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.
Dogpatch Labs’ First Fridays for Startups comes to Belfast this week with talks from successful founders, mentorship and support for entrepreneurs.
New report reveals the huge impact of Archangels' investments on the Scottish economy in terms of both money generated and jobs created.
.png)
Saas companies and professional services firms on the island of Ireland set to meet at the upcoming SaaStock Conference in Dublin - 100 complimentary tickets available.
Thalamos is a healthtech startup enabling healthcare professionals to provide a swifter, simpler and safer experience for those in need of acute mental healthcare.
The lowdown on Voxblock, the Edinburgh-based startup that has created a new physical format for audiobooks for kids, with no screen, no internet connection, and no need for any apps.
Toqio secures major investment to support further expansion and drive its vision of becoming the world's premier fintech SaaS platform.
Innovate UK KTN’s Sustainable Impact Investment Programme chooses 13 sustainable UK startups striving to change the world
.jpg)
Etihad Airways partners with Aerospace Xelerated and Tawazun Economic Council to seek applications from innovative startups that are working in the digital services and solutions area.
.jpg)
New cross-border collaboration project featuring interactive portal and series of networking events to be delivered by TechIreland and Startacus, with support from InterTradeIreland’s Synergy initiative.
In London later this week and interested in learning how AI can help startups scale? Book your ticket now for this free event from Women in AI featuring a panel of industry experts discussing just that.
Published on: 21st April 2014
If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.
- First Fridays event to link Northern Irish startups with 1,000+ global tech mentors 4th Oct 2022 Dogpatch Labs’ First Fridays for Startups comes to Belfast this week with talks from successful founders, mentorship and support for entrepreneurs.
- Archangels generates up to £1.4bn for Scottish economy 30th Sep 2022 New report reveals the huge impact of Archangels' investments on the Scottish economy in terms of both money generated and jobs created.
- TechIreland & Startacus to host the first Cross-Border B2B Networking Event at SaaStock Conference 30th Sep 2022 Saas companies and professional services firms on the island of Ireland set to meet at the upcoming SaaStock Conference in Dublin - 100 complimentary tickets available.
- TOQIO Secures €20M to be the Platform of Choice for Building New Fintech Solutions 29th Sep 2022 Toqio secures major investment to support further expansion and drive its vision of becoming the world's premier fintech SaaS platform.
