation, or something else that's prompted a change, this article is for those who are thinking of starting a business.
Thinking of starting a business? Here are THE five key steps.
Perhaps it's the realisation of a lifelong ambition, to provide a work/life balance or just escape the drudgery of a dead-end job, there comes a time in many people’s lives when they dream of starting their own business.
If you’re thinking of launching your own enterprise, the following ‘5 steps to starting a business’ may help you to increase your chances of success.
Step 1: Ask the question ‘is it really for me?’
- Being your own boss can be hugely rewarding. For many, the excitement of creating a new enterprise, the freedom and control over your own destiny and the financial rewards, can make all the hard work worthwhile. However, you have to consider the personal sacrifices and financial risks involved.
- We highly recommend you attend our free webinar 'Is Starting A Business Right For Me?' to make an informed decision. Click here to view.
- If you have the determination and support from family and/or friends then you have a greater chance of success.
Step 2: Make sure you’ll have customers
- Do your market research and consider current market conditions. Research your competitors and their strengths and weaknesses.
- Speak to your potential customers at length to establish how likely they are to buy from you. Give considerable time and effort to market research to identify the potential demand for your products/ services. It can be costly and time-consuming but will prove invaluable.
- Also, dedicate plenty of time to developing your marketing plan.
- Try our free webinar 'Business Planning For Your Small Business' to help you. Click here to view.
Step 3: Work out your finances
- Once you’ve identified a demand, you need to work out if you can make a profit and maintain adequate cash flow.
- Forecast your sales. Identify the costs you will incur to start up and run your business, and don’t forget to factor in your own wages.
- Then complete your financial forecasts.
- To help you with this, we've designed a free webinar 'Finance and Bookkeeping For Your Small Business'. Click here to view.
Step 4: Understand your legal obligations
- The next step is to get to grips with your legal requirements and answer questions such as ‘should I be a sole trader or a limited company?’ or ‘how do I manage tax, national insurance and VAT?’.
- The webinar mentioned in 'step 3' should help you with that, but if you want to have a little more help, you can always book a free business advice appointment at any stage of the process. Click here to view.
- You may also need to consider your compliance with Health and Safety and other regulations that relate to your particular business sector.
Step 5: Get advice when you need it
- Whilst the success of your business will largely depend on your hard work, tenacity and unswerving commitment, you may also benefit from accessing advice and guidance from others.
- We've mentioned a number of webinars and talked about our business advice appointments, so don't forget to utilise these services, as they're all free because Wenta is a not-for-profit organisation. You can view all of or webinars by clicking here.
- Wenta also has start-up business incubator within all of the Wenta Business Centres, located in Enfield, Potters Bar, Stevenage (The btc), and Watford. There you'll find on-site Business advisors that can advise you on starting your new venture and provide you with a dedicated hot-desk workspace.
- What’s more, the service is free of charge for the first 3 to 6 months!*
- Don’t feel you have to struggle on your own, start now as you mean to go on and contact us today.
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