Start-Up Your Own Business in 2020

Many people have been planning to start their own businesses and then coronavirus hit, and the plans were shelfed. It can be a crushing blow when you are about to launch, and an unforeseen event hits your plans out of nowhere.

Many of us have also recently been made redundant and considering our next steps- the job market is thinner than ever with so many people in the UK redundant and the jobs may not sound appealing.

However, many successful businesses have previously launched in recessions and it has not stopped people making millions…so why should it stop you?

We look at the first three steps to how to start your company on a shoestring and what you should consider before the next step.

Work on your Business Plan

Before you do anything, you need to get your business plan ready and work out what you want to do. Many people planning a start-up rush into things without considering their next steps.

Charlie Cousins from Hooray Insurance states “ When I first started to think about setting up on my own I was full of ideas and my brain was shooting out thousands of ideas a minute but no plan. It was not until I sat down and worked on the business plan that things slotted into place. 

You need to consider your target market, where your going to get your clients, what money you need to start and survive…Take a day to sit down and really plan what you want to do- don’t rush it”.

Seek Advice

Everyone starts from somewhere and whatever people tell you- everyone has had some sort of advice at one point or another and there is no shame asking.

Start by looking on business forums such as UK Business Forums which is full of useful advice from numerous business owners on how they started and what you can learn from them. It also available to ask as many questions as you like and seek advice from others. 

Look at local networking events, Facebook groups, meetup, local start up groups and anything else you can think of to try and speak to as many people as possible. We feel the old saying ‘knowledge is power’ is often true.

It is also worth reaching out to your local job centre and find out what support is potentially available for you as a start up business. In the UK we are lucky to have the benefit system and entrepreneurial grants are available depending on your circumstances.

Market Research

It’s the hardest thing when planning your own company but you need to establish if the general public love the idea/business as much as you do.

When starting a new business it feels like your own child in a way- watching it grow, feeding it new content, planning for its future etc. but you need to find out if you have it right.

Start with friends and get their advice from the branding, idea and thoughts and take it from there. 

We have found many businesses posting online on start-up forums etc with brief overview to get constructive feedback which can be invaluable in the long run.

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