A Step by Step Guide to Starting a New Business
The reasons why many do not start up their own business is not because they lack a sound commercially viable business idea or have funding requirements that are beyond their means. It can sometimes be because they view process of starting up as a complex web which is difficult to navigate and understand.
With this in mind, Start-up Wales have created a simple and easy to understand guide which summarises the major areas of starting a new business. Each section is expanded to provide further details on a given subject area so that visitors can gain information on areas which are specific to the knowledge and plans.
Things to Consider
Below is a comprehensive list of things to consider when starting a new business. The main point to remember is that there are no magic formulas or great mysticism surrounding starting up. There are some easy parts involved in the process and there are others which require hard work and self belief.
Business success often lies within the principle or doing something you are already good at.
1. Target Market
Deciding whether your target market (i.e. the people you wish to sell to) is local, regional, countrywide or international.
2. How to Trade
The choice of whether to trade as a limited company, partnership or sole trader must be made. Despite increased administration companies are generally favoured for their ability to limit the owner’s financial exposure and often for the tax advantages they can yield.
Further information on how to trade
3. Where to Trade
Whether to chose the means of trading to be via a shop, factory or through the internet is an important consideration. The introduction of the World Wide Web has enabled many start-up business to achieve a global presence with very little capital and risk and is therefore always worthy of consideration even if a more traditional outlet is also selected.
4. Who to Trade With
The advantages and disadvantages of starting a business with on your own vs. with one or more partners is an important decision. Having additional help and resources needs to be weighed against the lack of autonomy and control with invariable follows.
5. What to Sell
Having a viable product or service which others will want and agree to pay for is the essence of being in business. Finding ways to differentiate your offerings from those of others which are available can bring positive results and prevent others from copying your ideas.
6. Deciding What You Need
Deciding what you need could include financing, suppliers, staff, equipment, in fact anything that will be required to translate the initial start-up plan in to a living and growing business.
7. Self Evaluation
In starting and then running a new business it is important that an assessment is carried out on what skills and resources (namely time) you have. To a large extent your personality will determine a lot of the other factors listed above and style the business. The synergy attained with the lead personnel and the business plans and ideas will determine just how realistic the entire venture is.
