Make 2024 the year you start your own business
The UK is entrepreneurial by nature. A record number of new businesses were incorporated during 2023, with 900,000 registered last year alone, 12% up from 2022.
The resilient and dynamic spirit of the UK business scene makes it a fantastic environment to start and grow a brand, and whatever industry sector you’re looking to enter, 2024 is the year to do it. But, where do you even begin? In this guide, I’ll talk you through the steps to take to start your own business…
Start with an idea
A business is only as good as its idea. Whether you’ve just come up with a great basis for a business or you’ve been sitting on a concept for some time, taking a seed of an idea and developing it should be your first step.
Before committing your precious time and resources, make sure there’s a demand for the product or service you are looking to launch. Conduct market research, analyse any competitors that may already frequent the space, and validate your business concept before anything else.
Work on the fundamentals
Next comes the business plan; as a document that details the company’s objectives and how they’ll be achieved, it is all pretty important stuff. A good, well-thought-out business plan will make for essential reading throughout the life of your company, and no matter how your business ambitions and wider market evolve, it should serve as the roadmap for your venture.
Develop a business plan that puts your goals, target market, marketing strategy, financial projections and operational plan on paper.
Delve into the essentials
It is likely that you’ll need funding to turn that great idea into a fully-fledged business. Determine how much capital you need to launch and sustain your business until it becomes profitable. As you’ll discover, there are various funding options to explore, including but not limited to personal savings, loans, investors and crowdfunding.
Another essential that should be sewn up during those early days is the legal structure of your business. Whether it’s a sole proprietorship, partnership, limited liability company (LLC) or corporation, each structure has different implications for liability, taxes and management. Weigh up the pros and cons of each, before deciding on a structure that’ll work for you and your circumstances.
Make it official
To start your own business, you’ll need to register it. This involves completing the necessary paperwork with the appropriate government authorities. If you intend to operate as a sole trader rather than a limited company, you can of course skip this step. You will however need to register for Self Assessment.
Depending on the nature of your business, you may need to obtain permits, licenses and tax identification numbers to operate legally.
Build your brand
Put your best face forward from the very outset by developing a strong brand identity that resonates with your target audience right away. A memorable business name, logo and brand messaging will go a long way, and will help you reflect your company culture, values and offering.
Alongside a great brand, you should cement the processes that’ll keep your business operational. Establish systems for day-to-day management, including a suitable base, the necessary equipment or technology, and a well-equipped workspace.
Market, monitor and adapt
Develop a comprehensive marketing strategy to attract customers and generate sales. Even during the early days, you can tap into a mix of online and offline channels – including social media, advertising, networking and partnerships – to get your business the recognition it deserves.
Whatever your marketing mix, continuously monitor your business performance, gather feedback from customers, and adapt your strategies accordingly. Stay agile and responsive to changes in the market, industry trends and customer preferences.
Don’t start your own business alone
Taking the steps to start your own business is exciting but also extremely daunting. You don’t have to face the ups and downs of being a new business owner alone however. While, at this stage, you may not have the funds to hire in-house, you should always aim to surround yourself with talented individuals who share your vision and complement your skills.
Collaborate with contractors, and eventually recruit people, who are as passionate, dedicated and capable of contributing to your business’ success as you are.
