Are you ready to get started? Top tips for starting up in business

1. Create a business plan
There is no substitute for ‘writing down’ your ideas – it will help you to really think them through. Research shows businesses that plan are on average more successful than  those who don’t. Having a plan will help you communicate with potential suppliers or financiers. It also gives you a benchmark to monitor your progress. So if something starts to go off track, you can take prompt action to put it right.

2. Learn all you can about your chosen sector
If you have never worked in your business sector before then try to get some work experience. Make sure you know the laws you need to comply with as there is a considerable amount of red tape around recruitment. For example, talk to HM Revenue & Customs about tax issues before you start. It might be worth getting in touch to see if they can help you understand any special regulations you might need to comply with.

3. Understand everything you can about your customers
Before you get started, it pays to talk to potential customers and clients. By communicating with them, you will have a better idea of what they are looking for in a recruiter. It is very important that you take legal advice before entering into any contracts or agreements. There may be clauses that penalise you in the event of non-delivery or affect your ability to secure finance.

4. Listen to advice
As well as Lloyds TSB Commercial Finance Recruitment Finance, there are lots of sources you can get guidance from. Talk to people who’ll be honest about your business plan and listen to their feedback.

5. Keep money in reserve and keep costs down at the outset
Keep expenditure down as much as possible when starting up. Do you really need new premises or could you work from a spare room in your house? Don’t withdraw every penny you make from the business unless you have absolutely no choice.

5. Make use of free publicity and networking
It’s easy to waste a lot of money on ineffective marketing. There are often lots of sources of free publicity you can tap into, for example, organise a launch event of some type for your business. And learn to network. Talk to as many people as you can about your business – you never know where those conversations might lead.

6. Set up books and records as soon as possible
It can cost you a lot of money to have an accountant sort out messy records further down the line, so get your book keeping systems set up properly before you start trading. Having a good system will also mean you can keep track of your business progress from day one.

7. Prepare your support network
Starting a business is hard work. You’re going to need to devote a lot of time to it, at least for the first year and probably well beyond that. Make sure that those closest to you understand the size of the task and the sacrifices you’ll need to make to ensure your business is a success.

8. Be resilient, adapt and change
There will be times in the first few months when things don’t go your way. Maybe you will lose an important order, or a temp will let you down. Whatever that may be, learn from it and keep going. Be prepared to adapt. One great advantage for a start-up business is that it can evolve and change direction much faster than larger, more established ones. Be prepared to refine your business model if the right opportunity presents itself.