So, you’re at the beginning of your startup journey. You have an idea, you’ve run it past your peers and you could have a viable business on your hands. Now you just have to put it into practice – seems simple, right?
The truth is, getting your business off the ground requires a large amount of time, planning and pitching, but don’t let this stand in your way.
Follow these seven steps to discover how to get your startup off the ground.
For those who think they’ve got an idea but aren’t sure whether it could gain traction, check out our article on how to sanity check your new business idea.
Naturally, you will want your startup to last and have the capacity to grow over time. But this can only happen if the right foundations are there.
If your idea isn’t something completely new, then it should be something that solves a problem. Ask yourself these questions:
However, if you think your product could help a large number of people and you can see intrigued investors on the horizon, then you might just have a starter. It’s time to get moving.
For many of us, the term ‘business plan’ can give rise to feelings of overwhelm. It can seem a little impossible, especially if you have no prior experience in getting a startup off the ground.
Making a plan doesn’t have to be complicated. It will require you to sit and write down why you are starting your company, who your target audience is, how much it’s going to cost and the vision for your startup.
For those just starting out, The Prince’s Trust offers some useful tips on how to write a business plan, and you can check out our guide on how to avoid some of the most common mistakes when writing a business plan.
It’s also important to list your objectives before creating a plan. In one of our forums discussing a business plan for an online store, UKBF member Pi Daybooks states, “When you understand your objectives and what you have to do to achieve it, in my view you have a better chance of achieving it.”
Try collecting your objectives and run through them with a friend or family member. You’d be surprised at how useful an outside perspective can be when your head is buried in launching your business.
It is also essential to consider what will happen if you hit hard times. No one likes thinking about their dream failing, but it is always wise to have a backup plan, or even an exit strategy, just in case.
No successful company has ever made it big without hitting a few obstacles along the way. That’s why it’s important to be prepared to ensure longevity.
The first thing that you will need to ask yourself is if you have the funds to start the company. Do you need a loan? In that case, you need to properly assess how much exactly you will need to borrow and for how long. Our guide takes you through available government grants, support and funding for small businesses.
Startup Loans offer advice on how to get your funding off the ground, providing budgeting guidance from people who launched their business with a startup loan.
If you need to go to a bank for a loan, be sure to present an in-depth plan, a detailed example of what exactly you will be spending the money on and a cash flow forecast.
You may decide you have enough money to get things off the ground on your own, so take a hard look at your savings.
Do you really have enough to start the company? Will you have the right amount to live off if your startup takes a while to become profitable?
Whilst considering your financial situation, check to see if the revenue that you envisage making will actually bring a substantial profit. Our article on starting a profitable sandwich shop offers some key tips.
In the UK, startups are entitled to a tax-free allowance; however, every company must register with HMRC or Companies House following receipt.
Knowing the amount of money that you will owe in tax, alongside where it should be paid, will depend on if you are a sole trader, a limited company, and whether you have a partnership or not. Our guide on understanding VAT answers some of the most common questions relating to VAT, and includes terms, definitions and advice on registration.
Why not compare quotes from leading insurance providers across the UK with the help of our friends at Smart Business? Working together with their insurance partner, Simply Business, they'll help to find the right cover for you. So whether you're after Employers' Liability Insurance, Professional Indemnity Insurance or more – you can create a tailored plan suited to your needs.
It would also be beneficial to look into the cost of insurance as you set up your finances. Head to our guide on how to choose the right business insurance and check out GOV.UK for more information on small business insurance.
In most cases, a startup gaining exposure relies heavily on having a social media presence. Alongside your website and email marketing, think about the number of people you can reach through social media platforms such Instagram, TikTok, LinkedIn or Facebook.
Social media also gives you the opportunity to build a brand identity whilst generating a genuine relationship with your target audience. Eventually you may even be able to use influencer marketing to boost your brand too.
If you’re working to a strict budget, our article reveals seven ways to promote your small business for free.
Getting your business off the ground is never as cut and dried as it may seem. It takes hard work, resilience and patience to build a company from the ground up. Yet, just like anyone else, you can grow a successful startup too.
Eager to learn more from the UKBF community about how to get your business off the ground? Start a new discussion thread to ask our community of small business owners for personalised advice and tips!
The truth is, getting your business off the ground requires a large amount of time, planning and pitching, but don’t let this stand in your way.
Follow these seven steps to discover how to get your startup off the ground.
Step 1 – Perfect your idea
Every great company starts with an idea. Many find the ideas part easy, but they need to be both workable and inspiring to secure success.For those who think they’ve got an idea but aren’t sure whether it could gain traction, check out our article on how to sanity check your new business idea.
Naturally, you will want your startup to last and have the capacity to grow over time. But this can only happen if the right foundations are there.
If your idea isn’t something completely new, then it should be something that solves a problem. Ask yourself these questions:
- Why does my client need my product?
- What purpose does it serve?
- Will it make their lives easier and/or better in any way?
However, if you think your product could help a large number of people and you can see intrigued investors on the horizon, then you might just have a starter. It’s time to get moving.
Step 2 – Create a business plan
Now that you have a winning idea in motion, it’s time to make a business plan.For many of us, the term ‘business plan’ can give rise to feelings of overwhelm. It can seem a little impossible, especially if you have no prior experience in getting a startup off the ground.
Making a plan doesn’t have to be complicated. It will require you to sit and write down why you are starting your company, who your target audience is, how much it’s going to cost and the vision for your startup.
For those just starting out, The Prince’s Trust offers some useful tips on how to write a business plan, and you can check out our guide on how to avoid some of the most common mistakes when writing a business plan.
It’s also important to list your objectives before creating a plan. In one of our forums discussing a business plan for an online store, UKBF member Pi Daybooks states, “When you understand your objectives and what you have to do to achieve it, in my view you have a better chance of achieving it.”
Try collecting your objectives and run through them with a friend or family member. You’d be surprised at how useful an outside perspective can be when your head is buried in launching your business.
It is also essential to consider what will happen if you hit hard times. No one likes thinking about their dream failing, but it is always wise to have a backup plan, or even an exit strategy, just in case.
No successful company has ever made it big without hitting a few obstacles along the way. That’s why it’s important to be prepared to ensure longevity.
Step 3 – Assess your finances
No matter who you are, your business needs a budget. From marketing costs to staff wages, startups need to assess their finances in order to be able to declare what they are spending, how they are spending it, and how the revenue compares to the expenses.The first thing that you will need to ask yourself is if you have the funds to start the company. Do you need a loan? In that case, you need to properly assess how much exactly you will need to borrow and for how long. Our guide takes you through available government grants, support and funding for small businesses.
Startup Loans offer advice on how to get your funding off the ground, providing budgeting guidance from people who launched their business with a startup loan.
If you need to go to a bank for a loan, be sure to present an in-depth plan, a detailed example of what exactly you will be spending the money on and a cash flow forecast.
You may decide you have enough money to get things off the ground on your own, so take a hard look at your savings.
Do you really have enough to start the company? Will you have the right amount to live off if your startup takes a while to become profitable?
Whilst considering your financial situation, check to see if the revenue that you envisage making will actually bring a substantial profit. Our article on starting a profitable sandwich shop offers some key tips.
Step 4 – Stay informed about business tax
Every startup has accounting and tax information that needs to be handed over to the government, no matter how big or small they are.In the UK, startups are entitled to a tax-free allowance; however, every company must register with HMRC or Companies House following receipt.
Knowing the amount of money that you will owe in tax, alongside where it should be paid, will depend on if you are a sole trader, a limited company, and whether you have a partnership or not. Our guide on understanding VAT answers some of the most common questions relating to VAT, and includes terms, definitions and advice on registration.
Step 5 – Register your business
When it comes to registering your business, it is essential to identify what type of firm you want to run. You must choose between:- A sole trader: Sole traders own and run their own businesses by themselves. It is one person running the show at all times and has specific accounting requirements.
- A limited company: In a limited company, the owners’ finances are considered to be separate from that of the business.
- A partnership: In a partnership, two or more partners are responsible for expenses and debts.
Step 6 – Get insurance
Many of us tend to forget this as an expense, but all entrepreneurs need to have insurance. The type of insurance that you will need will depend on a few things:- Is your business online, or does it have a shop, a warehouse, a factory, etc.?
- Do customers come to you, or do you go to them?
- Do you have any employees?
- Do you need healthcare coverage for just you or employees, too?
Why not compare quotes from leading insurance providers across the UK with the help of our friends at Smart Business? Working together with their insurance partner, Simply Business, they'll help to find the right cover for you. So whether you're after Employers' Liability Insurance, Professional Indemnity Insurance or more – you can create a tailored plan suited to your needs.
It would also be beneficial to look into the cost of insurance as you set up your finances. Head to our guide on how to choose the right business insurance and check out GOV.UK for more information on small business insurance.
Step 7 – Use social media to your advantage
Your company is up and running, so it’s time to put yourself out there.In most cases, a startup gaining exposure relies heavily on having a social media presence. Alongside your website and email marketing, think about the number of people you can reach through social media platforms such Instagram, TikTok, LinkedIn or Facebook.
Social media also gives you the opportunity to build a brand identity whilst generating a genuine relationship with your target audience. Eventually you may even be able to use influencer marketing to boost your brand too.
If you’re working to a strict budget, our article reveals seven ways to promote your small business for free.
Getting your business off the ground is never as cut and dried as it may seem. It takes hard work, resilience and patience to build a company from the ground up. Yet, just like anyone else, you can grow a successful startup too.
Eager to learn more from the UKBF community about how to get your business off the ground? Start a new discussion thread to ask our community of small business owners for personalised advice and tips!
