According to a recent study, roughly 64% of the UK workforce, or well over half, wants to start a business. Starting a business gives you the freedom and control over your own destiny and can be far more rewarding than working for someone else. At the same time, it’s very difficult to start and run a successful business. A large percentage of new businesses fail within the first year, and the stakes can be high.
The Isle of Wight is a perfect landing spot for entrepreneurs and those who have aspirations of owning their own businesses. The island is the second most populated island in the UK and sees a lot of tourism as well as trade between the UK and France. There are close to 5,000 businesses operating in the Isle of Wight among a population of a little over 140,000. As such, there’s a lot of competition, and it’s important to be prepared.
Developing Your Own Skills
Any good entrepreneur knows the value of learning and developing skills. To be a successful business owner, you need to understand the industry you’re going to be working in. You’ll also need to display a range of different skills such as organisation, problem-solving, communication and strategy. You can develop these skills through practice and through courses. A corporate strategy course will give you the information you need to develop and implement strategies for your business. These are all skills that can be gained through experience and working as a professional, but taking a course will help you prepare as much as possible.
Honing Your Business Plan
Failing to plan is planning to fail, and any business needs a good plan to succeed. A business plan is a written document that outlines the goals, strategies and forecasts of your business. The most important part of the plan is the problem and solution. All businesses should aim to identify a problem and provide a solution, as this will ensure there will be demand for their product or service. For example, you might see that the island lacks something, and your business will fill that niche. The more detailed your business plan is, the easier you’ll find it to meet your goals.
Putting Your Plan into Action
Once you have your plan ready, it’s time to put things into action. Work towards your goals, and don’t lose sight of why you’re creating the business. If you need to hire anyone, make sure they’re aware of the business goals too. You can find employees to hire locally or advertise for remote positions online if your business allows. Entrepreneurs need to be able to focus on achieving their goals, so cutting out distractions can help. Be sure to keep all records of business activity, as this is useful for analysing data and coming to conclusions about your business. When it comes to getting the word out, there are numerous channels you can use to market your business, including local and national media as well as digital marketing.
Financial Backing
Try and stick within the budget you’ve set, and avoid spending too much of your own money to get things off the ground. If your business is viable, you may be able to receive funding, and there are often grants available for certain types of business too. Your local authority and local enterprise partnership are a great way to find more information about funding. These are also a great source of networking, allowing you to meet and interact with other business owners in the local area. This can be invaluable for building connections and learning more about the local business scene.
