You have been planning for a while to go into business. You have been working for a while for a company and now you feel that it is time to start your own business. How do you go about it?
Get the capital
As you start off your business, you will need to make sure that you have the initial capital you need. Maybe you have a savings you want to invest in your business or if you need to get some more finances, you can consider approaching the bank for a loan. If you have a feasible business plan, it would help. You can also consider getting a business partner who will be able to finance you fully or even partially. You will need some good financial backing to get started, so work out how you are going to get it. If you want to become a leather jacket distributor, for example, you will need the initial funds to buy the material and to set up your business,
Get suitable premises
Depending on the kind of business you are involved in, you will need to get an office space or factory or a shop that you need. Make sure it is in a suitable location and has the facilities your business needs. If you are opening a shop for example, you need to have it in a location that is easily accessible as well as in the area where people will shop for clothes or shoes or whatever you want to sell. If it is a factory, you will want it to be in an industrial area, where it will be cheaper.
Get the right connections
You will also need to have the right kind of people working for you. If you are a leather jacket distributor, for example, you will need the right kind of people who are skilled at making leather jackets. You will also need to link up with people who will help you to get in touch with the right people or shops or companies. There are companies you can approach who will market and promote your products and give you the right contacts, so look around and find the right one for you.
As you start off your SME, get the right kind of financial as well as legal advice from a chartered accountant, for example, rather than relying on a trial and error method. Make sure your tax will not become a problem with Inland Revenue, so have the right procedures in place. Whether it is the behind the scenes job or the front desk job, get people who are experts in their field and who will strengthen your business. With a bit of perseverance and some strategies in place, you will have a successful SME.