Alan Sugar, the Dragons’ Den’s Duncan Bannatyne and Facebook founder Mark Zuckerman all started their businesses from nothing. One thing they do have in common is a creative imagination and the ability to keep on going, no matter what others may have thought of them.
Some business essentials
Sadly, promising ideas really are ten a penny and it’s only by planning and having a fair degree of energy and strength of character that most successful business people are able to develop their fledgling concerns into successful enterprises. Organisation is also key. You want to appear professional at all times. One way of ensuring that you’re not swamped with paper and legal documents when setting up your business is to pack up all your essential paperwork and place it in a Business Storage unit.
In this way your business will be legally compliant and your workspace can remain organised and tidy.
Make a plan
The inventor Trevor Bayliss successfully converted his idea of a wind up radio into a reality. According to an article on the BBC, though, Bayliss didn’t become wealthy as a result of his dynamic invention as others circumvented the trademark laws and took advantage of his unique idea. It’s vital you become knowledgeable about copyright, trademarks and patent laws if you have a great idea for an invention and want to bring it to market.
Expert advice from professionals can prove to be expensive though. It’s quite surprising what you can teach yourself, either by going online, visiting a reference library or even asking for advice from a local university or college. You will have to learn how to access free or cheap advice when your business is first starting out.
Work out the finances
Before you quit your paid job in a bid to establish your own company do some basic calculations. Make sure you have sufficient savings to be able to survive for at least a year. Take unexpected illness into account and get some good insurance. Loans have become increasingly difficult to obtain, so you should also look at other methods of raising funds for your business. Contact your local trade organisations and start networking, this certainly won’t ever do you any harm and you might find encouragement and advice for your project.
Make your plan work
Every year thousands of businesses fail as a result of a variety of factors. You may have the best business plan in the world, but if your firm is under capitalised you’ll have problems getting the business started. If you haven’t considered marketing costs you may have the best business in the world, but sadly not many people will hear of it.
The businessman, James Caan, suggests in the Guardian that this century is a perfect time for setting up a small successful business. Mr Caan started his business life by trading in his father’s leather coats in the school playground. He also admits that those who succeed have to be aware that this ‘is not an easy path to take – things are often more difficult and take longer than you initially think.’ As long as you are realistic and not arrogant or over optimistic you’ll be able to deal with the knocks as well as the successes.