insideKENT Magazine Issue 69 - December 2017 | Page 182
BUSINESS
NEW YEAR, NEW PLANS:
HOW TO START A BUSINESS
FROM SCRATCH
So, you’ve had your lightbulb moment and found a way to convert something
you’re passionate about into a viable business , WHICH WORKS…IN THEORY. STATISTICS
SUGGEST THAT ALTHOUGH OVER 500,000 NEW BUSINESSES GET STARTED EVERY MONTH, MORE
BUSINESSES SHUT DOWN THAN START UP, BUT THIS ISN’T BECAUSE ALL OF THE IDEAS ARE TERRIBLE,
IT’S MORE TO DO WITH THE FEAR FACTOR THAT SETS IN AS SOON AS WE ALL START WONDERING
HOW ON EARTH TO CONVERT OUR IDEAS INTO REALITY. THERE ARE NO HARD AND FAST RULES
ABOUT HOW TO START A BUSINESS, BUT IF YOU DON’T TRY YOU’LL NEVER KNOW AND THERE’S NO
BETTER TIME TO TRY THAN AT THE START OF A BRAND NEW YEAR. THESE POINTERS SHOULD HELP
SET YOU OFF IN THE RIGHT DIRECTION. BY POLLY HUMPHRIS
TEST YOUR IDEA
“If we knew what it was we were doing, it
would not be called research, would it?” The
words of Albert Einstein, and a quote that
should become your mantra when beginning
your brand new business journey – testing
your initial idea through research is essential;
it’ll help you shape your business plan and
fine tune how and who you plan to target, as
well as help to clarify points on pricing. The
internet and social media are hugely effective
tools when it comes to determining trends
and garnering opinions, but don’t
underestimate the impact and importance of
field research: speaking to your potential
customers directly and testing your idea
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personally. Surveying, focus groups and face-
to-face interviews are all areas you should
look further into.
PICK THE PERFECT NAME
Remember when ‘Jif’ changed to ‘Cif’? Uproar.
it is absolutely essential to think long and hard
about the name of your business or product,
so that it resonates with as many of your
potential customers as possible and not just
you. Your business name, which will become
your branding, shouldn’t just be memorable
therefore, or simply sound good when you
say it out loud, it also has to be recognisable,
uncomplicated, easily associable with what
your business does, and be able to be visually
represented for t he purposes of your logo. You
should definitely like saying it, like hearing it
and like looking at it, but it’s important not to
make it too personal, or long winded – make
it snappy and inject some humour if that’s
relevant.
CHOOSE THE RIGHT STRUCTURE
Sole trader, limited company, LLP or
partnership? Gulp. There’s a fair few ways to
structure your new business depending on
how the decisions you make down the line
will affect its growth. If you’re not planning
on employing anyone except you then you’re
likely best off as a sole trader, but that does
mean that any business debt will be met from