How to set up and run a small business
Starting a new business is fun. It’s a world of learning and discovery as you try to build something brand new from scratch and make it on your own two feet.
Many people are so caught up in building their business that they don’t really consider where they want it to go in the long-term. And very few people at the start are forward thinking enough to plan the finish – their exit strategy.
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Life can be great when you’re running your business as a one man band. You get to escape the shackles of employment including a boss telling you what you do and when.
Of course there are downsides, such as the loss of a regular salary and other employment perks. And the most serious of these is how you would continue to earn money if something happened to you or your business.
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As you start up your business, the need for a well thought through business plan is clear.
Even if you are just going to be you sitting in your spare bedroom selling things over the internet, you need a business plan to understand how you’re going to market your products or services and actually turn a profit.
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One of the keys to success in any venture is having an accurate and informative business plan. It will set a clear direction and ensure you spend your time productively. As a vital document, you need to invest time getting it right before you make any key business decisions.
There are numerous tools and sources of information online, that allow you to research and plan virtually any business idea. Here are a few of our favourites.
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Starting your own business is a really exciting thing to do. You get to take a dream that you have been harbouring for years and turn it into reality.
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Marketing your business should be fun and simple. Surely there can be no better way to spend a day than working on something which is going to help you achieve your objectives more quickly?
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When you decide it’s time to get your business started, you’ll find the first piece of advice given by most experts is to “get a business plan written”.
And they’re right; that is the first step to turn your business dream into a reality. But many people find it the hardest step to make.
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Restructuring a business can be a turbulent time; you may be juggling legal issues with disgruntled employees, expansion plans with uncertain investors.
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Business development is much more than just about marketing, sales, pitching, online wizardry, mailings, advertising, branding, social media strategies, glossy brochures, discount deals, promotional gimmicks or special events.
Every single thing a business does has a potential impact on how your business performs. Following these 10 business development truths, will help your business to grow and give you an edge over your competitors.
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Writing a business plan is an important step in the business start-up process. Even if you don’t place much importance on the business planning process, the simple act of writing down your thoughts can help focus your mind on aspects of running a business which you may otherwise have neglected.
If you want to raise funding for your business, you simply must have an up-to-date business plan in place.
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A business plan outlines your vision for the future of your business, looking at where you are now, where you want to be by a given date and how you intend to get there.
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One of the most useful bits of advice that established entrepreneurs give to people starting their own business is this: ‘cash is king’.
It doesn’t matter what business you’re in and how profitable it is, if you run out of cash, your business will struggle to continue. If you can’t pay suppliers you’ll have nothing to sell, and it’s a quick, vicious circle from there to insolvency.
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A business plan is a document which captures how you expect your business will grow, according to a large number of factors such as funding, how the market behaves, the people involved in the business, and – of course – how successful you are at selling your product or service.
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On day one of your new business, as you sit at an empty desk wishing the phone would ring, you think about the future and how exciting it will be to be busy.
Fast forward two years to when you are working 14 hours a day, six days a week (and there’s enough work to fill your sleeping hours). Your wish came true, but it turned into a nightmare along the way.
If this is happening to you, don’t worry, you are not alone. It’s a common problem that affects many small business owners. The hard work and long hours to get the business off the ground never seem to stop.
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There is a lot to be gained from business planning but many businesses will search for a million reasons to avoid it. However large or small your business is, planning for the future is critical to its success.
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Many companies need to impress a prospective client or partner following an initial meeting or phone call, especially when asked to submit a business proposal.
This is not the time to become complacent. There will be others on the short list so a well-written and attractively presented business proposal is a crucial sales tool, which can make the difference between a winning proposal and losing venture. Hilla Ovil-Brenner, CEO of WhiteSmoke English Writing Software, gives us some useful tips for your next successful business proposal:
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With all the excitement of starting and running your own business, it’s easy to overlook what might happen if it all goes wrong.
A disaster could strike your business at any time, in any form. What if your main sales person was lured to an aggressive competitor, you lost your data, or your building was destroyed in an accident? It’s rare, but it happens.
Here are seven simple steps to a writing a simple but powerful disaster recovery plan:
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Many of the world’s most successful business people became that way with help from a key figure in their lives.
When you have a mentor or a coach, you are involving someone else in the decisions you need to make to grow your business. They will help you stay focused, on track, and get the most out of yourself.
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This business plan guide is aimed at helping you put your message across to one particularly critical audience – the business angel. This article contains an introduction and overview, and Part 2 discusses how to present the chapters of your business plan.
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Part two of our two-part guide to writing a business plan for business angels takes a look at the main chapters of the business plan. You can read Part 1 (the overview and introduction) here.
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