There is never a bad time to realise your dreams – starting your own business is a goal that many have in the back of their minds, but what does it take to get there?
Despite ongoing anxiety about the post-COVID economic bounceback, lots of people are starting businesses – could you be one of them?
If yes, then you’ll want to ask yourself some important questions like “Why do I actually want to start a new business?” and “What is my end goal?” Once you’ve done that, you can start narrowing down on what you need to do to set your new project apart from the rest.
Get a niche
Throughout the last 18 months, there have been countless changes to the world of business, leaving many gaps in the market to be exploited. In these times of uncertainty, it’s worth you pooling your resources, getting heads together and finding out what you’re good at.
For example, it’s worth doing some research into the fields that are lacking in smaller owner-run businesses, and assessing your options. It’s good to discuss this with those whose opinions you trust, to try and find an angle that suits the needs of the market and your skillset.
Once you’ve got your niche, you can start thinking about funding strategies, and drawing the necessary interest to your new project.
Using tech is vital for any company. It makes certain areas of commerce significantly easier, and encourages a faster and more streamlined service. This could be as simple as a shared drive or folder where you keep all your business docs, or a fully fledged social media campaign using SEO and tailored content to reach your target audience quicker.
There are a whole host of scheduling tools available to you that make automating your social content really easy. Then you’ll be able to plan a full campaign and set everything up for months at a time, leaving you to manage the organic responses.
If you make your content unique, or at least relevant to your target audience, then you’ll reap the benefits that much quicker.
Connect with others
Making a connection with like minded individuals is vital for starting a successful project. You need to hear that you’re not barking up the wrong tree for a start. It’s good to hear from as many different people as possible – experienced business heads who have been there before, friends or even family. Pooling opinions can lead you to making a better decision when the time comes to finalising your plans.
This also includes asking your potential customers where applicable. It’s good to understand what the market wants, so you can tailor and apply your ideas to that as a target.
Don’t be afraid to ask for help
When it comes to starting a business, there is no such thing as a stupid question. Every idea has its potential risks, so there is no shame in asking a professional’s advice.
As accountants for business, we can assist and answer questions wherever needed. Having seen countless examples of new business ideas throughout our time of operating, we’ve got a significant backlog of past clients to reference, and of course a lot of financial expertise.
If you’re in a really specialised area, then we’re more than happy to put you in touch with a contact who may have more information that is applicable to you and your new idea.
Get in touch today and we’ll discuss your project.