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How do I start a business?

Research

Before you start your business, make sure you do plenty of research about the marketplace you are entering. You need to know whether there is a product or service existing already that is like the one you are proposing. If so, how you will make this sufficiently different? You need to ensure that your business idea can make money by conducting market research surveys and developing a firm understanding of existing products and services, their successes and/or weaknesses and your ability to compete. Some market places have such well-known brands already existing that it can be hard to compete unless you deliver your customers something sufficiently different. If your competitors are not in your area or are specialising in a different field, then this might not affect your business.

Business Plan

Your business plan should be a structured and detailed plan of how you are going to conduct your business, the product or service you are going to sell, and how you are going to sell. Find out more information about writing a business plan here.

Investment

Once you done substantial amounts of research on the marketplace and have written a business plan you can start looking for investment. There are lots of costs involved in setting up a business, such as buying tools and machinery, setting up a website, registering your name and company, any licences or insurance you need to get and for any marketing and advertising you are planning to do. Investment may be in the form of a start up loan or through equity investment and becoming a share holder. There are a number of ways to secure funding for your business, such as on Grantfinder, through local authorities, the Big Lottery Fund or Foundation East.

If you take on share holders, they will usually have some control in the running of your business. They take a part of the profits gained as a return on their investment.  Banks and some government bodies can help you with setting up a business. Shop around with banks on the high street or check out https://www.gov.uk/business-finance-support-finder/sectors for information about business funding providers in each sector.

If you are thinking about starting your own business but are unsure how to start, TCHC can help with our business start-up and enterprise courses. We will support you in coming up with a great business idea and give you ideas for how to turn it into a functional business, and also will help you with writing your business plan and developing your elevator pitch to attract new investors. If you are unemployed or have recently been made redundant, then you can also take part in our Skills Support for the Unemployed and Skills Support for Redundancy programmes. You can use the contact form below to talk to our advisers and find out how we can help you with developing your business.

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