Want to run your own business but don't know where to start? Here's five ways to get that entrepreneurial spirit going for free, online...
Ever fancied yourself as the next Alan Sugar or Duncan Bannatyne? With a shrinking public sector and a recent push by the government to help small businesses, now could be the perfect time to start your own company.
‘But I thought we were in a recession?’ I hear you cry! Well yes, but with almost half a million public sector jobs set to go in the next four years, the government is relying on a growing private sector to provide employment. Which is good news for budding entrepreneurs as it means £2 billion will be made available to small firms who have no credit history. What’s more, politicians will also be having words with those naughty banks to ensure they get lending to all you business dragons of the future.
So how can you get your hands on this money and get your own company up and running? Well it’s simple really; you just need a cracking idea and a bit of business know how! To get your entrepreneurial juices flowing here are five free ways you can improve your business credentials without even leaving your armchair.
Get chatting online
So you have a great product idea, but will anyone buy into it? Checking out your potential market is a vital part of starting any business. You need to find out who your customers are, where they live, what they do and how much they will pay.
Getting involved in chatrooms and discussion forums related to your chosen industry is a great way to do this. What are people talking about? What are the hot products in your sector? What grievances do people have with the current market and, more importantly, how can you come to their rescue with your amazing new business idea?
Search me, search me!
Put yourself in your customer’s shoes; you’re on the lookout for a great deal online, chances are you’ll start your hunt by using a search engine. Google Trends tracks these searches and can tell you at what time of the year there is the biggest demand for your product. It’ll also give you an idea of where in the world these searches are taking place – so now there’s no excuse for starting that ill-fated Central London farming supplies company!
Microsoft Advertising Intelligence is a similar service that can give you an age and gender breakdown as well as forecasted search term figures. The Office for National Statistics is also a useful site and can provide a more general view of UK regions so you can ensure your product will reach the people that will value it the most.
Develop your business plan
Creating a business plan is a much feared part of starting any new business - but with all the online help on offer, it really shouldn’t be. At its most basic, a business plan is a document that describes what you want to do and how you want to do it. It’s used to add structure to a new business and is a key tool to attract investment, employees and suppliers.
The government website Business Link has a step-by-step guide to creating a business plan, as well as templates, examples and case studies. Bplans.co.uk is also worth a look as it offers over 500 samples plans as well as several videos and interactive tools.
Checking out the competition is also a good idea when writing your plan; how are they marketing and selling their product? What else can you offer?
Get tax-savvy
Navigating your way through the minefield that is tax and National Insurance is a daunting task, but again, help is on hand from our friends as Business Link. The Start Up Donut also offers some good advice on tax and bookkeeping for beginners and features a forum where you can clear up any unanswered questions.
Getting clued up on what business taxes you can avoid will also save you money in the long run; for example, if you use your car for work or work from home you may be eligible to claim petrol and domestic expenses.
Choosing a suitable bank account for your business may also help kick-start your company. Initially using a personal account may be cheaper and easier, but as your empire grows you may need to think about upgrading to a business account. Shop around and minimise the account charges you pay by using online banking and automated payments; every little helps!
If you remember nothing else, keep in mind that tax avoidance is legal and necessary, whilst tax evasion might land you in a prison cell!
Online entrepreneurship games
If your head is starting to hurt after writing a business plan and boning up on National Insurance then a bit of online gaming relaxation may be in order. But that doesn’t mean you shouldn’t still be cultivating your entrepreneurial side.
Caravaneer allows you to transport goods between towns from your very own caravan, fighting robbers on the way! Or if you’re after something more serious, Business Smart offers a free online company simulation demo.
And there you have it, get thinking and planning and remember me when you’re a millionaire!
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