Basic Check-list for Business Start-ups
Before you start your small business, take time to consider the most efficient way to use resources that you already have, e.g. yourself: determine how to manage your time and apply your skills as effectively as you can.
Setting up and running your own business requires a varied skill-set and the ability to know in which areas you need to seek support:
- compare the resources you have with the resources you need;
- identify any knowledge or skills gaps and determine how those gaps can be filled (self or staff training, third party resource, etc.)
- will the budget cover the additional resource costs?
This is the basis of your Business Plan, the “where we’re coming from” element. You need to jot down where you’re going to (goals) and how you plan to get there.
The Business Plan
It’s not the 1980s; the business world is full of entrepreneurs starting new ventures and, to get the edge, you can’t waste months writing a detailed document to back up your ‘guesstimates’. The 21st Century Business Plan is a concise guide to keep you on track. It will help to ensure that all necessary tasks are completed on time and on budget. It needs to be flexible, too.
The Financial Aspect
The main goal of most businesses is to achieve a profit within a defined time-frame therefore accountancy is fundamental to the financial growth of your business. Understanding your finances will enable you to make informed business decisions. The services of a good accounting company should not be underestimated.
If your finances make sense, you will find it easier to convert investors. Also, grant funding may be available to help you grow your business – you will have to spend some of your own budget but it will go further if supported by a ‘top up’ scheme.