A New Year is often the time when people question their career path and seek to change their working environment. A popular choice for many is to use the experience they have amassed and start their own business. But what does it take to set up a business and what do you need to be aware of?

Starting a business will challenge you in many ways so you need to be prepared. Whilst you may have a great idea, have spotted the gap in the market, the biggest challenge is not the design or production of your idea, but rather the running of your actual business.

Running your own business is different to simply doing a job. And whilst your new business will feature you delivering the product/service/invention you have, it will also involve you having to undertake everything else that goes into running a business. You are the sales, marketing, hr and finance department.

Essentially, running a business will involve a lot of your most valuable asset – your own time.

A lot of people start their business part-time and combine it with an existing job. This can put pressure on an individual, but it will also provide you with the opportunity to refine your business plan, learning lessons from implementing your idea before moving full time into running your own business.

When setting up a business it is important to have clarity of vision, of purpose and the core value of the business. This will help you as a business owner undertake a realistic assessment of the activity needed to make the business plan successful.

Setting up a business takes time, money, patience and research. This means you need to have focus. This is where clarity is important. You need to ensure you stay true to your vision. With everything else involved in setting up a business it is easy to get distracted and therefore move away from what you initially set up to do.

Finally, take on as much advice as you can. Talk to people you know who have taken the step themselves, they are a great reference point. There are many sources of professional support available. As accountants and business advisors we have a lot of experience of working with start-up businesses and can help get the fundamentals of business set up right. Getting the foundations right at the outset will help massively in the long run. We offer an initial business start-up consultation, contact the Sence team for more detail.

It is that old phrase, you do not know what you do not know. Tap into others people’s knowledge to ensure you are the best prepared you can be to fulfil your goals.

Good luck on your start-up business journey in 2020!

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