Start-Up Businesses

Thinking about starting your own business?

The Council’s Business Support team is able to advise, guide and signpost would-be business owners.

Starting up a business doesn’t need to be as daunting as you might think if you follow some basic steps and carefully plan the project. Before you start though think about what type of business you’d like to set up and why, ask yourself:

 

“How will I fund it”

 

“Who can help me get it off the ground”

 

“Can I make a living from it”

 

“How will it impact on my life and that of my family”

 

“Why do I really want to do it”

 

“Will I be able to manage with the an irregular income”

 

 

So what’s the big idea?

 

Generating your business idea is often the most difficult first step on the road to setting up a business. There are many ways in which people will generate ideas and many reasons for people wanting to go into business, including:

 

  •  A wish to translate their hobby into a business
  • An attempt to try and imitate an existing successful business idea
  • Wanting to run a recognised franchise or brand
  • A desire to have a business that benefits the local community
  • Seeking to have a better life-work balance
  • Encouraged by the availability of funding & incentives targeting specific types of businesses and/or sectors
  • An aspiration to launch an innovative new idea, product or service
  • Simply being fed up with working for someone else and wanting to try something different

 

Whatever the reason for setting up a business and whichever route you take to generating your business idea the important thing is that you carry out extensive research. Time spent on researching your potential business idea will save you time, effort and money in the long run.

 

It is worth remembering that if you seek funding for your business then potential funders are far more likely to consider businesses with high-growth potential in sectors such as Information & Technology, Creative Industries,  Environmental/Carbon Management, Built Environment, High Value Manufacturing, or Medical and Health  as opposed to home based or high street retail businesses, as many of these types of businesses are considered high risk and have limited scope to scale up, although there is no golden rule here, but try and think of a business idea that is relatively future proof and one that can be scaled up and can offer the greatest scope for diversification and innovation.

 

But, do not  simply assume that having a good idea for a business will translate into a successful and sustainable business……..you’re going to have to put in the hard work if you want to achieve your goal. .

 

Coming soon

……..Our guide to setting up your businesses, covering the many important issues to consider when setting up, including:

 

  •  Raising finance,
  • How to legally structure your business
  • Marketing
  • Employing staff
  • Signing a lease
  • Registering for tax
  • Setting up a website
  • The importance of good cash flow forecasting
  • Preparing your business plan

 

If you’d like to talk to someone about starting your business then contact us on 01922 655 993 or business@walsall.gov.uk