Starting your own Business

Some of you might know that, as well as writing on the blog here, I run a small business teaching babies and families how to use baby sign language. I am passionate about sharing the positives of running your own business and regularly feature Business Mums on the blog. This Guest Post has some great tips for getting started in your own business.

When the national economy is at a low point in the cycle, jobs are scarce and competition for positions is fierce, jobseekers will often look to new ways to earn a living. Starting one’s own business might seem like a difficult proposition in such a tight market, but for many people a recession is the best time to begin their company. Most of the businesses in the Gloucester business park would not exist today without the determination and dedication of entrepreneurs with nothing more than an idea and a dream.

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Starting during an economic downturn

By starting a business during a downturn in the economy, entrepreneurs often find that the only way to go in the market is up. Learning the ropes of running a business during an economic downturn also teaches budding businesspeople important lessons in ingenuity and determination.  These skills will stand them in good stead when the market takes a turn for the better.

Starting a business

Beginning your own business may seem complicated, but it doesn’t have to be overwhelming. There are a few simple tricks and tips that can help any new business get off the ground. Firstly, begin with a solid idea. Is there a need that is not being fulfilled by current offerings? Many businesses are founded when individuals identify a need that is not being met by existing companies; they decide to do something about meeting that need for themselves and others. Once the idea is in place, it’s important to do the background research necessary to ensure success.

Is the niche large enough to support a new business? Is it possible to produce a product or service in a cost-effective manner that allows for a reasonable profit margin? What will the start-up costs be? All these are important considerations for someone thinking of starting their own business. Once the idea is in place, and these questions are answered, it’s time to draw up a business plan.

A business plan

The business plan is an important step that many people overlook or rush through, but it is critical to success. A solid business plan provides the fledgling company with a blueprint – a set of directions laying out exactly how each stage of the business will be built, how the product or service will be produced, marketed and delivered, and details the expected cash flow. The business plan also lays the foundational work for creating a business proposal, an important document necessary for obtaining capital investments from banks or private investors. After all, no one wants to invest money into a fledgling business with an ill-conceived plan. Usually, unless there is a large cash pot to draw from, it will be necessary to raise funds through investors and banks.

Location

Of course, once the idea is developed and the background research has been completed, the business plan specified and the proposal written, the hard work of actually building the business starts. Choosing a viable location for the business premises should be part of the planning process.  Finding the ideal location at an affordable price is often difficult and compromises may well have to be made. Starting a new business can be an arduous and worrying process, but the rewards are great for those who are diligent and determined.

For more information about offices to let in Gloucester please visit http://www.gloucesterbusinesspark.co.uk/.

 

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