Starting Your Business

Starting your own business can be one of the most liberating decisions you ever make in your life, as well as one of the most daunting. Moving away from the security of a full time job to striking it alone can often be risky, but the potential benefits are huge. With that being said, I would like to focus on the various steps you may need to take before your next great idea turns from a dream into a reality.

• Start with your idea – when starting your own business, you generally need an idea that you can feasibly turn into a product or service. At this stage, let your imagination run wild as the most successful businesses were all conceived from an ambitious idea.

• Research your market – one of the best ways to determine whether your next business idea has any potential, is to test it with customers to see if there is a demand. This lets you identify any problems and fine tune your idea before you have invested too much time, energy and money.

• Adapt and amend your idea – based on your market research, rectify any problems you have found with your product or service. Think carefully about the way you plan to make or sell your product or service. Keep going back to your customers and testing your solutions until you are confident you are meeting their needs.

• Find your partners and suppliers – think about how you will run your business. Are you going to be the only person within your business or are you looking for partners to join you who have relevant skills and knowledge? Many businesses need to work closely with their suppliers. Make a list of potential suppliers and visit them to negotiate prices and develop your relationship.

• Set up your business – deciding what legal structure is right for your business is essential before you start trading. Do you set up as a sole trader, limited company or partnership? All these have implications regarding the financial risk you take on as well as how you report to HM Revenue & Customs (HMRC) for example. It is advisable at this stage to get advice from your local accountant or solicitor.

• Secure funding – while you are establishing your new business, it may be a while before you start making a profit. To help your cash flow situation, you may try and secure funding from a variety of sources. These include government schemes, bank loans or even raising money through selling shares.

By following the steps above, you can methodically turn your latest idea into a viable and profitable business. To find out how Eazi-Apps can assist you in starting a successful business within the mobile app industry, contact us today.