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.
YoungPlanet is an app that aims to 'enables parents to put no longer used children’s things to good use with new families and away from landfill, for free'

Major investment news for the London-based fintech to support its product innovation and ambition to help small businesses thrive across the UK

The Yorkshire-based tech spin-out, FourJaw secures major funding to assist with developing its technological solutions for the manufacturing sector

The lowdown on Jack & Bry, the innovative London-based startup that makes a range of plant-based meats, all from Jackfruit

Week Gen-C is a week long calendar of events focused on entrepreneurship and careers, aimed at helping young people affected by the covid pandemic in the North West of NI

Leading startup community, YSYS launch 4 days of innovative online conversations and a range of new initiatives with the core theme of “Access”

Jean Gamester from Toastmasters International shares her tips on bringing back some of that old normal and staying fabulously virtually connected

Karakuri is a London-based startup that's using robotics to create innovative solutions for the catering sector

Planning to launch a fashion brand this year? Here are a few basic tips that will help you do just that and get your business off to the right start

Bippit is an online platform and app that helps companies to support the financial needs of their employees - not just via their salary
Published on: 21st April 2014
If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.







- Countingup closes £9.1 million Series A investment 3rd Mar 2021 Major investment news for the London-based fintech to support its product innovation and ambition to help small businesses thrive across the UK
- FourJaw’s six figure venture capital boost 1st Mar 2021 The Yorkshire-based tech spin-out, FourJaw secures major funding to assist with developing its technological solutions for the manufacturing sector
- Week Gen-C to offer career and entrepreneurship respite to pandemic-hit youth 1st Mar 2021 Week Gen-C is a week long calendar of events focused on entrepreneurship and careers, aimed at helping young people affected by the covid pandemic in the North West of NI
- #YSYSAccessWeek: Building a diverse, inclusive and accessible tech startup ecosystem 28th Feb 2021 Leading startup community, YSYS launch 4 days of innovative online conversations and a range of new initiatives with the core theme of “Access”