finance

5 key things to get right when starting a business

Starting your own business is a BIG leap of faith. Will you find any customers? Will you make enough income? These are questions that any founder will ask themselves.

But with the right planning, preparation and support, you can set the best possible foundations for your new enterprise, and take some of the guesswork out of becoming a business owner.

Building the right foundations

So, if you’ve got a great business idea and you’re eager to get your company off the ground, what are the key foundational elements you need in place?

To get your new company trading smoothly:

  • Define your vision and goals – so you know WHY you’re in business, what success will look like and who your target customers will be. If you’re clear about the ‘why’ from the outset, every decision will be easier. Think about who your product or service is aimed at, what their needs are and how your solution solves this.

  • Have a robust business plan – providing you with a clear route map for achieving your goals, with budgets, targets and pre-agreed timelines to meet. This doesn’t need to be a huge undertaking but it will need some thought. A good business plan will evaluate the idea and feasibility, as well as identifying opportunities and obstacles.

  • Get the finance you need – so you have the capital required to start trading, with enough in the bank to cover operational overheads and start generating income. A solid business plan will help you gain buy-in by proving the idea for investors.

  • Measure your performance – once you’re up and running, record and track all financial and non-financial data, so you can measure how well you’re performing and identify, early on, the areas that need attention.

Talk to us about setting up your new business

If you’ve got a world-beating business idea and the ambition to become a business owner, come and talk to us. We’ll help you flesh out your vision, write a workable plan and get your finances in shape for the next stage of the startup journey.

Get in touch.