Small Business Saturday Blog
How to Set Up Your Own Business
Wednesday, May 10 at 13:12
It’s the dream. Every aspiring entrepreneur wants to launch their own business. It’s the reason why shows like Dragons Den still get such amazing viewing figures, despite being on something crazy like series seventy-three. Everyone dreams of running their own business, and if you believe all the literature out there, it’s as easy as one-two-three.It’s not easy. It takes trial and error. Success can be fleeting or worse, limited. However, that all being said, it is straightforward. There’s a clear path laid out. Once you reject the commonly spouted ideas of the easily created successful business and the near-prophetic business hero, you can view it for what it is. A difficult path that relies heavily on luck and hard work, as well as insight and intelligence. You can always get by with ambition and hard work; it’s just a little harder.Coming Up With the Perfect Idea Here’s a hint, it doesn’t exist. When it comes to thinking up your business idea, you don’t need to reinvent the wheel. Humans seem to live their lives waiting for the bolt of inspiration, the passion, the calling that’ll usher them into success. The great unspoken truth is that that just doesn’t happen. Success always looks easy and random to those on the outside. If you sit around waiting for success to find you, you will end up unremarkable and mediocre. No idea is perfect.So how do you come up with a killer idea then? Here’s two clear ways. Brainstorming, and paying attention. You can brainstorm the industries and businesses you’ve got clear knowledge, experience or interest in, and keep having deeper and more focused brainstorms on elements of those businesses, till you find an existing part of those industries lacking an integral part. A part your business could provide. This could work within product or service based business models.Paying attention is what it sounds like. It’s the reason people start businesses within industries that they already work. They’ve generated the idea through being intimately aware of the industry. In order to do this yourself you need time, and the ability to keep a sharp eye on opportunities and ideas.Market and Industry Research Now you’ve got an idea, you need to do your research. Endless research. There should be nothing you don’t know – you need to know your industry inside and out. Limitations as well as potential successes. Go all scouting, and be prepared. Getting caught unaware by rival products, limitations in the industry and other problems that are well documented is well and truly rookie league nonsense. Cut it out at this stage.Facts, Figures and Projections As a part of your market and industry research, you should be generating a powerful roster of facts and figures. Only through this kind of precise research can you hope to create a compelling case for investment later on. Projections allow you to both optimistically and realistically predict the future of the business’s earnings and growth and they can only be generated through facts and figures, as well as through the business plan and timeline.Business Model, Plan and Timeline Once you’re secure in your idea and you know everything there is to know about the industries and markets involved, then you need to come up with a business model, plan and timeline. A business model basically outlines the potential structure of how your business is going to run, function and grow. The plan is what it sounds like. A plan of how you’re going to get what you need to get done, done.A key part of the plan is the timeline. Knowing what needs to be done when and sticking to it is key for maintaining accurate projections for everything related to the business. Without this, you won’t know whether you’re on track or not. It all needs to be quantifiable and the only way to achieve that is through figure and fact based goals.Getting Investment Provided you get all that lot done to a decent standard, there’s no real reason why you’ll struggle to get investment. Investment is absolutely crucial to a new start-up and without it you could find yourself struggling. However, just show off your explicit and thorough business plans, figures, stats and projections to a variety of banks and investment firms and you’ll be on your way in no time.About the author: Huw Moxon is a marketing manager at Informi. Informi is a free online resource for small businesses and sole-traders. Informi provides guidance and technical support on everything you need to know about starting a business - from finance and legal advice to profit-boosting tips on marketing and technology. Whatever stage you’re at, Informi will help your business grow and flourish.
Interested in writing a Blog Post for Small Business Saturday? Here are our guidelines.
Categories:
- Accounting (1)
- Brand (1)
- Branding (1)
- Budgeting Tips For Small Business (1)
- Business (1)
- Collaboration (1)
- Customer (1)
- Digital (6)
- Economy (1)
- Exhibiting (1)
- Finance (1)
- Getting Online (2)
- HR (3)
- How To (4)
- Inspiration (1)
- Inspire Series (1)
- Legal (1)
- Marketing (3)
- Plan (2)
- Planning (3)
- Protect (1)
- Quick Guide (3)
- Recruitment (3)
- Small Biz 100 (2)
- Small Business (9)
- Small Business Saturday (10)
- Small Business Saturday Uk Champion (2)
- Smallbiz100 (1)
- Social Media (3)
- Start-Up Support (1)
- Top Tips (9)
Latest Posts:
- From field to fork – making the most of Cheshire’s local produce5 Months Ago
- Sustainable living with BLANC6 Months Ago
- Pizza power6 Months Ago
- In the good books6 Months Ago
- From babygrows to beer kits6 Months Ago
- Smile and say cheese7 Months Ago
- The perfect planner for when you didn’t plan for this8 Months Ago
- Why apply to be a #SmallBiz100 2021?11 Months Ago
- Feeling lighter than air at The Float Spa17 Months Ago
- At the cutting edge of local community17 Months Ago
- Sewing the seeds of success in Scotland17 Months Ago
- Joco's leap of faith pays off17 Months Ago
- No messing around! How Tom Foolery Coffee Company pivoted during the pandemic17 Months Ago
- How Mandira’s Kitchen has its eye on spicing up your freezer17 Months Ago
- Wild about keeping it local and healthy in Bristol18 Months Ago
- Award winning small business announced at Blue Tie celebration19 Months Ago
- Free leadership training for SME leaders delivered by leading Business Schools21 Months Ago
- Six things you can do in your business right now23 Months Ago
- How can my employees return to work safely and legally after Covid-19?23 Months Ago
- What is it really like being a #SmallBiz100? – Stamptastic spill the beans23 Months Ago
- Why apply to be a #SmallBiz100 2020?2 Years Ago
- Why embracing technology should be your New Year resolution2 Years Ago
- Starting a new business: financial tips for start ups3 Years Ago
- Top 10 security tips for small businesses storing personal data3 Years Ago
- From architect to artisan at the Dumfries Larder3 Years Ago
- Putting down new Roots in Abergele3 Years Ago
- How Amazon is helping one woman tackle taboos and period poverty3 Years Ago
- Creating a community: What it means to be a small business3 Years Ago
- Building an enabling bridge, brick by brick3 Years Ago
- Get ready to rock with Rockit3 Years Ago
- How to create an event for Small Business Saturday UK3 Years Ago
- Jampacked with passion: the local cinema that’s giving back3 Years Ago
- Celebrating the North East’s cycle stars3 Years Ago
- Don’t know what to write about? 9 ideas for your next business newsletter, blog or social media post3 Years Ago
- Take a butcher’s at the first of the #SmallBiz100 20193 Years Ago
- 7 essential growth tips that small businesses need to know3 Years Ago
- Making a great first impression: photography & small business3 Years Ago
- Strength in numbers3 Years Ago
- How to choose the right pricing strategy for your business3 Years Ago
- How taking matters into her own hands led to huge success for Revival Retro3 Years Ago
- Why apply to be a #SmallBiz100 2019?3 Years Ago
- 5 content ideas every small business needs3 Years Ago
- The Flour Pot Bakery's secret to success3 Years Ago
- How to harness the power of Instagram and drive your business forward - the GB Labels way3 Years Ago
- Making Tax Digital is here! What does it mean for your business?3 Years Ago
- How we should champion success for International Women's Day3 Years Ago
- Step aside Mystery Shopper scheme - hello new Public Procurement Review Service!3 Years Ago
- The top three causes of entrepreneur burnout and how to avoid it3 Years Ago
- Get a great digital ad for your business for just £50, and help tomorrow’s entrepreneurs learn with iDEA!3 Years Ago
- Badge Your Brilliance with iDEA3 Years Ago
- How to make your Christmas the most successful yet!4 Years Ago
- Life in the fast Laine4 Years Ago
- Small businesses shine at launch of Silver iDEA Award St James's Palace4 Years Ago
- Local and sustainable is winning formula for SmallBiz100 Hays Hampers4 Years Ago
- Red Herring Games – Case Study4 Years Ago
- Going for gold with the Inspiring Digital Enterprise Award!4 Years Ago
- Keeping Up With The Tylers: How To Move With The Times4 Years Ago
- How to open a corner shop4 Years Ago
- Making our own kind of music at the Blue Tie Ball4 Years Ago
- How to guest blog (and look like you know what you’re doing)4 Years Ago
- How to market your small business on a budget4 Years Ago
- Top summer marketing tips!4 Years Ago
- Purposely: embedding purpose into the heart of your small business4 Years Ago
- A ‘Dog Day Afternoon’ for Britain’s small businesses4 Years Ago
- Your iDEA Award questions answered!4 Years Ago
- Five ways to make your business successful in five years!4 Years Ago
- SmallBiz100 Mooch revive the local high street4 Years Ago
- Why apply to be a SmallBiz100 2018?4 Years Ago
- SmallBiz100 Julu on design, manufacturing, and building an online business with friends4 Years Ago
- Small Business Champion Series From Rich Brady ... Setting Business Goals4 Years Ago
- SmallBiz100 Techsixtyfour on how to successfully build an online business4 Years Ago
- SmallBiz100 Frequently Asked Questions4 Years Ago
- Small Business Champion Series from Rich Brady...Putting the Family into Family Business4 Years Ago
- Exporting - not just for the big!4 Years Ago
- Can Giving Really Be Good for a Small Business? Spoiler: Yes!4 Years Ago
- Let's get organised....4 Years Ago
- Is your business leaking money?4 Years Ago
- Podcasting - The Ultimate How-To Guide - Part 24 Years Ago
- Podcasting - the Ultimate How-To Guide - Part 14 Years Ago
- Save time with automation4 Years Ago
- Setting BIG goals – why do it and how to go about it4 Years Ago
- International Women's Day 20184 Years Ago
- 9 tips for Business Success - it's all about love.4 Years Ago
- Demystifying LinkedIn for Small Businesses4 Years Ago
- 10 Top Money Tips for Small Businesses4 Years Ago
- Organising a Small Business Event - Tips from the Experts4 Years Ago
- 12 Top Tips for Micro-businesses4 Years Ago
- ACCA on board the Small Business Saturday Bus Tour5 Years Ago
- There is still time to get involved!5 Years Ago
- Is Britain Becoming a Cashless Society?5 Years Ago
- Small Business Spotlight - How Technology Can Help Small Businesses5 Years Ago
- Better people for Better business5 Years Ago
- Taking Your Business Beyond the High Street5 Years Ago
- Five reasons to be optimistic about access to finance in 20185 Years Ago
- Small Business Saturday App!5 Years Ago
- The Importance of Customer Service5 Years Ago
- Sign up today for free business mentoring!5 Years Ago
- 5 Ideas to Improve your Time Management5 Years Ago
- The Small Business Saturday Bus Tour launches across the UK for its fifth year!5 Years Ago
- 5 minute interview with Nick Entwistle from One Minute Briefs5 Years Ago
- Say Hello to the 2017 Small Business Saturday Champions5 Years Ago
- 5 ways to save money on your business energy5 Years Ago
- Establishing a Small Business through Online Branding5 Years Ago
- Get by with a little help from a friend5 Years Ago
- How Small Businesses Should Deal With Adversity5 Years Ago
- Three helpful ways your phone can reduce paperwork5 Years Ago
- How to Set Up Your Own Business5 Years Ago
- Give Your Business a Boost with Improved Conversion Rates5 Years Ago
- Protecting Your Business Against Risk5 Years Ago
- Small Business Budgeting Tips5 Years Ago
- Hiring tips for start-ups5 Years Ago
- How small businesses can build their online presence5 Years Ago
- Leading business experts come together in one-off inspirational event5 Years Ago
- Five Tips to Effectively Market your Business5 Years Ago
- Nottingham's Lady Bay Vintage Midcentury Antiques Fair6 Years Ago
- Spend with small busisness on Small Business Saturday up 15% year on year to £717 million6 Years Ago
- Why you need to add exhibiting to your marketing mix6 Years Ago
- Seven ways you may be able to reduce your tax bill6 Years Ago
- Practical advice from Acas to help small businesses succeed6 Years Ago
- Automatic enrolment problems? The PLSA has a Pension Solution6 Years Ago
- Ideas and Innovation Dens: help tease out those great ideas and turn them into reality faster.6 Years Ago
- Black & Gold: Supporting other local businesses through partnerships6 Years Ago
- Interview with Paul Gardner founder of the East End Trades Guild6 Years Ago
- Fully Funded Essential Management Skills Training6 Years Ago
- What I learnt in my first year in business6 Years Ago
- 4 Invoicing Mistakes you Should Avoid in your Small Business6 Years Ago
- Interview with Small Business Saturday Champion Elaine Pritchard from Caittom Publishing6 Years Ago
- A Guide to: Handling Small Business Disputes6 Years Ago
- Communication is key6 Years Ago
- How to get your small business found6 Years Ago
- Is cloud hosting for you?6 Years Ago
- Is cloud hosting for you?6 Years Ago
- How to: Get your product in a magazine6 Years Ago
- How to: Get your product in a magazine6 Years Ago
- Is Beer Brewing The Next Big Thing For The Hospitality Industry?6 Years Ago
- 5 tips to make starting your business easier6 Years Ago
- Do not underestimate the power of the internet6 Years Ago
- A Beginners Guide to Corporate Wiki6 Years Ago
- How to use social media to grow your small business6 Years Ago
- Recruiting for your small business6 Years Ago
- 5 Customer Experience Tips for Small Businesses6 Years Ago
- Effective interviewing techniques6 Years Ago
- How Your Small Business Should Go Digital6 Years Ago
- How to write the perfect job advert6 Years Ago
- Hiring a VA: What's it all about?6 Years Ago
- Surviving and thriving as a small business6 Years Ago
- Why job descriptions matter6 Years Ago
- Music makeover6 Years Ago
- Five things all SMEs should know when applying for funding6 Years Ago
- Self-assessment help for small businesses6 Years Ago