With a large portion of the younger generation creating newer, more modern ways of working by becoming entrepreneurs, many people who already have established careers are being inspired to leave their employment to start their very own business.

Whilst the decision to start your own business can feel like a leap into the unknown, especially coming out of a global pandemic, being prepared for the steps you’ll need to take can help alleviate any lack of confidence you may have.

Before you start your own business, what should you do?

First and foremost, you should try and recognise what motivates you to start your own business, and are these motivations enough? Because starting a business of your own certainly doesn’t come without its trial and tribulations, so having the right motivational mindset will help you propel your business forward.

Create your business plan

Once you have your motives in mind, you can begin to carve out your business plan, which should include any details about what your business will offer, whether this be a product or a service, as well who your target audience is as this will help you when you’re creating your business strategy.

Research, research, research

Research is your best friend. Make sure to research similar businesses, as this will give you a clear outlook of your possible competitors and whether you could potentially fill a gap in the market. Researching competitors will also give an idea of what works and what doesn’t.

Funding

Once you have your business plan set in stone and all your research is done, the next step will be to figure out how you plan to finance this new venture.

There are a range of different funding options to choose from, and these can include:

• Self-funding – (if it’s available)
• Government funding – there are some grants available for start-ups if your business is eligible
• Depending on your credit rating, you may be able to take out a loan from your bank
• Equity investments

Funding your start-up can be a stressful stage of beginning your business, so having a qualified advisor on hand will be beneficial when exploring your options and choosing what works best for you. This is where BK Plus come in, we can help you along every step of the way of your new business venture, from refining your business plan to finding the perfect funding solutions.

If you need expert support on starting your business, get in touch with our team today at hello@bkplus.co.uk