Low-Risk Ways To Start A Business

Methods To Overcome Uncertainty

So you’ve got a business idea and you think it might be a good one. But just as you’ve geared yourself up, all kinds of worries start to creep in.

Whether you’re starting from scratch or adding a new string to your bow, there are things you can do to set up your new venture whilst reducing some of the risks and stress.

Testing The Water

Have you considered trading temporarily like over a certain season or on a short term deal? It’s easier than ever these days to hire space on a pop-up basis. Speak to your local council or manager of the local shopping mall to see what’s available. Though it might not be your dream premises, 6 months trading in a temporary place could provide well needed word of mouth, brand recognition and positive reviews.

Events, fairs and festivals can offer a large number of potential customers over a short period of time, and give you lots of valued feedback on how your product or service is received.

Depending on your new business plan, and providing you have the space, you may be able to work from home. For client meetings, you can consider renting hotdesking space also.

Collaborate and Communicate

Could you work effectively with another business to minimise risks? Does an existing business have unused office space that they could sublet? As well as cutting costs, this can give you access to valuable business partners and customers.

As long as you’re not competing with your new contacts, there are lots of ways you can work together effectively.

It’s easy and free to use social media and lots of customers like that they can directly contact the business owner. Lots of website providers offer low cost options for business websites, whether you’re selling online or just need an online brochure. But don’t forget the traditional media, there are still plenty of local newspapers and community publications for you to make good use of.

Don’t Forget Your Own Time

It’s really important that you think everything through before you jump in. Work out your start up costs, running costs and how many hours or sales you need to cover those costs. Your time is a cost too so don’t forget to factor this in.

Every new business will take a little while to pay off, but be clear about when this should happen and what’s reasonable for you to sustain.

How Can We Help

Egan Roberts have specialised in acting for start up businesses for over 30 years. We can help and assist you with every aspect from putting together your business plan to making sure your books are kept up to date and filing all necessary returns. Call us on 01254 583515 or complete the contact form below.