A guide to starting your own business - part 1

starting your own business

A guide to starting your own business - part 1

There are myriad reasons why you might consider starting your own business. Maybe you would prefer to work for yourself and set the rules. Or perhaps you’re multi-talented and want a job that encompasses multiple roles. Maybe you just want an avenue to make more money and make a better life for yourself.

No matter what reasons you have and how exciting the concept of starting your own business is, it doesn’t make it any less daunting. The number of businesses going bust hit a four-year high in 2018 after a rise of 4.2% since 2017. Don’t let this deter you. In this simple guide, we will guide you through the basics of starting your own business.

Step one: Refine your business idea

The real step on in starting a business is to have a business idea. Most people do when they decide they want to start a business. But, is the idea one that is going to be a success? Ideas rarely form as anything other than a nebulous thought, with little substance. If it comes to you fully formed, without any intense brainstorming sessions, it is still going to need some refinement. To refine your idea you need to:

  • Search for existing companies with the same idea and take a look at their business models and success

  • Learn what current brand leaders are doing and how effective their strategies are

  • Figure out how to make your idea better than everyone else’s

Considering these things is imperative for ensuring the next steps go smoothly.

Step two: Write your business plan

Once you have a perfect idea, you need to consider a few important questions:

  • What is the purpose of your business?

  • Who are your customers?

  • What are your end goals?

  • How are you going to finance this venture?

If you can’t answer any of these questions yet, it means you need to do more research, be it market research or finding funding. You need to know who and what you are.

Step three: Assess your financing options

A comprehensive business plan is critical in securing finance if you are looking into taking out a loan to finance your company. Banks or other financial bodies need to know that your business isn’t too much of a risk for them and is likely to be a success before they will hand over any money. Therefore, you should make sure you spend all the time you need perfecting your business plan.

If banks aren’t a viable route for you, there are other options available that may be better suited to your needs:

  • Self-funding - If you have a lot of money saved up, you may not need a loan and can self-finance your business venture.

  • Crowdfunding - You might be surprised by the number of people willing to invest their own money in your new business.

  • Venture capital - Another option, however, this sometimes results in a loss of control over your business.  

  • If you think your idea is good enough, you could even enter into competitions that require you to showcase or pitch your business idea. This can sometimes lead to media coverage and boost business success.

These are the first three steps in setting up a business, however, the most important thing to remember is don’t rush! If you rush to get to the end results, you’ll end up finding things more difficult further down the line. A business built on good foundations is one that will last.

Keep an eye out for part 2 where we discuss what steps to take after you have secured your financing. The journey doesn’t start here. Like yours, Coster Content was once just a business idea. Now we offer professional content marketing services to help other businesses grow. For more information about our services, get in touch on 07462 455 894.

Alia Coster