The New Year And Your New Career As A Start up

What better time to start up a new business than in the New Year? It’s traditionally a time of fresh starts and lots of change, and setting up a new business marks a refreshing and daring break from the norm for a lot of people.

The director general of the British Chambers of Commerce, David Frost, reported in the Daily Telegraph last week (4 January) that many new businesses in 2010 were started by those who found themselves out of a job. In a year which saw more new businesses set up than in any of the previous three years (British Bankers Association), the continuing rise in unemployment last year resulted in a surge in start-ups.

According to Frost, ‘girl power’ was also behind the increasing popularity of self-employment as there was a hike in the number of female-led start-ups.

Don’t jump into it too soon... While it can be easy to get carried away with your ingenious idea for a business, this enthusiasm can be many people’s downfall. Ensure you have a thorough business plan and prepare for all eventualities before you start. Even trialling an idea before you dive in can be very useful to gather feedback and iron out any teething problems.

A small business owner needs more than just enthusiasm to be successful, so budding entrepreneurs should be aware of a few handy dos and don’ts in the art of starting a business.

Ensure you have a thorough business plan and prepare for all eventualities before you start. Even trialling an idea before you dive in can be very useful to gather feedback and iron out any teething problems.

Manage your cash flow...

Cash is the essence of any business so while bookkeeping can seem off-putting for some creative business owners, it is vital for the survival of any start-up. Make sure to know where and when your money is coming in – in some cases you can even go as far as researching your suppliers’ payment records – as well as keeping on top of your own outgoings.

Be adventurous and have fun...

While it’s important to make decisions carefully when you’re in business, don’t be afraid to stand out from the crowd and take a risk if you really believe in it, after all most successful businesses have benefitted from their owners taking the plunge! Let’s hope the trend towards increasing numbers of new start-ups continues into the year ahead.