Tips to Start a New Business

Mummy says…It is a brand new year, but we are already almost at the end of January. There is no better time of year to start a new business – is this something you have been thinking about? I have run my own businesses for most of my working life and have some top Tips to Start a New Business to share with you…

1. Do what you love and love what you do. Running your own business can be lonely and very tough at times. Make sure your business idea is something that you absolutely love doing. You will be thinking, dreaming and living with it day in, day out. Think about the hobbies you enjoy – do you create anything? Are you complimented on something you do or make? Are you constantly asked for help with anything in particular?
2. If you think you may be an expert in any field, you could consider becoming a consultant. There are lots of resources online about how to get into consulting – you may have much more to offer than you think. Parenting, travel, photography, teaching are just some possibilities.
3. Make sure you register with the proper departments such as the HM Revenue and Customs etc. If it is just you, registering as a sole trader is the easiest option (make sure you seek legal advice if unsure at all).
4. Still stuck for an idea, but just want to run your own business? Look at franchises. There are dozens available in all areas of business with all levels of start up investment. Talk to people to find out what they want that isn’t available – or look at a successful business you love and figure out if you can do it any better, or add something else to it.
5. If you need to gain more qualifications, look at the Open University for a huge range of courses to fit in with your life. You may be eligible for some funding help.
6. Whatever you are thinking of doing, consider the logistics of your business. Are you offering a product or service that is local to where you live, or nationally – or even internationally online? Think about how and where you will promote and sell your product / service.
7. Depending on your age, location and type of business you may be eligible for some funding with a grant and / or loan.
8. Research, research, research. There is a wealth of information online to help in planning and preparing your business idea, look out for local workshops and courses too.
9. Join as many support groups as you can – there may be Facebook groups and local business meet ups.
10. Stick at it. Give your business at least one year to work through the seasons and any peaks or dips. Use quieter times to research even more, examine your competitors and evaluate what you are doing.

Running your own business is the most rewarding experience you can have. Yes, it is stressful, unpredictable, worrying and at times pretty horrendous! But, I have never found anything else that fits in with my daily life – especially around the children or that fulfils me more. My current business is my blog, which is five years old on 1st February and I love it!

Do you run your own business, or have you thought of it?