Top tips for starting your own business
by Startacus Admin
Despite the economic uncertainty stemming from the 2008 recession, many people are choosing to forgo their 9-5 office job and start investing their time in something they feel passionate about by starting their own business.
Aside from enjoying the numerous benefits of being their own boss, there are numerous reasons people are choosing to become an SME 
owner. In a recent survey by Conference Genie, 34% of those who took part said that it was their lifelong ambition to start their own business, with 21% saying it allowed them to spend more time with their children.
All in the concept
While the very idea of starting your own business can be very exciting, the overall concept of your business idea has to be financially sound enough that it will generate a sufficient amount of income. Once you have an idea that you feel passionate about, it’s generally recommended to research the marketplace.
Of those SME professionals and owners taking part in the survey, many said they wish they’d spent more time researching the market and creating business plans before they opened for business.
Funding your SME
Once you’ve got your great idea and have committed to the prospect of running your own business, you need to look at what funding is available. Nearly all businesses require start-up income to get off the ground, and it is commonplace for businesses to be in debt during their first few years.
While there are other means of financial support available, many SME professionals and owners do not feel that they are a dependable choice. In the survey, only 15% felt that government was providing adequate support, whereas 44% disagreed that this was the case.
Recruiting a business partner
It might be tempting to go it alone, but working with partners that have the relevant skills or, better yet, skills that are different to your own, will really boost your prospects. In addition, working with more than one person in your team means you can not only share your expertise, but share the responsibilities, and therefore personal risk.
When it comes to working with others, many SME owners and professionals taking part in the survey said that they felt they should have found collaborative partners as soon as possible or hired experts or more qualified people to work with them.
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.
Matter is an innovative startup on a mission to develop pioneering technology solutions for capturing, harvesting and recycling microplastics.
New initiative from Young Enterprise NI and the Department of Education aims to inspire future innovation and creativity from Northern Ireland's young people.
Looking for ways to attract new employees to your startup? Here are some tips to help entrepreneurs entice talented candidates.
 - In cradle 2.3.png)
Retinal imaging specialist epipole target US growth following £1.3m fundraise and appoint new CEO to accelerate the commercialisation of epiCam.
Need some support to validate your startup and get investor-ready? The Raise Spring Accelerator programme is open for applications and will give you just that!
xigxag is a Cornwall-based startup that has created an innovative audiobook app offering great prices, no subscriptions and exclusive access to their listen-and-read x-book®.
The lowdown on Kanda, the fintech startup that's on a mission to help tradespeople build their businesses and win better work.
Submer secures investment to support expansion and growth of its innovative energy and water saving technology.
It may still be a pretty challenging and stressful time for businesses. However, here are a few basic tips that should help...
10 innovative startups on a mission to solve some of the aerospace industry's key challenges are announced as participants in the next Aerospace Xelerated programme.
Published on: 21st April 2014
If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.
- Innovation 2121 aims to inspire young people to help shape Northern Ireland’s next 100 years. 21st Jan 2022 New initiative from Young Enterprise NI and the Department of Education aims to inspire future innovation and creativity from Northern Ireland's young people.
- Imaging experts epipole secure investment to support US growth 20th Jan 2022 Retinal imaging specialist epipole target US growth following £1.3m fundraise and appoint new CEO to accelerate the commercialisation of epiCam.
- Early stage tech startups sought for Raise Spring Accelerator programme 18th Jan 2022 Need some support to validate your startup and get investor-ready? The Raise Spring Accelerator programme is open for applications and will give you just that!
- Planet First Partners backs cooling tank technology that reduces data centre climate impact 18th Jan 2022 Submer secures investment to support expansion and growth of its innovative energy and water saving technology.
