Most entrepreneurs start up in business because they are full of fantastic ideas with a great proposition, initiative and the commitment to see it through, however, not all entrepreneurs are experts in the legal, financial and fiscal aspects of starting a new business.
Fortunately, you don’t need to be an expert in these fields in order to succeed. All you need is the right kind of support from a team of experts.
That’s why we’ll be explaining how to start a new business, from business planning, to funding and growth management.
Research Your Business Ideas
So you’ve had a fantastic idea for a new product or service, that’s great! Now you need to do some research to find out whether this could turn into a viable business.
Who is Your Target Market?
Start out by defining and analysing your target market- is there a market for your product or service? Is there a demand big enough to support your goals? Who are your competitors?
If there is an existing market for your business idea, you will likely have a number of competitors. Find out what their skills and weaknesses are and any market opportunities and threats.
This will give you a clear idea of the market and how your business will fit into it as a result.
Understand Your Potential Customers
You need to find out who your potential customers are using demographic data, customer personas and business details if you’re thinking of selling B2B.
Develop a Marketing and Sales Plan
Having a decent understanding of how you will reach out to potential clients and grow your market share is critical to success. Think about which marketing and sales channels you will need to pursue and how you will do so.
Ensure Your Business Model Works
Good ideas come at any time but with the ever-changing economy and politics, think about whether your business model can actually operate in the current market and whether this is likely to change in the future.
For example, two years ago there would have been little point in starting up a new hospitality/leisure business due to the uncertainty surrounding the pandemic and the multiple lockdowns which prevented people from going out.
Another example would be designing a new petrol car when new laws have been introduced that ban them in a few years time.
Think about the current climate and whether it poses any serious threats to the operation of your business.
Find Funding for Your Business
Most businesses require some sort of funding to help it become established. There are a number of ways in which this can be acquired, including:
- Government loans and grants
- Bank business loans
- Business angels
- Venture capital
- Invoice finance
Once you have decided on the methods by which you wish to acquire business funding, you need to put yourself in the shoes of the investors you plan to meet. Understanding the way in which investors are currently thinking can work to your advantage.
It’s also important to be completely upfront and honest. Being fully transparent with investors is the key to success here. If there are any challenges, make them aware and let them know what you plan to do to address them.
These challenges could include changes to the market you’re working in or anything you need but don’t yet have.
By explaining all of this to them, they are given an idea of how you would handle situations when the going gets tough and whether you have the ability to make good decisions.
As a result, this will either increase or decrease their confidence in you, so it’s important to do plenty of planning and research beforehand to make sure you can answer any difficult questions they may have.
Know Your Strengths and Weaknesses as an Entrepreneur
Starting up a new business involves a significant amount of different tasks that require different skills.
This is why it is important to take a moment to evaluate your own skills and weaknesses to help you determine the things you can manage on your own and where you require extra support from professionals.
For example, if you are unsure about which type of funding is best for your business, our team at Ryans can help you to make better informed decisions with corporate finance planning.
We’ll look at your business idea, sales plan and existing funding to determine what will work best for you and pose the least amount of risk should something go wrong.
If you aren’t sure about how to approach investors, it may be worth working with a Surrogate Financial Director.
This is a professionally qualified accountant who will act as your Non-Executive Financial Director to bolster your business. They can attend meetings with investors to give them the reassurance that you mean business.
We can also help you with short and long term business planning, using our wealth of knowledge and experience to establish your current position and make informed decisions to help your business function at its best in the future.
Business Startups with Ryans
We don’t just do the above, we can also help you to:
- Decide on the most suitable structure for your business – sole trader, partnership, or limited company
- Prepare a business plan, cash flow projections, budgets, and trading forecasts
- Assess your finance requirements, advise on the best sources of finance, and draw up the necessary proposals
- Establish a good working relationship with your bank
- Complete any registration procedures with Companies House and HMRC
- Deal with company secretarial issues
- Set up a recording system for your internal use and for complying with statutory requirements
We can help you understand all of the above by breaking it down into simple steps and offering the best advice on how to ensure your new business succeeds in the future.
Looking to start a business? Let’s talk.