If you’ve had an idea for a new venture, you’re likely going to be excited and looking forward to the prospect of working for yourself. At the same time though, reservations will kick in - mainly if you can earn enough to pay your bills. You’ll be wondering whether you should work part time whilst you’re setting it up or use a loan or savings to fund both your outgoings and the business outgoings. Either way, it’s a risk. But one that can reap huge rewards with the right planning and execution.
Unless you’re lucky enough to have a perfect job, being your own boss is often far better than being an employee - you can manage your own time, take advantage of tax relief with business expenses and in many circumstances be open to unlimited earning potential. All this promise comes with negatives though, especially if you have manual skills rather than administrative!
Here are the main elements to consider when setting up / in the first year of business:
Do You Have What It Takes?
The Idea
A Business Plan & Financial Projections (to include product or service pricing)
Market Research of Your Ideal Customer
Start Up Finance
Formation of Your Business
Branding
Do You Need Business Premises?
Do You Need a Vehicle?
Insurances
Licensing / Membership of Professional Organisations
Health & Safety / Risk Assessments
Terms and Conditions / Contracts
Client Information Records & Data Protection
Telephone Number for Business
Email Account Set Up
Website Creation
Social Media Account Set Up
Pre-Launch Promotional Campaign
A Waiting List
Trade Accounts
Materials, Supplies & Stationery
Uniform & PPE
Invoicing & Accountancy
Operations Management
Customer Service
Diary Management
Marketing Campaign
Social Media Content
Human Resources / Employees / Subcontractors
Annual Accounts / Tax Returns
Expansion
Wow, it’s a pretty big list! How confident are you that you can face all these challenges on your own? Probably not very… but you aren’t alone! The majority of wannabe entrepreneurs have no clue how to set up or run a business and though a lot of us wing it and go on to be successful, many more fail within the first 24 months. The primary reasons for failure are poor planning and cash flow.
I’m not going to lie, 99% of business owners have to spend money to make money. It’s practically impossible to grow a profit making business without some form of cash injection. If your own outgoings are minimal you will have a much better chance of early success but for the majority of us who already have a house, car and family to pay for, it can be a stressful time.
Before you can take your idea seriously you need to take a look at your own finances - do you have savings or good enough credit to take on a loan? Depending on your industry, you will need at least enough to set your business up (think premises, materials, supplies, vehicle, insurances, licensing, advertising) AND enough to cover your own outgoings for 3-12 months. If you need employees from the get go you will need enough in the bank to cover their wages too!
By the way - forget about that summer holiday you’ve planned! One of my pet hates is people who put their all into starting a business then close up for 2 weeks to bugger off on holiday 4 months later 🙄 Then 8 months on wonder why they’ve lost valuable customers or are in so much debt they have to go back to their day job 😵💫
Nobody said it was easy!
If you haven’t fallen at the first hurdle (aka the 💰) and don’t already have a competent friend or family member to help you, your next serious step should be to employ professional advice. Business Consultants do just that - advise you on how best to proceed (whether you’re heading down a new path or wanting to improve or expand an existing business) in order to achieve maximum profits. Consultants are never going to be cheap but for most businesses, absolutely necessary and the most worthwhile investment you can make to help achieve your goals.
My “Be A Biz Whizz” Club is aimed at those getting ready to launch in the trade, media, event and catering industries. I also run specialist programmes for Pet and Equestrian Professionals. My exclusive Club Membership includes everything you need to know about setting up and running a business for at least 12 months, with support for as long as you need it. Visit the homepage for more information.
In addition I offer bespoke programmes if you feel you and your business would benefit from 1-2-1 support including a residential programme which can be tailored to your needs.
You can join my Be A Biz Whizz Club here, my Start Your Own Business Programme for Pet & Equestrian Professionals here or email help@betheoneontop.co.uk if you have a bespoke request.
Please note that all Memberships start with a Be The One On Top Discovery Call which will be arranged within 48 hours of your joining. This is an important first step as it will determine exactly what your goals are and what elements you need help with from the start. There’s no point spending a month learning about social media if you’ve just got a 2:1 in Marketing from Liverpool University! Similarly, if you only need help with marketing it would make much more sense for you to find a Marketing Consultant than embark on a journey through any of my services! The information I learn from the call will also enable me to carry out the necessary research for the formation of your specific business so you don’t have to!
Looking forward to helping you turn your dreams into reality!
x Victoria x