Top Tips for Launching a Start-up
Posted on 20th May 2021 at 14:00
Whilst the formation of any new business is always exciting, we particularly love it when people come to us for help with launching a start-up. This is because the very nature of start-ups is to develop a unique product or service and then take it to market, which is an enormous task.
It also involves a lot of risk, patience and attention to detail, which is why we’ve put together some of our top tips for launching a start-up business that’s fully equipped for sustainable growth.
Target your business plan to the reader
Your business plan needs to clearly explain how you will develop, launch, promote and ultimately sell your pioneering product or service. This requires an in-depth explanation of what it is, how it works and why people will buy it.
Even more crucially, the point of a business plan is to achieve an early milestone, such as securing funding or attracting a business partner. Make sure that you tailor your business plan to different readers, such as one version that gives a forecast of an investor’s return on investment and another that will reassure a bank manager that you can pay back a loan in the allotted time.
Know your market
Understanding the changing needs, trends, behaviours and expectations within your market is absolutely imperative, otherwise you can fall behind very quickly. This includes knowing who your competitors are, as there will likely be other start-ups that have a similar product or service in mind.
SWOT analysis (strengths, weaknesses, opportunities, threats) is a great place to begin, as this will allow you to fine-tune and enhance your idea from day one. Competition can be a good thing, although it’s especially risky for start-ups and can make or break a company very early on. That’s why you must always be prepared to pivot your business model and adapt in line with the needs of your target users.
What problem are you solving?
Keeping in mind the core reason behind the development of your product or service is essential too. This may sound obvious, yet you’d be surprised how many start-up owners lose track of what it was they originally set out to achieve.
This could be because of negative situations (delays, lack of funds, disagreements between business partners) or even positive events that result in the objective becoming a little fuzzy (e.g. growing your team much faster than expected following significant investment).
By always referring back to your business plan, you’ll remain in control of what it is you set out to achieve. There will almost certainly be small amendments to the plan but you’ll stay on course providing its central mission remains constant.
Outsource your accounting
So many start-ups launch with their very own in-house accountant, simply because it sounds like the most professional way to run a business. The reality is actually the opposite, as outsourcing your financial tasks to TreyBridge Accountants saves you time, money and stress whilst ensuring that your accounts are professionally looked after by an experienced finance specialist.
For instance, we can manage all of the following for you:
End of year accounts
Self-assessment tax returns, corporation tax and VAT
Tax relief schemes, such as R&D Tax Credits
Cash flow management
Budgeting and forecasting
On top of this impressive list of services, we also offer outstanding business advisory. This can include absolutely anything you require, such as:
Deciding what type of business you should be, such as a sole trader, partnership or a limited company.
Helping you to choose a unique business name.
Registering your business with HMRC and, if applicable, Companies House.
Advising on the best type of cloud accounting software.
Guidance on choosing the most suitable business bank account.
Recommending trusted partners who provide commercial insurance, corporate law, IT support, web design, marketing packages, virtual assistant services and much more.
Start a conversation
We love supporting start-up owners across the UK. For more information, call our Yorkshire office on 01482 235575, our London office on 0207 885 0605, or fill in the contact form below.
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