Starting up a new business? Then make every penny count. A recession is the perfect time to set up and grow your business in a niche market, as the only way is up. Of course you still need to take into consideration that times are tough, everyone is feeling the pinch. So how is your product or service going to appeal to a wider audience, and the general public?
The main hurdle to overcome is actually seeing your business ideas take form and grow into something profitable. Use comparison sites and get quotes on the best products and services that will help develop your business further. See eBay couriers on uShip to get your product to your customers in the best possible way.
You need to set out a business plan. Ensure you set strict guidelines, of who your target audience is, what it is you are offering, along with the benefit to your customers and how you want your company to grow. Never include “fluff”, people want to know what they’re buying into, and the only way you can do this is by being clear and concise. After all you want to succeed.
Whatever the product or service is, you need to work out how much each individual part costs including the VAT. Once you have your base costings you can work out how long it takes to create your product or to action your service, followed by how much you want to be paid per hour. Remember… this is your job now.
Tools of the trade
Sage, popular amongst business owners, offers a comprehensive guide which covers all of the topics you need to understand on starting your business, including:
● Deciding when to launch your new business
● Boosting your start up knowledge
● Deciding who you’ll sell to — and how
● How to analyse your competitors
● Creating a brand
● Writing your business plan
● Registering your business
● Managing your business finances
This is just one company offering a range of services for new businesses. You can also find information and help on HM Revenue and Customs.
Another great source of help can be found at:http://businessinyou.bis.gov.uk/ This is a partnership between private enterprise and the Government, which aims to support and encourage new, and growing businesses.
This is probably your main concern. You need to get off the ground, but how? If you don’t have the funds to get you up and running, the first place to turn is your family and friends. Pitch your idea to them; explain your business plan to give them faith in you. Include cash flow forecasts, including both profit and losses, you must be realistic, and honesty really is the best policy. Alternatively you can use credit cards. ‘A Suit That Fits’ became the world’s first bespoke suit making business online; by funding their business venture using credit cards and asking customers to pay upfront. This type of funding means your business can live off of the cash flow and not borrowings.
Another way of getting the funding you need is through a bank loan or partners who sponsor your business. This would mean you are working off of borrowed money, or that you have to share earnings.
Either way, you need to impress with your vision and attention to detail. Believe with all of your heart that you will achieve what you have set out to do. And above all else, remember that enthusiasm is key!