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Getting your business idea off the ground

You might have just decided to strike out on your own, running your business from home and enjoying all the perks that come along with having your office in your house, an easier commute, better work life balance and a much more relaxed working wardrobe. It can take a while for a business to find its feet. Especially if your entire proposition hinges around something a bit different or unique. So, what should you do to get your business idea off the ground?

Find funding

Depending on what your idea for a business is you’ll inevitably at some point need a degree of financial backing. This could be anything from your savings or current salary helping to get your endeavor started, to a small business loan or cash advance to help provide equipment and the capital needed to help your business develop further. Funding might be used for different things depending on the sort of business you run. For example, someone looking to make the most of a talent for woodworking might find that they need to invest in better quality tools, equipment or maybe even a workshop space to help give their carpentry business the start it needs. Whereas someone turning to the world of consultancy or providing training events might need to pay for professional design time and branding work to really help them hit the ground running with sleek presentations or an effective website. There’s loads of different funding options available, try talking to a local chamber of commerce, or even your bank to find out which options might be best suited to you and your individual business needs.

Balance your time properly

Your business might initially start off as a side project, something that you work on in the evenings or weekends, slowly building up a portfolio of work and clients. This normally sits alongside your regular 9 to 5 job. Eventually you’ll need to decide when you can stop working for someone else and devote the majority of time to your other project. Making this choice can be nerve wracking, especially if you have family or other financial dependants. However, it is important to keep in mind that spreading yourself too thin can mean you aren’t working effectively, especially if your new business is starting to bring in the same amount of money as your regular job. The key is to set a clear goal for your new project. Once it begins to hit a consistent level of income that should be your indication of being able to focus on it full time. Normally this would likely be when it can pay you similarly to your current salary.

Get the right advice

Running your own business can be tricky, especially if you’ve got very little management experience. Thankfully there’s lots of advice and guidance available that can help steer your business in the right direction. From help with organising your business finances to frequent networking events that can help you to find new business. Whenever you identify an area of business where you feel you need some help or support it is important that you get the advice and assistance you need. This can help you to overcome a point of confusion or avoid making costly mistakes. It is really easy to become blinkered and focus on specific areas of a business, but as an owner you need to have a broad view of everything going on. Doing this, especially in the early stages of working for yourself can really help your business to develop and thrive.  ]]>

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