The Path to Realising your Business Start Up Dreams

the path to realising your business dreams

If you feel that the one and only aspiration of your life right now is to start up your own business, but you do not know where to begin, then read on. You may even have other goals like that MBA or those lifestyle choices or even starting a family, yet you have this one seed idea that needs to grow and blossom into a full-fledged business; and if you know that it needs to take priority and needs your full dedication and attention, then you know in the depths of your consciousness that you need to give it your best shot and only then you have a chance of it coming true. Nevertheless, how do you pull it off? The path to realising your business start-up dreams is riddled with potholes, but this blog post tries to give you some tips to make that journey a possibility whatever your terrain.

Some people are naturally good at multitasking, whilst others like to focus on one task at a time. To start-up and run your own business, you need both, i.e. you need to balance doing a multitude of start-up activities from day to day management to social media, as well as have a focus on the end goal. You may have heard of the importance of SMART targets. Whilst it is incredibly important that your goals are specific, measurable, assignable, realistic and time-based, do not let the overly mechanical nature of setting such goals ruin your creativity. Be prepared to think outside of the box, venture into new areas and take measured risks when starting your own business!

Obviously, there are the logistics and the legal stuff – make sure you do these in a correct and timely manner. Choose a business name, and a legal business structure and let HMRC (for self-employment) or Companies House (for limited liability companies) know what you are doing. Register for PAYE if you are employing someone. Sort out insurance cover and set up a business account and start accounting everything, how ever minor. Hiring professionals is always a good idea but be wary of the costs, it could affect a small business significantly. Consider your funding options if you do not have enough start up finance. Government loans are available up to £25,000 but if you have a novel idea think about pitching the idea to a business angel. And, do not forget the most important document you will write regarding your business – your business plan! It will not only help with securing funding, but will help collate your thoughts into a vision for the business.

Finally yet importantly, networking is one of the most fundamental things to do for a business. Whether you network on social media (highly recommended in current times) or prefer face to face events (also impactful), realise the importance of people to the success of your business. Contrary to popular believe a business’ goal should be more than about making money for the shareholders! Sure, that bit is super important, but if you set your business goal to increasing the well being of people, your business becomes a force with a more potent goal!

Networking is important for a successful business