.gif)
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.
CliniShift wins the upSTART startup pitch title at Digital DNA for 2018, battling off against 24 other disruptive UK, NI and Irish startups.
Launchpad, an innovative, post-graduate incubation & acceleration programme developed by Falmouth University that aims to create new digital businesses to meet identified market demand in just 12 months.
Over ten weeks, tech startups will be given the unique opportunity to work with Lloyd’s market experts to shape the next big innovation.
Entrepreneurs take note! The lowdown on equity crowdfunding and some common misconceptions, care of European equity crowdfunding platform, Seedrs.
The innovative app that's making the art of choosing wine for dinner an absolute doddle...
Product and Hardware focused startups, take note! CRL is open once again for applications to their six-month accelerator programme, supporting the next gen of product-focused startups.
.png)
Seed Pantry! Gardening for all thanks to this fab startup that is on a mission to get everyone growing more food and flowers
Win 1 of 10 free general admission tickets to attend Digital DNA Belfast, care of upSTART 2018 Major Sponsor, Seedrs, Europe’s leading equity crowdfunding platform.
WIN ONE of TWO FREE startup pod spaces in the startup zone at Digital DNA for FREE.
Mothive - The innovative startup that's helping high value fruit and veg farmers reduce waste, maximise yield and optimise labour costs
Published on: 21st April 2014
If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.
- CliniShift awarded upSTART startup pitch title at Digital DNA 2018 21st Jun 2018 CliniShift wins the upSTART startup pitch title at Digital DNA for 2018, battling off against 24 other disruptive UK, NI and Irish startups.
- Launchpad, the award-winning incubator/accelerator building high tech startups in Cornwall 21st Jun 2018 Launchpad, an innovative, post-graduate incubation & acceleration programme developed by Falmouth University that aims to create new digital businesses to meet identified market demand in just 12 months.
- Lloyd's Lab begins global search for tech talent 21st Jun 2018 Over ten weeks, tech startups will be given the unique opportunity to work with Lloyd’s market experts to shape the next big innovation.
- Hardware Accelerator CRL Open to Applications 16th Jun 2018 Product and Hardware focused startups, take note! CRL is open once again for applications to their six-month accelerator programme, supporting the next gen of product-focused startups.
