{"id":4637,"date":"2022-04-04T14:18:15","date_gmt":"2022-04-04T14:18:15","guid":{"rendered":"https:\/\/www.bainesjewitt.co.uk\/blog\/?p=4637"},"modified":"2022-04-04T14:18:17","modified_gmt":"2022-04-04T14:18:17","slug":"ready-to-kick-start-your-own-business","status":"publish","type":"post","link":"https:\/\/www.bainesjewitt.co.uk\/blog\/ready-to-kick-start-your-own-business\/","title":{"rendered":"Ready to kick start your own business?"},"content":{"rendered":"<p>Deciding to start your own business can feel like a leap of faith but being prepared for the steps you will need to take can ameliorate this lack of confidence. \u00a0<!--more--><\/p>\n<p>With a wave of young people aspiring to become entrepreneurs, along with individuals with established careers deciding to go it alone, many people may be evaluating a start-up.<\/p>\n<p>Whilst the pandemic did have a damaging effect on some businesses, the fourth quarter of 2021 saw the number of registered businesses increase by 0.4 per cent, according to the ONS.<\/p>\n<p><strong>So, what do you need to know before starting your own business?<\/strong><\/p>\n<p>Before even consolidating the business idea, it is important to recognise your motivations behind starting your own business \u2013 as it is not without its challenges!<\/p>\n<p>The next step is to build upon the business idea, which will cover what good or service you will provide, along with who the target market is.<\/p>\n<p>Once the idea is established, it is time to research\u2026<\/p>\n<p>You should research similar goods or services that are being offered to see if your business would fill a gap in that market and to get a clear idea of the competitors.<\/p>\n<p>Undoubtedly, the question of how you will finance your business idea is going to cross your mind, however, before applying for funding you must have a thorough business plan in place \u2013 especially if you seek external investment.<\/p>\n<p>This business plan should compile all the aforementioned research in order to inform decisions such as which Key Performance Indicators (KPIs) you should monitor and growth aspirations.<\/p>\n<p>With the funding dilemma, it may be useful to have an advisor on hand, such as an accountant, to explore your options.<\/p>\n<p>Some of the potential funding opportunities could include:<\/p>\n<ul>\n<li>Self-funding (should it be available)<\/li>\n<li>Taking out a bank loan \u2013 bear in mind that your credit rating will be used to inform this decision<\/li>\n<li>Government grants \u2013 for some ventures, there could be funding available from the Government, particularly with the focus on the Levelling Up scheme<\/li>\n<li>Equity investments \u2013 these can be from people you know, crowdfunding platforms or angel investors<\/li>\n<\/ul>\n<p><strong>For support with related matters, contact our expert team today. <\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Deciding to start your own business can feel like a leap of faith but being prepared for the steps you will need to take can ameliorate this lack of confidence. \u00a0<\/p>\n","protected":false},"author":2,"featured_media":4639,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,30,25,4,26],"tags":[],"_links":{"self":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/4637"}],"collection":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=4637"}],"version-history":[{"count":1,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/4637\/revisions"}],"predecessor-version":[{"id":4638,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/4637\/revisions\/4638"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/media\/4639"}],"wp:attachment":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=4637"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=4637"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=4637"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}