The idea for your start-up business is vital to its success and longevity, for this reason it’s recommended that your idea be fully developed. There are specific support groups or ‘growth hubs’ that are local to you that can aid in the development of your business idea.
For information on where you can find nearest growth hub is click here.
Once you have a developed idea or invention, you need to protect your intellectual property. This will ensure that no one is able to legally copy it without your permission. Then you can begin to research your market in order to identify potential customers. It’s recommended to talk to your target audience in order to discover if your product or idea fulfils a real need. If it does, you can begin building a following to create conversation about your business as it will become your brand.
Once your business is beginning to develop, it’s time to start finding suitable suppliers and partners to work with – choose people and companies that can benefit your business the best. Once those are in place it’ll be time to actually begin setting up the business, this requires research into which legal structure would fit you and your idea, as well as this you need to register for tax.
To register your business for tax/find out how click here.
Finally, funding is vital to kick start your business idea, there are multiple different sources of business finance, from bank loans to government-backed schemes – you can even sell shares!
That fit different scales and types of business – again, research in this area is key.
Read more about establishing a business:
Going global: 4 tips for entrepreneurs expanding their business
Going global is risky because it’s hard to understand the competition and opportunity of a new market. Just because your products and services are doing well in your local market does not mean that they will do well internationally. However, if you’re an entrepreneur seriously looking into business globalisation, here are four tips to help you expand successfully.
Three tips that all female entrepreneurs should know
More women than ever before are now choosing to take control by starting up their own business ventures. To give this fact some statistical backup, research indicates that the number of women-owned small businesses is growing roughly twice as rapidly as the national average for all start-ups.
The minefield of drafting your own business terms
As a female entrepreneur starting your own business you have plenty already on your plate to think about. The last thing you want to be thinking about is drafting your own technical set of terms of business when you have clients to talk to, relationships to develop, things to sell, things to buy, services to provide, marketing to do and not even mentioning a potential family at home to look after.
What to consider when setting up a business?
The number of women starting up their own business is growing rapidly. Although women account for around of third of those in self-employment, the female entrepreneur trend is by far outstripping the national average for all start-ups.
