Starting a business can be exciting and daunting in equal measure. With the ongoing pandemic and the increase in lone working there has been a surge in entrepreneurs ‘going it alone’.   

Here are 10 pointers to guide you on the journey.

1. Begin modestly and build organically.

Starting modestly will enable you to understand your emerging business, what works and what doesn’t.  Once you have this core knowledge you can build from there.  Take risks but make them calculated.  

2. Is there a market?

Be sure to do your research on the appetite for your product, as the last thing you want to do is try to sell something there is insufficient demand for. Communicate with potential buyers prior to launch. 

3. Have a Business Plan. 

This may be simple or complex, but having one is crucial if you’re to make a success.  Having a business plan will act as an anchor for you along the way. 

4. Be bold.

Don’t get bogged down in the minutiae before launch.  If you have a well-researched idea with a robust business plan, then go for it full throttle.  The first steps will be the most daunting so be confident and bold. 

5. Know your competition. 

Is there a gap in the market for your product or are businesses already doing what you plan to do? It is likely there will already be competition out there, so the more you can understand who you are up against, and where you may have a competitive advantage, the better chance you will have of success. 

6. Make errors and learn.

There will inevitably be bumps in the road.  The important thing is to learn from the mistakes and try not to repeat them!

7. Join a Business Community.

Find peers and forums with similar entrepreneurs. Absorb everything you can from those that have achieved success.

8. Slick IT.

A standout website and targeted e-marketing are fundamental in the contemporary business world.  Invest wisely in IT. 

9. Always evolve.

Nothing stands still for very long in business.  Keep learning and adapting to your markets in order to consistently maintain profits. 

10. How much of your life and savings are you prepared to sacrifice?

Making money is important but how much time are you really prepared to commit and will your family support you with the inevitable long hours.  You need to be clear on your required work: life balance.

At Thomas Westcott, we’re able to provide you with clear, comprehensive business advice specifically tailored to your needs.

We can help you with the whole process, including:

  • Providing strategic business support
  • Discussing the best structure for your business
  • Liaising with Companies House
  • Working with you to develop your book-keeping and advising on cloud accounting
  • Helping you develop an effective, credible business plan with achievable goals
  • Assisting with cash flow forecasts to support bank funding where required
  • Clear accounting advice, without jargon
  • Personal and corporate tax advice
  • Helping register the business for VAT purposes where needed
  • Helping set up the payroll and providing payroll services through our dedicated payroll team

By David Wright, Partner

For further advice on this matter, please do not hesitate to contact me or your local Thomas Westcott office.