Looking to start a new business? You aren’t alone

20/04/2022

The majority of adults will have flirted with the idea of starting a business and becoming the next Branson or Musk.

That idea would have been firmly buried for many during the pandemic, but new figures show that nearly 13 per cent of UK adults are running fledgling businesses, according to research, the highest percentage since the late 1990s.

They are in the first three months of starting a new business or are already running a young enterprise, according to the Global Entrepreneurship Monitor. This compares to just eight per cent of adults in 2020.

Indeed, more than 70 per cent of Britons believe it is easy to start a business in the UK, but less than one in 10 has any intention of doing so.

For those willing to take the leap, here are just a few tips to get you started:

Be prepared and plan carefully

Overnight success is a rarity, so remember to focus on what’s achievable and be consistent.

You should create good habits and follow routines that power you on when that initial motivation wanes.

Taking one step at a time is important, as diving in headfirst can be disastrous.

The best way to accomplish any business target is to plan it out step by step.

Decide what kind of business you want

Think about what you love and what you are good at can lead you to a brilliant idea for your next business.

If you already have an idea, measure it against the market, consider whether you’re good at it and have the passion to succeed, and most importantly consider whether it is truly profitable.

Research thoroughly

The first stage of any competition study is primary research.

This entails obtaining data directly from potential customers rather than basing your conclusions on past data.

You can use questionnaires, surveys and interviews to learn what consumers want.

You should also review similar ideas within existing markets and see whether your product or service has a sufficient unique selling point that could beat the competition.

Create Your Business Plan

A business plan is a dynamic document that serves as a roadmap for establishing a new business.

This document makes it simple for potential investors, financial institutions, and company management to understand and absorb.

Even if you intend to self-finance, a business plan can help you flesh out your idea and spot potential problems.