There comes a point in some people’s life where they want more in life. They want to stop working for someone else and become their own boss. The idea of doing something they are passionate about and creating a company with their work culture in mind. It is a great risk, but if you are confident in your business then why not.
In today’s world, startups are becoming the norm. More people are opening their own boutique businesses, and that’s great! It’s what we love to see here at The Hive and even the government backs this up with many small business grants being given out.
But before you drop everything to start a new business, you need to be prepared. Here are a few key steps to follow to help prepare you for your new journey!
Starting a new business is no easy task. It takes time and effort. Some days you’ll have breakthroughs, but a lot of the time in the beginning, there will be stressful times. You need to make sure you are prepared for this mentally and be prepared to put in the work.
If you are still in your current employment, then there will likely be long hours, and work on the weekends. Make sure you plan your time efficiently. If you have free time, allocate that time to your new business.
You need to make sure you are balancing everything. This includes you new work, current work and also personal life. Take a break every once in awhile to recharge and help your mental focus.
Before you do anything, you should always do your research. You need to make sure you understand the industry you are going into as well as the audience and your competitors. Doing good search will help minimise problems later down the line and can help prevent you from wasting money.
Market research will help you understand the industry and whether there is a demand for the product. You can also research the potential customers and what they get from the service and what they want, see if you can offer something more for less.
Competitor research helps as you can scope out the competition and see what they already offer. If they offer something you want to offer, see how they do it, can you do something different?
Doing research may mean some of your initial plans change, but that is normal, especially for start-ups. Nothing is absolute in the beginning and you’ll probably find you go through a couple changes before launching and even during the first couple months after launch!
After you have done your research, the next step is to think about is your own business. Research different names, sort your aims and objectives and think about possible branding. You have probably already thought about this, but with research done, you’ll have a better understanding of what could work and what won’t. You will probably find out through research if there is another company with the same name that trades in the same industry. If this is the case, then you will need to think about a different name.
A good thing to do is to put together a business plan, read about how in our last blog: Putting together a business plan.
A business plan is great as it will have detail all your aims and objectives, all your budget ideas and more. It will help you plan your time and what else needs to go in to make your business a success, including any marketing, or additional things that need budget, such as web design or branding.
If you are just starting out, then it is likely that you will need to do a lot of extra work yourself. Things like design, or social media and marketing can usually be done yourself and can be easily learnt.
Google has an excellent Digital programme where you can learn about all things digital marketing, from Adwords to Analytics! - check the site here.
Code Academy is another great website where you can learn how to build websites. A great skill to have to get an understanding of code and can even help you if you want to send out newsletters. You can visit the site here.
It is always courtesy to talk to your current employer or at least the HR department (if there is one). By talking to your employer about your plans, you are making sure they are aware and then it won’t be a sudden surprise. The relationship you have with them can remain in good shape, which can mean help or potentially mean extra work in the future.
Talking to your employer or HR can also help determine any contractual restraints. Some contracts can prevent certain works being carried out during your employment or taking clients away. You need to make sure you do not breach any of these as this can be costly and cause damage on both your new business and your relationship with your current employer.
Starting a new business can be a scary thing to do, but it's always good to take risks in life! Just make sure you are prepared and do your research.
Also, if you are just starting out and looking for office space, co-working space is a great option to and there is one in Bude, Cornwall that could be perfect *cough*The Hive*cough*.
Our space is affordable and we have created a nice little community of like-minded start-ups and creatives. Give us a shout if you are interested. You can contact us about our coworking space here.
Our plans are completely flexible and can be tailored to your needs.
We have plans ranging from two hotdesk days per week up to the full five day permanent desk package.
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