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.
Finding the right supplier for your business can seem daunting when those you are looking at are overseas. So here are some things to think about when starting a relationship with and working with an overseas supplier.
AIB Start-up Academy Summit returns to Belfast!
13th Jan 2017
Northern Ireland startups and entrepreneurs listen up! The AIB Start-up Academy Summit will be back in Belfast and we’ve all the important info you need to bag your free ticket to attend!
Newcastle Startup Week Set to Inspire
11th Jan 2017
Newcastle Startup Week - a new festival of entrepreneurship aims to inspire local people to start businesses and attract greater inward investment to the city and wider North East of England region.