Holden Associates – Accountants & Business Advisers Blog

‘If not now, when?’

The recession has certainly given a lot of people food for thought. Many people are now considering the option of starting their own business as an alternative to being made redundant. Likewise there are a lot of people who are looking for an additional source of income and are considering turning a hobby into a business.

Starting a business brings with it excitement, worry and the uncertainty of not knowing where to start. Planning is an essential component in any business venture. Putting your ideas on paper in the form of a basic business plan will help you to hone your ideas. It will also make it much easier when you do decide to formally write a business plan.

There is no time like the present to start planning. Procrastination often leads to the loss of enthusiasm and inertia setting in. Ideally you should spend a couple of hours during the day or at weekends creating your plan and doing all the research that is necessary. A deadline for the completion of your business plan will help to keep you on track. You could also contact the Holden Associates business development team who will be more than happy to help you to structure your business plan.

Marketing and Networking

One of the really good things about starting a business is vast number of people who have already done what you desire to do. This will save you a lot of time as you can use the information provided as advice and guidance for your own business. Holden Associates have a great network of business advisers and contacts that have a wealth of experience to help you start your business.

Money

Ironically the recession has led to a reduction of costs. Many businesses are offering bargain prices or really cheap services in order to sustain their business. Starting your business life as a one man or woman band will mean that limited resources are needed. Any equipment required can either be rented or leased. A good method is to think three times about what your business requires. By the third time you will certainly have come up with a cheaper alternative.

Launching your business

Finding your first customers does not need to be difficult. You can start with family and friends and ask them to help you distribute your literature. Word of mouth referrals frequently work exceeding well for businesses. Taking the time to plan your marketing will make a big difference to the start of your business.

Skill sets

Running your own business will require good all-round business skills. However, there is no need to worry if you do not have all the skills necessary. You can either choose to employ staff or to outsource different aspects of your business. At Holden Associates we have an experienced team that can support you in running a successful business.

Last but not least, do not be afraid to seek help and ask for advice. Being entrepreneurial does not mean that you need to go it alone.