7 steps for starting your own business in 2017
By Rhiannon Brewer, Senior Investment Executive (Micro Loan
As a backer of start-ups of all shapes and sizes for many years,
here are seven key steps worth thinking about if you’d like to
successfully launch your own business in 2017.
1.) Find the right
Your business idea shouldn’t
just simply be about making a quick profit. It needs to be a good
fit for you personally, appeal to your target market, and be in the
right location. Building a business takes time so you should be
doing something that you can live and breathe in the long term.
2.) Do your
So, you think you’ve come up
with the right business idea, but how can you market test it? Doing
some market and competitor research is important as you’ll need to
understand if your business idea can translate successfully into
profitable business. Use your trusted network of family, friends
and colleagues to see if your business idea works for other people
and if they believe it will appeal to the market.
3.) Write a business
Most business start-ups
require some kind of funding beyond personal finance, in which case
you will need to do a business plan. Your business plan will
need to include details of your research as well as include your
products and services, a marketing and sales plan, costs, financial
data and cash flow forecasts. You’ll also need to include
details of your management team. If you need help writing a
business plan, Business Wales can
4.) Make it
Before any business can start
trading there are a number of legal checkboxes that need to be
ticked. This can include registering your business name, trademarks
or patents, obtaining any relevant licences and insurance.
You’ll also need to meet your tax obligations. Business Wales provides
free advice on choosing the right legal structure for your business
and registering for tax, while financial advisers and accountants
can offer more in-depth legal advice.
5.) Financing your
To start your business,
you’ll need to secure finance to suit your needs. While some
businesses are started with personal finance alone, many require
some form of investment from a commercial lender. Whether it’s a
bank, business angel or an SME investor like Finance Wales, you’ll
need a solid business plan and sound financial
Brand your business
If you believe branding is
something just for big businesses, think again. A strong brand is
critical for businesses of all shapes and sizes. It will improve
customer loyalty and lead to higher sales and repeat business
7.) Get ready to
The money’s in the bank and the
legals are done. Now you can get ready to launch your
business and purchase any equipment you need, fit out your
premises, train any staff and start your marketing campaign.
What marketing activity will you do before and after your launch
date? People won’t buy what they don’t know about, so raising your
business’ profile through effective marketing is key for a new
business in generating sales. You’re passionate about your
business, so make sure it doesn’t stay a well-kept secret!
Starting your own business isn’t an easy thing
to do and although it’s a big commitment when successful the
personal and financial rewards can be significant and
Finance Wales can provide commercial loans
from £1000 up to £3 million for businesses in Wales. If you are
looking for finance to start your own business contact us today.