A start-up business can have a range of challenges so it is important to get advice when starting up a business if you are doing so for the first time. Good advice can only help you, knowledge is power and it could help your business succeed. A business can fail for many different reasons and startups are particularly at risk.
Running your own business is not easy but it can bring you many benefits and attracting customers to buy a product or service you’ve created is hugely rewarding. Keep reading for more information on why your business needs start-up advice and for some of the biggest challenges you could face as a business startup owner.
Failure to Plan
A new business can be very exciting, but the excitement can run away with you as you move forward with any new business or business idea. A lack of planning or forward-thinking could cost you a lot of money and possibly the whole business itself.
Planning is essential to ensure you don’t run out of cash or don’t run into any unexpected costs. Business owners who plan their startups are more likely to succeed in the long run.
Understanding the Market
You need to understand the market well for the product or service you are selling with your business if you want it to succeed. To fully understand you should take advice and research the market thoroughly as part of your business plan. It is important to seek advice on this or else no matter how good your business idea is – your startup will not succeed.
Skills and Knowledge
As an entrepreneur, it is unlikely that you will know everything about the industry you are about to enter into – this is understandable and perfectly acceptable, a lack of knowledge, however, could lead to a lot of mistakes that could cost your business time and money.
Seek advice from business advice websites, join business groups, attend events and seek mentors and absorb as much information as you can.
Leadership
When your startup starts to grow and you start to build a team, your employees will look to you for strong leadership. Make sure you have a clear business vision and mission and communicate clearly to your employees.
Employees should understand the company’s goals and be on board with them in order to make sure everyone is on the same page. Making sure staff remain motivated is important and their well-being should be looked after too.
Securing the Funds
Raising and securing finance can be challenging for a business startup, it can even be hard to know where to get the cash from in the first place.
Advice on the types of funding available to you is required for you to make the right decision on where to source the funds. Gathering up the information to share with investors is essential. Startup business loans are available and backed up by the government for up to £25,000 with interest rates of around 6%.
Hiring People
The people hired to help you with your startup could be the difference between success and failure. Make sure you take your time finding the right person, if you have never hired someone before then look for someone who shares the same values as you and your business. It is also important to create an open and transparent business culture.
What LJS Accounting Can Offer You
At LJS, we are here to help you make your first step in business the right one. We offer you expert start-up advice tailored to your needs, you will be up and running with the best structure to get trading as soon as you are ready.
We will ensure you are up and running in no time with the best possible business structure and advice to ensure that you will succeed in your startup. We will make sure you are trade ready by ensuring you are registered as a limited company for example, and that you are set up for VAT, PAYE, Self-Employment or, Corporation Tax with HMRC.
