At JGBC, we get regularly asked about those initial steps to start a business.
We understand, it is an exciting yet anxious time for beginning entrepreneurs and we aim to give the best possible advice to make sure your journey of starting a business is simple and stress-free. In this blog post, I will talk about three important steps to start a business in the UK. I will also explain how JGBC can support you throughout your journey as a business owner.
How to start your business today:
1) Plan your finances
At JGBC, we’ve got this mantra of six stages of business, and we want to support clients at every stage. Stage one is the planning stage. We will arrange a free business consultation to any potential business owners who would like to talk to us about their business plans, funding and income expectations. We will discuss the challenges of their market and the industry which they’re looking at and share any knowledge or experience that we know, quite often making an introduction from our clients to these new potential start ups. New business owners are usually very willing to share their experience of starting out: 78% of our clients are in the first three years of their business, which makes them a great asset to share their knowledge with potential new business owners. All this initial business support is absolutely free of charge at JGBC.
Recently, we’ve consulted two different potential businesses that were looking at taking over ongoing businesses. Both times we’ve had to be very honest with them and say, “It’s not viable or the money you’re going to need to take out to support yourself financially isn’t going to be there for the first two years. You need to find a financial solution before you do this.” It is certainly a really difficult conversation to have, especially when there is so much excitement and positivity about the potential of this new business. That is why it is incredibly important to discuss your business ideas and finances with a professional.
2) Get as much professional advice as possible
When you start a new business, you have to be willing to take risks but it is even more important to know that you are getting the right advice so you are not setting yourself up to fail. At JGBC, we will happily arrange a free consultation with you and give you some advice and support. However, if you are starting up a business in Scotland, I can recommend a firm called Business Gateway for more business support. This is a Scottish government-run scheme that’s run by the local council on Scottish government’s behalf. They’ve got lots of business advisors and training courses available free of charge to any potential business owners that have got a business idea they want to try and get up and running.
3) Three little words. “Just do it”.
We speak to a lot of people starting their business on a weekly basis. It is an incredibly exciting time to be your own boss, but it comes with a price. Many beginning entrepreneurs experience fear and anxiety trying to decide whether or not starting a business is the right decision and how to do it properly – don’t worry, you are not alone here. So what is the secret to starting a successful business? The answer is simple – just start. It’s often the easiest thing to just press ‘go’ and get on with it. Remember, your first attempt doesn’t have to be perfect. You’ll master it as you go. So don’t wait for everything to line up perfectly because you could be sitting there waiting for a very long time. Nothing about starting a business is ever clear-cut so have a chat with an accountant first and get a bigger picture of your finances.
Getting the right advice from day one is very important, so make sure you get a free consultation with a professional accountant or get in touch with firms like Business Gateway in your local area. Once you plan your finances, you should be able to make your final decision whether to start your own business or not. I hope you found our top tips to start a new business helpful – I wish you all the best in your new business venture!
If you would like to speak to our team about starting a business then feel free to give us a call today.