A rough guide to starting your own business

Modern technology is making it easier and easier to start your own business, and more often than ever before, people are branching away from more conventional career paths to do things their own way. It you’re thinking of building your own company, there are lots of things you need to consider. Starting your own business can seem overwhelming to begin with, but here’s a rough guide to get you going:

1)      The idea

All businesses begin with an idea, so if you’ve got a good one, don’t let it go. But don’t get carried away either – before getting stuck into anything, make sure your idea is really fleshed out.

2) Making it official

As soon as you’ve decided what you want to do, register your idea with the government to make sure nobody copies it.

3) Market research

For your business to work you need to understand your target market and your competition. Find out who offers anything similar to you, and ask yourself how you will do it better.

4) Planning and development

The time most potential businesses fail to become a reality is at the detailed planning point. Once you’ve got your idea sorted, you need a solid business plan to turn it into a reality.

5) Partners and suppliers

There are very few businesses anyone can manage totally on their own. In most cases, you’ll need business partners, who need to be carefully selected. Whatever service or goods you’re providing, you’ll need suppliers. You can’t do anything until you’ve formed and formalised these relationships.

6) Business structure

Not all businesses are built the same. In fact, very few are, and to create a successful business you need to work out exactly what structure will work for you.

7) Funding

When it comes down to it, nothing happens until there’s some money in the picture. Whether you’re funding things yourself, borrowing from a bank, or using a private investor, make sure you’ve got a realistic, foolproof budget for your business.

8) Insurance

The risks of starting a business are great, and insurance is absolutely key. Get a business insurance quote as soon as you can, to help make sure your business doesn’t just start successful – it stays that way too.