Tips for Starting Your Own Business in 2018

Starting Your Own Business

The new year is upon us, and despite Brexit day looming, 2018 couldn’t be a better time to realise your business ambitions and start your own venture. Whether you’re new to the start-up scene or a serial entrepreneur, starting your own business on the right foot, with the right advice and support, will only make its chances of success higher. Read on to discover our top tips for starting your own business in 2018…

It’s all in the prep

Making sure you are as prepared as possible before you launch your business is of course vital. You could after all have the best idea in the world but if your business model, branding and strategy doesn’t strike a chord with consumers your product or service will quickly fall into the abyss. Getting to know your market should be your first step when starting your own business.

There are a variety of market research tools and techniques that you can use to gain a better, more thorough understanding of your target market and its audience. These tools and tactics make gathering information on your potential customers and existing competitors simple, leaving you to craft a business plan that is fully in-tune with the sector you are looking to enter. Your market research findings will be integral to writing your business plan, which should be your next step, particularly if you intend to secure funding.

Get the funding you need

Now you have your business plan, you’ll want to forge ahead to secure the funding you need to get your business off the ground. Before you apply for funding however, be sure to use your business plan to draw up a realistic budget. It is also a good idea to check your credit rating before you submit your application to determine the likelihood of you being approved for finance.

Choose your location wisely

Location is everything, particularly when it comes to launching a start-up. For B2C businesses in particular, choosing the right area for your premises could mean the difference between success and failure. Call on your market research findings again to delve deeper into the needs of your target audience, whilst considering your competitors and location amenities such as parking.

Define your business structure

From a legal standpoint, defining a formal business structure is a must and will have an impact on how you run, finance and protect your business. Having the right professional support is integral to ensuring your business structure works for you, not just in the short term but as your company grows.

Devising a reliable, easy to manage system for handling your business finances is of great importance. Our accounting services have already helped countless businesses source the support they need to realise their business ambitions.

Thinking of starting your own business? Contact our accountants on 0191 251 7599 for advice and assistance.