This is because a great idea is no guarantee of success.
There are various regulatory requirements that you need to consider when starting any business and if you do not have experience you should take expert advice as soon as you can.
Most businesses fail because of a lack of planning and a failure to access specialist support for the various areas that need attention such as finance, marketing, IT and employment law to name but a few.
There are other reasons why start ups fail and lots of opinions as to which factors are the most significant.
Often when it gets tough, people give up, especially if they are faced by a lot if negativity. Learn to treat each no as a step closer to the next yes.
Be clear at the outset what you are selling, who your target market is and how you will access this market. This requires research before rushing in to starting to trade. Having done your research make sure that you are really committed to your business. It will usually take a hard work, particularly in its early days.
Make sure that the problem that your business is looking to solve is big enough to provide a genuine business opportunity, but keep the product as simple as possible. It is likely to be quicker and cheaper to deliver to the customers and easier for them to grasp.
Remember that any business needs customers so you must work out your strategy as to how you will market the business and find customers.
Don't try to reinvent the wheel. There are a lot of people who have built successful businesses. Study their success, try to learn something new every day and if you can, find a mentor.
Do not attempt to promote your business to too wide an audience. You are far more likely to succeed if you focus on a niche or a particular section of the market place. For example, start in a specific geographic area.
Work out what you ultimately aim to achieve with your business and then make a detailed business plan, the core to this should be the financial information with forecasts and projections for profit and cash flow.
Test your assumptions to see how sensitive these forecasts are so that you can still survive in the start up phase if your assumptions are too optimistic.
Incorporate you plans for marketing, staffing, systems and other key components of your business.
Make sure that you establish a strong team that provides the expertise that you need. This could be using internal or external support. Make sure you get that you get this right and that there is good communication.
There is some useful guidance for start ups on the www.gov.uk website and specifically a guide to writing a business plan at https://www.gov.uk/write-business-plan
Once you start, continue to monitor your business against your plan and allow your plan to evolve as you gain experience but always ensure that your path is heading you towards your ultimate goal.
If you would like further help and support to succeed as a start up, please get in touch.
info@philip-gale.com
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