Coleman Bradshaw

Thinking of setting up a new successful business?

Setting up a business is easy, it's keeping it busy and successful which is the hardest part.

Top tips for thinking the correct way:

What finances are required? - not only have you got initial business outlay costs, such as stocks, equipment, advertising, printing, stationery, printing etc, but you have also got to consider living expenses (such as food, motoring, going to the pub, etc). Coleman Bradshaw can help you to work out these costs, think of ways to minimise them, and help you to raise funds with which to pay for them.

Free time - if you are employed elsewhere, are you going to work on your new business in the evenings? at weekends? Remember, the employed income will help to meet the outgoings in those early days. What about your family - are they happy about this new idea, and are they able to somehow help out? Have you considered help from family, friends or how about employing someone else? Coleman Bradshaw can give you all of the information you need about setting on an employee, as well as all of those rules and regs that need to be adhered to. Yes, it's another outgoing in times of not much incoming, but it can be essential if you are to remain sane.

Business link and Chamber of Commerce - they have some reasonable courses, most are free, so why not? It will also give you an opportunity to meet other small business people, to compare notes or maybe gain a new customer or useful contact.

And most importantly - what are you thinking of doing? Have you got sufficient experience and/or qualification to handle this type of venture? Is it something that will be of interest to people if it's a product or useful to people if it's a service? Is it "in fashion"? Can you promote a specialist expertise or product that is essential? Have you spied a niche in the market? And, most importantly, are you likely to succeed? We all know that some things are doomed to failure before they have really taken off. Have you got a market?

All of us here at Coleman Bradshaw have been juggling family, business and social life for a combined period of a billion years. Even your good author works at home, at evenings, weekends, as well as days in the office, just so they can spend important quality time with the toddler (and baby soon!) without resorting to childcare whilst still managing to complete a 40 hour working week - that is pure dedication and skill, which is often very daunting and exhausting, especially when everybody wants a piece of you and you become more in demand everywhere you turn!!!

Top tips for setting up the correct way:

Business plan - is essential. It is more than likely that you will need to visit the scary suited up chap (or chappess) at the bank, for either a bank loan, or just to open up a bank account. Coleman Bradshaw can provide some useful advice and assistance in drawing up a plan. Remember, this will need to be extremely flexible, and considers the needs of your customer base (personal, social, business), the market place (trends, changes, fashions), the competition (evaluation of customer satisfaction) and your own objectives (both of a personal and business nature). And trust us, we are certainly not scary suited up chappies, we are very approachable and friendly, so please feel free to pop in for a chat.

Stock, equipment, renting a property - all of this will need to be paid for before any money is coming in. Do you know of any good suppliers in your area? Can you get a discount or a good credit term? This may be difficult with no trading history, but some local businesses are willing to help out other local businesses - it also helps if you personally know of someone in the industry. Could you rent an office in a business park? Or maybe consider renting a space in an established shop if possible? This could help to cut down on costs.

Working from home? - If you are working from home, do you have sufficient storage space? Working from home is a great alternative, as it has the added benefit of having a degree of flexibility. But it can make you feel isolated, especially if you are used to company, and it requires a great deal of self discipline, to either work sufficient hours, or to not work all hours. If people are coming to you, could there be a problem with planning issues and the council? A few people parked on your neighbourly road is unlikely to cause any problems, but many visitors, especially employees, may not only upset the locals, it may be against council policy (as council tax is for residential purposes) and also the buildings insurance. It is worth checking the laws out with your local council before committing to anything too large from home only. There are also many tax implications, of which Coleman Bradshaw can advise you on. Please feel free to give us a call to discuss these.

Taxman - yes, this is the next scary obstacle to overcome. They need to be informed within 3 months of you starting, or you will have a penalty to pay. Great. That's where Coleman Bradshaw come in again. We can inform them for you and set up any national insurance that you may need to pay. We can then give you countless advice on book-keeping, saving up for that eventual tax bill (a good rule is 1/4 of all your income if possible in a high interest savings account), as well as doing all of the other forms and accounts preparation that you would expect. Please see our services section, for a whole range of services that can be tailored exactly to meet your own business and personal circumstances. We won't try and sell you a service that you simply don't need, but if we think that you would benefit from any additional support then we are ready to deliver. We also listen to your individual requirements, as well as act on anything that we may become aware of during the normal course of the year.

Customers - you need to consider this long and hard. Are you aiming at a specific group of people, such as women, men, the young, the elderly, or a group that has a specific interest (such as music, sports, fashion, TV, gaming) or a group that share the same personal circumstances (such as parents or parents-to-be)? Your advertising and promotion should be centred around the type of customer you are wanting to attract.

Top tips for being successful in the correct way:

Increase your contacts - consider business events that are applicable to your business, consider sub-contracting for larger similar businesses (to gain both an insight into the world of your product/service, but to also give you a link). Issue business cards or other business promotional products at every opportunity. See everyone as a potential new customer.

Associates - can you form an association with another party? This can help to double your "catchment area". Can you go into partnership? Not only does this aid the financial strain, it also doubles the amount of work that you could potentially do, or halves the amount that you are currently doing!!

Competition - always be alert to your competition, and don't be tempted to undersell yourself or your products/services. We all know that the cheapest isn't always the best - I mean, would you rather pay £1 for a pair of shoes that lasted a week, or £60 for a pair that are looking not too shabby 2 years later? You basically get what you pay for, but don't be tempted to over-charge just to convey an image of quality (especially if you are the bargain end!) as it will lose you custom.

Customers - listen to their requirements, and tailor your products and services to meet them. Better still, think about what your customers requirements might be before they even realise themselves, to stay ahead of the game.

Advertising - this is essential. Open days, free trials, launch events, newspapers, seminars, promotional material, websites, exhibitions, newsletters, telephone calls - the list is endless. Choose the best form of advertising and promotional activity that you are most comfortable working with, and give it a go! Or if you are shy at everything, get someone else to do this for you, and benefit from their capability!

All in all, it is important that you are happy with the way that you are running and growing your venture. Persistence is the key, and it may take some time before all of that work starts to pays off. But remember, all it takes is some careful thought and consideration into the pros, cons, finances and markets, and as long as this is in mind, you are off to the best possible start!!!

FOR MORE HELP, ADVICE OR CLARIFICATION, PLEASE DO NOT HESITATE TO GIVE US A CALL. WE TOO ARE A SMALL BUSINESS, WHOSE GOAL IS TO HELP YOUR SMALL BUSINESS TO SUCCEED!

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