Lots of people dream of owning and running their own businesses, but not many companies that are officially launched onto the market succeed. If you have a great idea for a small business and have relevant experience in that field, then maybe you could be one of the few to make it work. The best advice for any fledgling company is, start small, try working from home, keep your overheads low, avoid borrowing, have a plan, get online to advertise, and keep your finances in order. A trusted professional in any part of the country, such as Swindon Bookkeepers, Bath accountants or Bristol financial advisors could be worth using to make sure all your financial figures are correct ready for auditing.
You will definitely need the support and backing of close family and friends, be prepared to work long hours for very little reward to start with. This new business venture could prove to be all these things, liberating, stressful, demanding, exciting, and if you are very, very lucky, financially rewarding. If you can find a gap in the market, can give customers what they want, are able to keep your prices competitive and are prepared for an awful lot of hard work and very little reward, then do it! Companies, such as Laura Ashley, and Marks and Spencer have grown into well-known household names, yet they started out small with just one laptop balanced on a kitchen table. Tesco started with just a few little grocer shops and now they are one of the big giants in the supermarket industry.
Make sure you have a proper business bank account, so you keep personal finances separate from your work revenue. Arrange full cover business insurance and obtain a business licence or permit if you need one. Having survived the first six months as a new business and securing some regular clients and customers your company may be starting to grow, the old saying “You have to spend money to earn money” could now prove to be true. If you want to grow and succeed in your new company, you will have to invest most of your profits back into the business. You might have to consider moving into an office or small retail outlet and hiring one or two members of staff. Work hard, stay true to your ideals, believe in yourself and you will succeed.
