Have you decided to take the plunge and create your own company? Being the boss certainly offers plenty of benefits – apart from having no one else to answer to, you can shape your business the way you see fit, rather than in line with the vision of others.
There are plenty of people who are attempting to follow the same path, with 390,000 business births in the UK in 2019. However, prospective owners should proceed with caution – it’s thought that around three out of five start-ups will no longer be trading within three years of launch.
So, how can you avoid becoming another flash in the pan? Once you’ve done your market research and created your business plan, there are a few things you can do to give yourself – and your company – the best chance of success.
Assess your funding options
Whether it be via a traditional bank loan, government grant or even a crowdfunding initiative, it certainly makes sense to weigh up all your options when it comes to securing external finance. For a lot of start-ups, having enough working capital to get through the first few months and then sustain that growth is a major challenge, so make sure you’ve looked into all the possibilities.
Find the perfect premises
It might be that you can run your empire from the comfort of your own home, but for some businesses that won’t be a viable solution. Whether it’s an office environment, a workshop for manufacturing or a unit for storage, find the building that fits you and your company’s needs.
Get the right equipment
Whatever your line of work, you’ll need the right tools to get the job done. For example, if you’re a tradesperson going solo you’ll need to acquire the necessary PPE equipment such as hard hats, boots, masks, gloves and high-vis vests. That’s not to mention the various assortment of tools you’ll need to complete any jobs to your usual high standards.
Complete the required paperwork
To be legally recognised as an operational enterprise, you’ll have to register your business, which could mean filling out plenty of forms and paperwork. You’ll need to take out insurance and you may need to obtain various licences and permits, depending on the nature of your work.
Market your company
Even if you’re offering a product or service that’s going to change the world, it will be difficult to succeed if nobody knows about it. Don’t waste any time when it comes to promoting your work – spread the message through word of mouth, social media, emails, print magazines and newspapers. The more people you can reach, the greater chance you have of becoming a successful business owner.