Hello from the Growth Hub!
One door closes …
There’s much doom and gloom in the press about number of people losing their jobs when the furlough scheme ends, the government’s spending watchdog expects 2.2 million people to be unemployed at the end of the year, or 6.5% of all workers.
… another door opens.
It is a worrying time for all but on the flip side there is an opportunity for these people to start their own business, according to smallbusiness.co.uk there were an extra 84,758 businesses setting up in 2020 compared with 2019.
So what should you consider if you want to start your own business:
Idea – have you got a strong idea that you have shared with others to get their feedback? Also ask someone who has already run a business can they spot something you haven’t?
Customer – is there a customer for your product, imagine what they will look like and why they will want your product
Pricing – how much does it cost to make the product (including operational costs) and what could you sell it for so it sells – will you be able to make a profit?
Financial – how will you fund your new business, consider the start-up costs for equipment / materials / advertising ect but also the ongoing running costs, if you need to employ staff, can you afford to pay them straight away or if you have a dry period or don’t make any money for a few months can you still survive?
Funding support – do consider any Grants that could be available to you. The Government website is a great place to start or your local council.
Regulations – do you need to ensure you have any legal documentation in place or do you need to meet any UK regulations, trading standards, environmental health. It is definitely better to ask in advance rather than having a visit later down the line
Location – where will you base your business, do you need premises?
Marketing – how will you tell people about your product, where will you find these customers to get them interested in your product?
Finally, if the time is right and you have everything in place just DO IT! It can be hard, but it can also be the most rewarding (both financially and emotionally) time of your life.
Remember the Growth Hub is here to listen and support you on your journey.