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The beginner’s guide to starting up your own business

By LLM Reporters on 7th August 2020

In today’s world it seems just about anyone can start up their own business with an online presence and the nub of an idea. Whether you are offering a service or want to sell a product and you are keen to set up your own business with the hopes of making a good income for yourself and be in charge of your own business decisions, we are here to guide you.

It’s easy to want to become a millionaire overnight but, unfortunately, it’s not that easy. It takes hard work, dedication and confidence to achieve the level of success you dream of, but it’s far from impossible. If you have a natural talent for something, truly believe in a product or are completely passionate about what you do, you are already heading in the right direction. Though it helps to have a starting point as it can guide you, you don’t have to know exactly what it is you want to focus on yet.

And the good news is you don’t have to be a whizz at website design, be the best at working through your accounts or have a hefty sum in your bank account ready to go as you can seek out help from web designers, accountants and investors who can help make your dreams come alive.

Business
Whatever your dream is, know that being prepared before you jump right in is more likely going to lead to success than if you don’t plan carefully

So, if you’re looking to venture out into the business world, then read on for our beginner’s guide on starting your own business.

Coming up with an idea and creating a business plan

Do you love yoga and dream of teaching one day? Make sure you know what you need to achieve before you begin so you can set your goals. Perhaps you’ve trained and worked as an accountant and are tired of working for someone else and you feel confident about setting up your own firm. Maybe you’re certain that you’ve just invented the next big thing and you need to find production and distribution channels.

Do you dream of owning a chain of restaurants one day, but you’re not quite the Michelin-starred chef yourself? The list goes on, but whatever your dream is, know that being prepared before you jump right in is more likely going to lead to success than if you don’t plan carefully. If you don’t know exactly what it is you want to venture into then you can find many ideas online to guide you.

You’ll need to evaluate your finances and the costs involved in setting up your business. Will you need training, employees, some real estate? Who will be funding your project and where will you be operating? Do some market research and once you have a better idea of the above, it’s time to come up with a business plan. There is a wealth of information out there on creating your business plan, so we won’t go into detail here as the resources are plentiful.

business finance
Making the right financial decisions will be a deciding factor in whether you can even start up your business

Business structure and funding

Next up you’ll have to work out your business structure so figure out if you’re going to operate as limited company, sole trader, a partnership or limited liability partnership. This comes down to liability of losses and also if you have investors so do your research and find the right avenue for you. Get yourself a good accountant too who will be able to guide you through making the right choices for you and your company.

Making the right financial decisions will be a deciding factor in whether you can even start up your business. You should have a clear idea after coming up with your plan and analysing the market as to how much you’ll need to put into your new business. If you have some funds put away this may be enough but if you need investment there are a variety of avenues you can go down including government funded startup loans, private investors and crowd-funding.

Getting your business off the ground

Once your funding is in place, you’ll need to consider your branding, so you can be sure the direction in which you are headed is correct. Think about your USP, a logo, marketing material, and a premises, if you need one. How and where is your product or service going to reach customers?

digital marketing
In today’s world, creating a strong online presence is essential

Even if your business revolves around a localised area and you aren’t seeking out world domination, in today’s world, creating a strong online presence is essential and, for success online, your website design must attract the attention of your target audience and leave a lasting impression. It’s advisable to be present on various social media platforms too so people can keep up to date with your company on a daily basis.

From UX design features that make your website easy to use, to exciting graphic design and interactive elements, your business website design needs to be super responsive to create a memorable experience that leaves your visitors coming back for more. A responsive website must be fast loading and to make sure yours is as responsive as can be, focus on simplifying website themes, optimising design elements, analysing your website speed analytics, testing mobile capacity and promoting social media handles.

The final word

Hopefully we’ve covered enough to give you a good basic idea on how to set up your own business. It doesn’t have to be as scary as you think, just make sure you’re making solid financial decisions and aren’t risking too much in order to get your passion off the ground. Similarly, don’t be too put off as there is a wealth of guidance and assistance out there in order to help you realise your dream, it takes a little confidence and a lot of hard work, so if you’re ready then go for it!