1. Seek free advice or funding from business development organisations, such as ‘Business Link’. See if you are eligible for grants or funding.
2. Draft a two-year tactical business strategy, outlining your investors, potential revenue channels, current business relations, research into market and competitors and, not forgetting, your contingency plan.
3. Research the best lending deals with first-tier lenders, organise a meeting with the bank manager, present your business plan and secure a reasonable and affordable business loan.
4. Register your domain name. Even if you don’t have a website set up initially, this is absolutely key. While your site is being developed, have a holding page in place.
5. Branding: make sure your logo and strapline reflect your brand’s full offering.
6. Drive marketing costs down by using online business portals, providing free advertising listings and strong search engine visibility.
7. Office set up: keep costs to a minimum by saving on office resources. For example, don’t splash out on elaborate locations/post codes. To start with, work from your spare room or shed if necessary.
8. Use online business portals to source cheaper local products, services and technology.
9. Consult a business mentor for strategic advice and valuable market insight. The most important thing to consider: Is there a market for your company’s offering? What information or data supports this?
10. Hire freelancers initially, thus saving on staff costs. However, ensure business partners share the same brand ethics as you.
