What it all about
Start-Up Business
Top simple tips for starting your own business...
1. Where do you start?

It sounds simple, but start looking at what you enjoy doing and what you're good at.

Look at your interests and hobbies and think about good ideas that would make them enjoyable, or easier, or cheaper... something that other people aren't doing.

You can get lots of advice from free websites to help you when you're starting...

  • The Shell LiveWire website www.shell-livewire.org (registration required) will help in creating your own plan of action.
  • Business Links East Midlands at www.businesslinkem.co.uk advises all sorts of people in the East Midlands how to set up their own businesses. You can order a free starter pack on the website or by calling 0845 058 6644
2. Do people like the ideas?

When you've thought of your business ideas and you think you might want to start, now is a good time to ask a few of your friends or close family what they think.

Ask them whether they think the idea is a good one... Would they 'buy' your idea if they were a customer?... What do they like about it?... What don't they like about it?... How could it be improved?... Write down what they say... this is your first bit of real live market research!

3. Who will you sell it to?

Now we've got to get a bit more adventurous.

The best businesses know what their customers want... do you?

The only way you can check it out, is by asking them and listening. Find people who share the same hobbies and interests as you and who you think would be interested in buying your idea.

Do the second bit of market research Do they like the idea?... Would they pay money for the idea?... How much money would they pay?... How would they improve it?... How often would they buy it?

Again write down their answers and see if it helps you to improve your new business... the more people you share your ideas with the more feedback you will get... and this advice is still free!

4. Marketing - what should I do?

OK, so now you know a bit more about your customers. Think about your great product. What you will tell your customers and how you will tell them? That's marketing pure and simple!

What will you tell your customers?

You may want to tell them how your product works (the 'features') and how it will improve what they are doing (the 'benefits')

How should you tell them?

You can probably think of lots of ways you hear about products or services in every day life. People recommend things to you (word of mouth), leaflets get dropped through the letter box (direct mail), you watch adverts on the television (TV advertising), adverts pop up on websites (e-commerce), people stop you in the street to ask you to try something (sales promotion).

There are hundreds of people trying to tell you about products and services so think about them. What would be the best way for your business?

Advice on different ways to do marketing is available in lots of different places.

As a starter, try the Business Link website, visit your local library for good marketing books or just Google.

5. What's it going to cost?

Next consider how you’re going to make your product or give your service. Think about:

  • How long it will take
  • How much it will cost to make it
  • Where you will do it
  • Whether you will have to pay someone to help
  • How you will employ people
  • Whether you need to buy equipment
  • Whether you will need insurance
  • How much your marketing... for example leaflets or website… will cost.

You need to find out all this information in order to work out if you are going to have a profitable business.

6. Write it down... time for a plan

Not everyone enjoys writing down their ideas. It's far better talking to potential customers, making things or actually thinking of ideas but now you've got to do some planning. It doesn't take too long, honest!

All the information you have gathered will form the main parts of your business plan.

Try and imagine your business over the next two years and write down all the information you have about your customers, your products or services, your marketing ideas and your costs.

The Business Link website has some excellent free guidance on how to write a Plan.

7. Now talk to people again

Now time for the third bit of market research.

We're getting very near to starting this business... go back to your close friends and family and see what they think of your plans... they may help you as well as give you more free advice.

Talking to experienced entrepreneurs... people who've started their own business can be fantastic, as they may have faced similar problems and can offer free guidance and support.

Great places to get help are:

8. Money money money!

We're almost there... as a new entrepreneur you may not have a lot of money to finance your business. It is out there, but you've got to work hard to find it... your options include:

  • Bank Loans or overdrafts
  • Family and friends loans
  • Grants
  • Going into business with someone else

To get finance, or if you are having difficulty raising the money you need, try some of the following:

  • Your local Bank
  • Entrepreneur scholarships are offered by the National Federation of Enterprise Agencies (NFEA) - www.nfea.com
  • Or visit the Business Link website www.businesslink.gov.uk and search the Grants and Support Directory for grants, subsidies and advice.
9. The last few step... setting up your company

Decide if you want to become a sole trader, partnership or limited liability company...it might not seem important now but it may be in the future and take advice before you decide.

Again Business Link is a great place to start before you sign any partnership agreements. Thinking ahead will reduce any problems you may face should you part from a business partner.

10. You are an entrepreneur...

Congratulations…you may not have realised it but you have started in business!

Hopefully this provides you with some tips on how to set up your own business.
With careful thought, support and planning you can start your own business at any time - so good luck!