How to start your own business

How to start your own business

1)Start with an idea

You can find local support, such as The National Enterprise Network

Research your target audience.

You could start doing some Market research eg. you could ask potential clients and businesses, and ask them how much they’d be willing to pay. It’s also a good idea to ask people what they think about your business. Is there anything they like/dislike? What could be improved?

2)Protect your intellectual property.

The gov.uk website is a good guide at showing you how to protect the name of your business, aswell as any ideas or inventions that you have. You may also want to find out if the name of the company you’d like is available online eg. if your company is called Birmingham Decorators you could see if the .co.uk and .com are available by going to a Hosting company’s website. A good one to use is 1&1

Is there a gap in the market?

3)Find suppliers and partners.

If you’re giving the company new business they could offer you some special deals and offers eg. a Graphic Designer giving business to a printing company.

4)Check out your competitors

How much do they charge?

Is your business better than theirs?

5)Think about what your U.S.P is

6)Get funding

Some business are competely self funded, but you may want to take out a loan. Money supermarket is a good guide at helping you find a good deal.

7) Set up your business

This can include registering for tax. Again the gov.uk website gives some good advice on how to do this. For more information, simply click here.

8) Have a good quality Corporate identity designed

You’ll need to have a good logo, business cards and letterheads etc that all match and compliment each other.

How to start your own business.