AS Growth Hub business advisers, we meet many clients who have decided they want to start their own business, or at least they have decided that being a self-employed entrepreneur is their best route to success; but what should they do to get started?
The Northamptonshire Growth Hub offers a range of support services to help businesses get started and to grow. At the very beginning of the process we offer a simple five-step checklist:
1) What’s your idea? Look at what you have done in your working life so far or perhaps choose a hobby or other passion that could perhaps be developed into a business.
2) How will you be organised? Choices to consider: part-time or full-time, sole trader or limited company, partnership (formal or informal), social enterprise or commercial business. This step does take some consideration and, depending on your choice, could incur some initial cost. Taking professional advice at this stage would be helpful.
3) The way forward? Having decided what you want to do and how you will be organised, you will need to determine the best way to do this. This is called the Business Plan and can be as simple or as complex as you need it to be to explain your idea to others (e.g. potential funders) as well as give you a “roadmap” to success. The Internet is cluttered with many different templates to help you produce a professional plan but don’t wait until you have all the information to hand. Often just writing down your ideas and how you plan to turn them into a business will start to make them real and helps others understand why you will be successful.
4) Things to take care of? For example, as a sole-trader you should register with HMRC for self-assessment; they have a very helpful website, www.hmrc.gov.uk which explains the process. Alternatively, if you decide to become a limited company or a limited partnership or a community interest company, then you will have to register at Companies House – www.companieshouse.gov.uk Our Growth Hub advisers will be happy to talk you through the various options and procedures involved.
5) Must do! Perhaps the most important of all. Find your first customers. Without clients willing to pay for your products or services all the planning and preparation in the world will come to nought. Knowing how you will make potential clients aware of your offer is of paramount importance and is the most important step in this checklist. An effective marketing plan is a key part of any successful business plan and your Growth Hub adviser can help with advice and guidance as you develop this.
The Northamptonshire Growth Hub was established in November 2013 to fulfil need for business support for small and medium sized enterprises (SMEs) in the county and in that time has helped over 4,000 businesses since it opened for business. It is based in the centre of Northampton in the Innovation Centre – a state-of-the art facility offering office space and meeting facilities. The Northamptonshire Growth Hub handles over 500 calls per quarter, 70 per cent of which are established businesses but with a significant portion from pre-start and start-up enterprises.
To enquire about assistance for your business call 01604 212696 or email
