Starting a business is exciting, but also pretty daunting for most. There’s no way to be ready for all the challenges you’ll face along the way, but pursuing a career in this field can be hugely rewarding, and in many cases, life-changing.
Starting a new business is exciting, but also pretty daunting for most. There’s no way to be ready for all the challenges you’ll face along the way, but pursuing a career in this field can be hugely rewarding, and in many cases, life-changing.
But before you start your new business, there are a number of things you should consider to give your start-up the best chance of survival and of course, success.
9 things you should consider when starting a new business are:
- Your mission
- Funding and finances
- Competitors
- Marketing
- Limits
- Entrepreneurial resilience
- Possible risks
- A business mentor
- Working environment
1.Your mission
Standing out in business isn’t easy, and no magic formula guarantees results. However, recognising your business’s strengths, differences, and purpose will guide you to make informed decisions, so make sure that your mission is clearly defined from the very start.
2. Funding and finances
One of the most important things that should be considered when starting a new business is how you will fund it. Most entrepreneurs start a business with limited capital, which is a large hurdle to many. However, there are plenty of sources available and so you need to properly plan how you will fund start-up costs.
Tech startups are often funded by family and friends investments, series funding (venture capital firms which invest millions into companies) or angel investors (where high-net-worth individuals invest in early stage companies).
Some start-ups also look into joining an incubator or accelerator programme. A business incubator provides start-ups and early-stage businesses with the support and resources required to grow and succeed, whereas an accelerator supports these businesses through investment and short-term mentoring.
Wales-based Tramshed Tech is a start-up ecosystem, home to 50+ companies ranging from pre-revenue start-ups to scaling businesses with 600+ registered members from the digital, creative and tech communities.
Tramshed Tech Start-up Academy
One of the programmes that Tramshed Tech runs to help fund your tech startup is the Tramshed Tech Startup Academy that can see your business receiving a large investment from Google.
The academy is delivered over 12-weeks, with the aim of supporting early stage startups through early product development and customer acquisition. It concludes with an investor event, where each company has the opportunity to pitch to investors. The most innovative startup is then awarded £10,000 in equity-free cash directly from 'Google for Startups' during the pitch event.
The itinerary for the Tramshed Tech Startup Academy is as follows:
Week 1: Idea Generation
Week 2: Storytelling for Startups
Week 3.1: Listening to Users
Week 3.2: Product Market Fit
Week 4.1: Launching again and again ...
Week 4.2: Investor Readiness
Week 5.1: Getting investor ready
Week 5.2: Pitching to investors
Week 6.1: Adopting a growth mindset
Week 6.2: Goal setting and staying accountable
Week 7: Marketing and Sales
Week 8.1: Finance to start your business
Week 8.2: The tech funding landscape
Week 9.1: Building Business Culture
Week 9.2: Leadership
Week 10: Managing Business Growth
Week 11: Demo Day
Week 12: Feedback and next steps
3. Competitors
You want to make sure you understand the industry you’ll be involved in so you can dominate. No matter how unique your business idea is, you need to know what your competitors are doing and what their strategies are. With this understanding, you can take the appropriate steps to develop the most effective strategy for your business.
4. Marketing
You will also need to consider how you will let others know about your business. Lucky for you, there are lots of ways you can market your business, both online and offline. You may decide to use email marketing, social media marketing, event marketing, search engine optimisation or paid advertising, just to name a few.
You can use your target audience to understand where to advertise, or if you’re looking for a comprehensive plan, you might want to consider hiring a marketing consultant to create a marketing plan for you.
5. Limits
Another really important thing to think about is how you will set limits to protect your own well-being. Determine how you can set boundaries between your work and personal life, for example setting specific work hours or a specific number of orders you can process on your own. These limits will help keep your workmanagable and your health a priority.
6. Entrepreneurial resilience
Resilience is important for everyone, but for a new business owner, it’s essential. This is because startups and scaleups face all sorts of challenges, but the best way for entrepreneurs to bounce back from these difficult events is building resilience. This will allow them to look past short-term setbacks and focus on long-term missions.
Consider your level of resilience and if you think it needs a bit of work, take a look at this blog.
7. Possible risks
There will always be a level of risk with launching a new business venture, regardless of the industry you go into. This is why it is crucial to assess, understand and plan for any possible risks before you start working on your new business.
8. A business mentor
Starting a business doesn’t have to be an independent journey. Network with other like-minded professionals in your industry, attend industry-specific workshops and events, and reach out to thought leaders in your industry to learn their approach.
Alternatively, you may want to consider hiring a business mentor who can give you pointed advice.
9. Working environment
Last but not least, you will need to consider the type of working environment you want to work in as a solopreneur or with your team. Will you be working from home or from your own office? You may also consider working from a co-working space.
Unlike a conventional or home office, a coworking space boasts a wide-range of advantages for self-starters, including networking opportunities, daily structure, and increased productivity. Learn more about the benefits of using a co-working space here.
We are Tramshed Tech: a start-up ecosystem for business owners to meet, learn and grow. Originally occupying 10,000 sq ft in Grangetown’s historic Tramshed, we now run over 30,000sq ft across Cardiff and new locations in Newport and Barry.
For more helpful tips from our experts, check out our news page or get in touch to find out about our spaces and memberships.
