Five tips for making sure you’re ready to set up your own business


Make sure your idea is ‘must-have’

You don’t need to reinvent the wheel when launching a product or service, but you do need to make sure your idea has the edge over your competitors’. Focus on the obvious – what is missing from the product your competitors offer? How can you make it better?

If you offer something others can see the value in, you’re much closer to having a successful business than someone that delivers the same. If you’ve experienced a gap in the market, exploit it and build your business on that!

Think about the ‘why’

Once you have a solid idea, think about why you want to build a business around it. If your motivation is profit you’ll be less likely to succeed than if you’re working because you’re driven, passionate, and believe in your offering.

Managing yourself, staff, and negotiating financial hardships can all take their toll – if you haven’t got the determination to see through tough times, your business may not last very long.

Evaluate yourself

Once you’ve established your idea and are clear on your motives, it’s a good idea to evaluate yourself – after all, you play a huge role in whether your business will flourish or fail! Start by outlining your strengths and weaknesses and consider what you’d want to know if you were interviewing a candidate to work with you.

Can you demonstrate the qualities you’d like to see in someone else? Do you consider yourself to be motivated, confident and resilient? If you think you can adapt yourself and face any possible complications head on, you have what it takes!

Plan, plan, then plan some more!

A comprehensive business plan that is adaptable will be key to your success – they’re the most professional way to demonstrate your vision to others, including potential investors, and give you a written summary of exactly what your business is and needs to deliver.

A good starting point is to include a mission statement, a company summary, an executive summary, a list of service or product offerings, a description of a target market, financial projections, and the cost of the operations.

Where will you work?

Consider your business premises – do you think you could work successfully from home, or do you need a dedicated space away from distractions? Money is a key consideration when starting up and renting office space can be a quick way of draining cash resources for a space bigger than you need. Think about whether you’ll be working alone or will need space to take on new team members.

There are many alternatives to expensive office space now, including co-working hubs, enterprise pods, hot desking or fully serviced office environments, which include all costs and can be a flexible alternative, offering contracts for as little as one day.

Working for yourself can be extremely rewarding if you’re equipped to tackle the difficulties you encounter – as long as you prepare, evaluate and ask for advice you’re on the right track to setting up a winning business.