Thinking About Starting Your Own Business?

Adapted from a Companies’ House article (www.companieshouse.gov.uk)

When it comes to running your own business you will need a broad range of skills well beyond those of producing the product or delivering the service of your enterprise. You will need to manage your finances, marketing activities, dealing with customers, creating and keeping your social media presence active and up to date, networking, the list is almost endless!

To maintain focus a concise, but detailed list of business objectives essential. Crucially, this should be a live document and not put in a drawer and forgotten about. The list should contain measurable outcomes to enable you plot progress and stay on track.

Furthermore a detailed, realistic and convincing business plan is essential if you want to attract funding. Clearly state what makes you worthy of funding and stand out from your competitors.

But running a business is more than that, you need to comply with relevant legal requirements, have in place the appropriate insurance policies and if required any pertinent accreditation.

And don’t forget the taxman! Personal tax, corporation tax, VAT (if relevant) all need to be accounted for and (sadly) paid.

Reliable statistics consistently highlight that working with a coach or mentor will significantly improve your rate of business growth and resilience. Consider it an investment in you and your company not an expense.