Ready To Start Your Small Business In The New Year?

Wanting to be your own boss and to start your small business is pretty much every Brits dream, at one point in their lifetime. But how many people actually go through the steps to get started and to launch their startup is another story.

Most people are “dreamers”, meaning they are the people who will forever keep talking about starting a small business, how they have the greatest business idea and how they will be so successful – but not yet, now’s not the right time…etc

Those who actually take the leap of faith (or a planned leap), often find themselves happier and successful then working at a 9-5 job, for somebody else. Sure it’s stressful being your own boss and running your own small business – but if it’s the dream of being your own boss that you have, what’s holding you back?

When we speak to small business owners across the UK, we tend to see a pattern of why people are so slow at starting their own business, and it often comes to the same few answers:

• I can’t start a business while employeed
• I don’t have money to start a business
• I don’t know to start

All valid reasons, but 2018 is going to be your year if you take the time, the effort and simply do it – and start your own small business in the new year.

Here are the steps to start to prepare to start your own small business in 2018:

1. Get your idea down on paper
2. Build a business plan
3. Search for funding
4. Get expert help
5. Launch

Five steps, seems so simple!

Typically people who give up, give up on #2, and don’t start a business plan.

I mean, who want’s to do a business plan that’s a 100 pages about bla bla bla, who is going to read it?

But before you mind wonders into that, let’s break each of the 5 steps down.

Your Idea

While you may already have some sort of idea as to what you want to do, for your small business (or even if you don’t). simply writing your business idea down on paper will give you a better idea of how you need to proceed. In fact, it’s a proven system to help motivate individuals when they have something written down. Probably why a business plan is so important.

When writing down your idea on paper, it doesn’t have to be anything formal. I’m sure you’ve seen in the movies that business ideas are written on restaurant napkins, or on windows of student dorm rooms..etc Simplify, and don’t over think it. Just write some notes down, bullet points if necessary of everything you can think of in regards to your idea. Once you’ve got it all down, leave it alone for a day or two, and come back to it again (read, read and re-read it again).

The Business Plan

A business plan can take days, weeks and even months sometimes to perfect. But do you really need to perfect your business plan so early on? Probably not!

Simplify your business plan process and create a rough draft of your plan – a little cleaner then your previous notes on a restaurant napkin. Be sure to follow a business plan template which you can find free on our website here at UKStartups.org, or google a easy checklist. In your rough draft of your business plan, answer the questions that the business plan requires. Again, it doesn’t have to be perfect, but a general idea.

Once you feel as if everything is done, and you’ve put your heart into it, walk away and come back in a few days and re-read it. Never know, some new thoughts or ideas may have come to mind. It’s important to share your thoughts with family, friends and other business partners to get a clearer picture of your business.

While it is highly recommended to get expert help to create a business plan, if you don’t require funding or won’t be sharing your business plan with anyone, you can technically use your rough draft plan. However, if your intentions are to give it your best, hiring a professional business plan writer to take your draft and make it a real professional business plan may be a good option. Especially if you plan on seeking funding, private investors or even selling the business.

Our Business Plan Builder Tool can assist you in creating your plan with simple and easy to follow steps. It’s a fill in the blanks method of creating a professional business plan with little to no experience necessary. Not only can you do it yourself, but you won’t need to spend thousands of dollars on hiring a professional. And once you are done your business plan, you have access to our business plan experts who can help analyse and review the plan at no charge.

Search for Funding

If you’ve followed the 1st and 2nd step, it’s natural that the third step is the search for funding. A business plan will be needed when starting up, no matter if you try to obtain funding from a 3rd party source such as a private investor, a bank or the UK government. Your business plan will tell you what you need, how much you need, what you need the funds for and it will allow the person you are “presenting the business” to, to understand your business and to determine if your business is worth the investment.

Before you search for funding, be sure to know what it is that you need funding for – and know how much you need.

Not all businesses can obtain funding (from any sources). So it’s very important to plan your business based on a worst case scenario of you not being able to get the funding, at least not right away.

However funding may be available, but many factors are looked at when applying.  Some factors may include:

• your location
• your industry
• your funding needs
• amount of funding you need
• your business plan
• personal and business history
• credit score

Some sources of funding or financing for your small business may include:

• personal savings
• personal credit cards and lines of credit
• family and friends
• private investors
• banks
• government agencies (grants, loans and tax breaks)

Again, it’s critical to have a business plan and to know how much you need before you start asking for money.

Our Funding Database may help you locate funding from private investors and government agencies. As of today, there are over 1,000 funding sources to apply from. Once your business plan is done, be sure to take advantage of the funding database which is included in your membership here with us.

Getting Expert Help

While you want to start your small business all on your own, and we are sure you can – it’s often better to get a little bit of expert help and guidance.

Why?

Well it’s simple. Experts know better, they will show you the right way so you don’t need to go through the trial and error phases, they will speed the process up for you and keep you motivated.

Getting expert help doesn’t always mean thousands of dollars, or the “impossible”, but it does mean that you may be able to start your small business a little faster.

Take our Small Business Startup Portal for example. For a small fee you get access to a startup guide, business plan builder tool, our funding database, thousands of business documents and temples, a business plan review service, funding application review service and access to our small business experts, for unlimited questions.

Wouldn’t that just be great? It’s like having a support team along the way.

Sure it does cost a little bit (£239 one time fee), but look at what you get.

If you’re really interested, here is the link to register and get started right now.

If not, give it a try on your own – but don’t wait another year to pass by before you start your business. Don’t fall into the “dreamers” category.

Launching Your Small Business

This is the moment every entrepreneur waits for, launching their small business.

By this time, you should be ready to launch as you have your idea ready, your have your business plan handy, you were able to locate and perhaps secure funding for your business and have an expert or two by your side just in case.

Before you launch, always expect the unexpected and prepare for it. It is said to ensure you have 20% of your operating expenses saved in order for the unexpected.

As it’s the end of 2017 in just a little bit, the new year will bring a lot of success to those who follow the 5 steps of starting a small business – so be sure to get your idea ready, your business plan down on papers, search for funding and apply for it – and get some help!