The basic essentials of any business
by Startacus Admin
The essentials that need to be considered when starting a business
Starting your own business can change your life forever. It can free you from boring and unfulfilled work and give you flexibility at work, at home, in the office or in a shared workplace.As an entrepreneur, you can set your own hours, choose employees and follow the career path of your dreams. If you do it right, it also means earning more money and having fun at the same time.
However, setting up a business is not an easy task. It requires courage, energy and determination. In fact, today's business system is very complex and sophisticated, and business owners need to take some steps to make their business a success.
Identify your Business Opportunity
Choosing the type of business can be an overwhelming task in the face of countless options.
It is important to determine where your passions are and understand your personality type. However, it is equally important what skills you have and whether you are entering a dying industry or a rapidly growing one.Create a Business Plan
A business plan is a must for every company.
A business plan helps you analyse the market and create a marketing plan, evaluate a product or service, prepare an operating budget, determine financial needs and funds, hire employees, and plan various sales scenarios that may arise. Without such a vital tool, there is very little chance of any business succeeding.
Build a Team
For some, flying alone is a tempting idea, and sometimes it pays off in some business areas.
In most cases, however, you can't start a business without a team. First of all, you need an enthusiastic and hard-working team at the beginning. You need to build a team of people who believe and support your idea and do not see your business as an opportunity.
A well-organised and committed team is crucial to the success of a new company. It is also always better to retain top talent than to source new talent, so be sure to keep making changes to ensure your business is at it’s best for your employees.
Adequate Funding
Finance is the driving force of the organisation, and insufficient financing can lead to losses in the company.
Therefore, precautions should be taken to meet the short and long-term financial needs of the business. Also, cash flow, both in and out of the company, should be planned well in advance.
Business insurance
As a new small business owner, it's your responsibility to manage the risks associated with your business.Don't put your new start-up at risk without buying the right insurance for small businesses to protect your business in the event of a disaster or litigation.
Solid Accounting
Successful companies manage their cash flows effectively, have sufficient funds to settle invoices within the required time limits, or agree on terms with creditors to compensate for delays between invoices and customer payments.
Poor accounting makes it impossible to determine overheads accurately. This can cause financial problems that can lead to company failure.
Improper handling of payslips, receivables and payables, taxes and debt service is a common problem in failing businesses.
Subscribe to our newsletter
If you would like to receive our startup themed newsletter, full of the latest startup opportunities, events, news, stories, tips and advice, then sign up here.
Cambridge-based startup, CardiaTec Biosciences raises investment to support further development of its mission to develop the next generation of cardiovascular disease targets.
Raise Ventures on a mission to empower the next generation of business leaders and founders with the launch of their pioneering Emerging Leaders Summer School.
The recipients of the 2022 Ulster Bank Enterprise Fund are announced, each aiming to promote and encourage entrepreneurship amongst underrepresented groups.
.png)
Leading disability-focused organisations join forces to launch the #Access2Funding campaign - calling on the VC and investment community to improve the representation, opportunities presented to and experience of disabled founders.
.png)
WeWALK, RNIB, and ICL consortium secures UKRI funding to improve mobility for visually impaired and elderly.
The lowdown on Studeo, the edtech startup that has created a video learning app in order to democratise elite tutoring.
The impact of standards, ethics and conduct on business success and profits - Work.Life has some interesting insights...
.png)
The lowdown on Space32 - the startup that wants to help hybrid-working businesses find the working space and solution that's right for them.
.png)
Global Tech for Good initiative seeks innovative startups and scaleups that are creating positive social impact and enhancing people's lives through tech.
The lowdown on Bidnamic, the startup that's combining advance machine learning with human expertise to help retailers to maximise revenue and profitability from Google Shopping.
Published on: 19th February 2020
If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.
- CardiaTec Biosciences Secures £1.4m to combat cardiovascular diseases using Artificial Intelligence 6th Jul 2022 Cambridge-based startup, CardiaTec Biosciences raises investment to support further development of its mission to develop the next generation of cardiovascular disease targets.
- Raise Ventures pioneer an Emerging Leaders Summer School 6th Jul 2022 Raise Ventures on a mission to empower the next generation of business leaders and founders with the launch of their pioneering Emerging Leaders Summer School.
- Ulster Bank Funds Diverse Entrepreneurship 5th Jul 2022 The recipients of the 2022 Ulster Bank Enterprise Fund are announced, each aiming to promote and encourage entrepreneurship amongst underrepresented groups.
- New campaign launches to address disproportionate lack of support for disabled entrepreneurs. 5th Jul 2022 Leading disability-focused organisations join forces to launch the #Access2Funding campaign - calling on the VC and investment community to improve the representation, opportunities presented to and experience of disabled founders.
