Business Start Up? – What many forget to check
It may seem obvious, but it is essential but every business start up must do their homework and check that the business idea has legs. We have found people who have gone through long courses on setting up their business. They have all manner of information to hand- on sales, marketing, HMRC etc.
However, no one actually suggested that they have the business start up idea reviewed to see if it has any chance of working.
Some important points:
- Many start businesses in areas they have previously worked for a large company – in the corporate world.
In such a company you did your job probably very well but had all manner of experts around you to provide the support you needed. You had:
- People to send out bills and chase payment.
- An HR department to deal with all staff issues.
- If it was not you -you had sales and marketing done for you.
Once you set up alone it is all you apart from anyone you can afford to pay to help – or family with the skills.
So if you are running around doing all these jobs will you have the time to spend on what you actually are skilled at sufficiently to make it profitable?
- Remember what a business start up can charge and what a large company can charge will be different.
- You may be able to charge less because your overheads are less or
- You may have to charge more because you do not have economies of scale.
- You do not have the reputation of the company and so need to work harder to convince clients you are the one.
- Make sure you know all the future developments that will affect your business start up. We knew a lady with a business that would be wiped out when the Government implemented rules in the pipeline. She had not checked, and no one had told her.
- Be flexible. Many will tell you that you need to be a specialist as it is easier to sell. That is true but your specialism may not be the right one. Your one specialism may not be what the clients want. Keep an open mind and be ready to pivot to a better idea if that proves popular with the clients. Once you know what works then you can specialise with confidence.
If you need advice, please contact us on info@barkleylegal.co.uk
