Setting up a business – top ten tips for budding entrepreneurs

December 2, 2016

Every business starts out with an idea.  But how do you go from concept to getting your business off the ground?  We have outlined Peter Jones’ (of Dragons Den) top ten tips before, and this is our version of them.

1: Have a goal

This is your end position, your goal.  What are you aiming for?  Once you work out your destination, you are better placed to map out how to get there.  Don’t worry if your vision evolves in time.

2: Work out what you need

Fill in the gaps and weaknesses in your own skill set or business idea, by working out who you know (or can access) to help support you.  If numbers are not your strong point, find a friend or adviser who can help with your business plan.

3: Have confidence

Confidence in your business starts with you – you are asking people to believe in you and support you.  This will only happen if you have confidence in your own business idea.  Take constructive criticism and feedback in a positive manner to help build your concept, it is all too easy to let criticism chip away at your confidence.

4: Commit!

Be prepared to work hard and make sacrifices. But balance this commitment with what is realistic and achievable within your own circumstances.  There is no point in running yourself into the ground – remember to take into account your health.

5: Know what you are aiming for

Planning for your success is as important as achieving success. If you want to be able to scale up your business then you need to work out how to do this without it requiring your own time to replicate whatever you are doing.

6: Take action

Action is how you go from concept to reality.  It is all too easy to forget that a great idea still requires action to turn it into something real.

7: Timing

Whether this is seasonal timing, or part of a broader economic landscape, choose carefully when to launch your business to maximise returns on start up costs.

8: Stick with it

Perseverance and determination are essential.  Very few people get everything right first time around, and the real skill needed is to learn from mistakes or improve on what you are doing.  If at first you don’t succeed etc etc…

9: What goes around, comes around

Treat people how you yourself would want to be treated. All businesses are based on people – those in your own business and those that you are doing business with.

10: Trust yourself

Listen to your instincts and trust yourself.  If you have a niggle about something, chances are that it is worth listening to!

There are practical decisions to be taken too – should you set up as a sole trader, a partnership or a company?  Do you need an accountant?  Which bank should you choose?  Do you need to register for VAT?  For any of these types of questions we are well placed to help, and our commercial team are happy to share local contacts with you and make introductions to other advisers if you need these.

The information provided in all of our blogs reflects only a narrative of some elements to consider on the topic. The blogs do not contain considered legal advice and should not be relied upon as advice. Please see our website terms and conditions for full details of our disclaimer. If you are interested in obtaining advice, please contact one of our lawyers who will be happy and able to advise you on your own particular circumstances.