New year: new business venture?

New year: new business venture?

in January 10, 2022

The new year is an ideal time to start a new business. Everything feels fresh and you’re ready to start a new journey in your life. Whether you have a side-hustle that you want to turn full-time, or if you have a winning idea, now is the time to give it a try. Below, we explore the new business landscape and how to start your own venture.

New business facts

There are a huge number of business out there – and there’s always room for you to find a niche. Government stats reveal that there are 5.5 million small business in the UK compared to 7700 large businesses. Every business starts somewhere and when your new venture begins you should embrace the early stages where you build up from a small base.

How to start a new business venture

  1. Create a business plan

Before you do anything, creating a rigorous business plan is key. This should detail your idea and what you envisage doing with this idea. From there, you should be able to include a financial forecast as well as yearly growth plans.

  1. Seek funding

Unless you have significant savings available, you’re going to have to search for external funding. This could be in the form of investors, or you could look towards business loans to help you cover any gaps early on.

  1. Surround yourself with the right people

Any successful business venture requires teamwork. As such, you need to surround yourself with talented employees who are aligned with your goals. When you initially go on a hiring spree, ensure that you put a process in place to get the right people into your team.

  1. Make sure you follow all the right legal steps

When you begin your venture there are a number of legal steps to make your way through. From registering your business to creating a safe workplace for employees, it’s critical that you adhere to the law.

  1. Establish a location

Establishing a base is another important step. This will be the hub of your business where you can make an impression on clients, while looking after your employees. Make sure you research offices thoroughly and carry out any renovation needed.

  1. Build a marketing plan

Even the best idea in the world will struggle if nobody hears about it. As such, you need to build a marketing plan. Ideally, you’ll hire some marketing professionals to take care of this for you, but you can always have your own input to establish the style and voice of your business.

Starting a business is an exciting life milestone. And by following the above steps, you can make the new year a successful one.