Starting a New Business

Starting a new business is often exciting, frequently exhausting, teaches you a great deal that you did not previously know about yourself, and regrettably all too often poorly planned or lacking tangible support.

The High Reach Marketing consultancy team have collectively many years experience of advising and supporting new businesses, investing in new businesses, and existing business. Several of us have also started new businesses, some very successful and yes, one or two, not so hot. With the best will in the world you can not plan for every eventuality but you can have a plan for damage limitation.

There are countless sites to explore brimming with advice on starting a new business and many are well worth the time and effort of reading, and there are excellent organisations such as business link who you should also talk to.

There are dozens of questions that immediately spring to mind, but the first obvious ones to me:

• Why start a new business now?
• What is different about yours?
• Do you have the skills to manage a new business?
• Do you have enough finance to make it successful?
• Do you have forward order commitments?
• Can you start small whilst still employed? (If applicable)
• What are your competitors doing?
• At what cost and can you make a profit?
• Do you have a serious business plan?
• Do you need premises and staff?
• If applicable, do you own copyright?

I know my colleagues would come up with an entirely different list of immediate questions but we need to start somewhere.

Starting a new business takes real commitment and is full of challenges, and you need to be very honest with yourself as to your own abilities, personal skills, and your ability initially to work long hours.

What about financial stability? - It can be a frightening realisation to come out of employment and discover all of the perks have gone such as paid sick leave, paid holidays, pension contributions.

Regrettably we are often called in when things have gone wrong and a business is failing. It is common enough to hear many reasons for this apparent failure, commonly that it was due to lack of funds, but more often than not it is because it lacked sufficient research in the beginning as to the business concept or its viability.

Do your research. Time spent on market research is well worth while and LEARN from the results.

Having assumed that you have conducted your research, you are convinced that your new business “has legs”, that the market is ready, and that you have targeted customers, and that you can make profit, you may now be ready to put a business plan together, with financial forecasting to determine when and how you can start.

We will discuss business plans, investment opportunities and some financial controls later.

In order to produce a sound business plan you will need to think about putting strategies in place regarding marketing and sales - see the various sections for ideas and applications

You also need to consider in what format your new business will be and you will need to register this with the Inland Revenue:

• Sole Trader
• Partnership
• Limited Liability Partnership
• Limited Liability Company
• Franchise

As you can see, and we have barely started, there is a great deal to consider before charging over the horizon, but, believe me, the careful planning is worth it when starting a new business venture.

It’s a bit like training for a marathon - put the work and training in at the beginning and you stand a good chance of making it to the end, go in totally unprepared and it is likely that you will sustain damage.

If you feel that it would be of value to meet and talk through your business idea with a High Reach Marketing team member, want to bounce some ideas or just seek clarification, we are here to help.

No discussion in any detail will take place until we have signed a Non Disclosure Agreement - this is for your protection - not ours - by doing so we give a binding agreement not to discuss any aspects of your company ideas etc outside of our meeting without your express written permission.

To discuss any aspects of how we may help or to set up a preliminary discussion without obligation,
call 01284 717184 or 07887 846095

 

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