5 Essentials for Starting a New Business Article Image

5 Essentials for Starting a New Business

Where does a business come from? An idea. But where does the idea come from? An individual or a team. There's a simple way to turn your idea into a business and you can get started following these 5 steps.

Research your market

identify potential customers. Talk to them and find out your idea is meeting a real need. Market research is THE most effective way to start a successful business.

Develop and plan

Test your product or service to real customers, makes adjustments and test it again. Keep repeating this process until you’re sure there is a demand for it. It is always better to over test a product or service rather than under. This way, you can be sure your business will be successful.

Find partners and suppliers

Consider who you are going to work with to develop and sell your idea. Ultimately, the cheapest supplier isn’t always the best. Quality and sustainability is key, so choosing partners and suppliers is crucial for a long and successful business.

Set up your business 

Work out which legal structure is right for you, which structure meets your business’ needs. This is one of the most important decisions you will have to make. Examples include LLCs, partnerships, sole proprietorships, corporations, non-profits, and co-operatives. Afterwards, you will have to register for tax if your business reaches taxable turnover of £83,000.

Get funding 

You will need to explore different sources of business finance, from bank loans to government backed schemes. Again, finding a sustainable way is crucial, so researching different funding methods will be key to increase your company’s longevity. Following current trends such as borrowing money from your family has been the most popular methods in the previous few years. You need to consider interest from bank loans, not always the best way to get short term cash. Most importantly, do not over borrow so ensure you have calculated your figures accurately and effectively.

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