Starting up your Startup
So, you’ve decided to start an SME in Reading...
No doubt that by this point you’ve been through months of um-ing and ah-ing, stress, calculations, ideas, proposals, arguments and just a few sleepless nights to top it all off. However, you have weighed the pros and the cons and decided to go for it. But how are you really going to get there? To move from dream to reality there are some practical steps that are going to need to take place.
1. Research
You already have your ideas. However, the problem is that they are yours. You aren’t (hopefully) going to be selling your services to yourself, so get out there and gather the opinions that matter.
Where is the demand?
What is already on the market?
How can you better that?
Who is your target audience?
Pricing?
2. Support and Advice
Primary sources are the most useful: real stories from real people. Get on the dog and bone and stiff out those who have gone before you. Learn from their mistakes and glean advice. Vital connections can be made through networking, which will double as the support you’re going to need over the coming months. You can find your local business support for the south east from the National Business Enterprise
Other great networking opportunities in Reading:
3. Legislation
Your idea is your own and don’t forget to keep it that way! If you need more information on patents, trade marks or copyright, visit gov.uk, who have tailored advice for the self employed
Do you need any licencing to operate safely and legally? Reading Borough Council have all the advice that you'll need.
4. Plan
Build a plan outlining what your will need to get the business off the ground and create a timeline for when you will achieve your milestones. Be realistic. Having decided on this venture, challenging yourself probably comes naturally to you; you’re a hard worker. Don’t be too hard a task master. Remember to build time into your plan for development. Testing, when done well, can be a great way to gain customers who see your hard work and have already built a relationship with the brand.
5. Finance
How will you fuel your idea? It’s worth exploring all the financial options, and getting some free and impartial advice is always helpful. There might be government schemes in place that could benefit your enterprise. The government is currently desperate to grow the private sector and boost the economy: take advantage of that! Otherwise, bank loans, private investors or equity funding could be options. Read more about it here at the gov.uk business finance support finder.
6. Location, location, location.
For different businesses, location means different things. For some it might mean footfall, others staff retention and others still supplier proximity. The key thing is getting your location right and making the right impression. If you are going to be working from home, consider setting up a virtual office account with a registered business address. The right address can help you to appear professional and prestigious: not as though you are working from your living room (even though you might be).
For those who can be flexible on location there is a new work space trend that will suit you down to the ground. Try hot desking in flexible workspaces with companies such as Near Desk or serviced office centres such as QV Offices. And if you feel like a practical and permanent space solution, look for a friendly, flexible serviced office provider with great transport links within your budget range. You may be able to sign up for shared or private office space which can work to accommodate different budgets and company requirements.
