The end of 2013 was a positive one for business start-ups in the North East, with research from Duport.co.uk revealing a record number of companies established in Sunderland for the second year in a row. Similar successes have been reported in other parts of the region in recent months, with Darlington and Newcastle seeing a record number of business formations for the first part of the year up to June.
This kind of optimism and confidence in the local economy bodes well for would-be entrepreneurs looking to get their new businesses off the ground in 2014. And for those whose New Year’s resolution is to become their own boss, the North East Business and Innovation Centre (BIC) has the support mechanisms in place to help fledgling firms to get off to the best possible start, having helped around 150 businesses last year alone.
There are many things to consider when starting up a new venture. Carrying out thorough research to ensure that there is a market for your products or services is absolutely vital when getting any new business off the ground. Business planning is also crucial; a thorough business plan sets out how your business will operate, and how it will become profitable. Thinking about how you’re going to finance your new enterprise is also an important factor as being under financed will put any business at a disadvantage from the start.
There are many other considerations such as deciding where to run your business from, recruiting the right employees, marketing, cash flow and much more, and the BIC’s team of experienced business advisers can provide practical hands-on advice and support in all of these important areas.
There are a number of dedicated business support training programmes to help people to become their own boss. Ready for Business helps start-ups to get off to the best possible start by assisting them in the development of a robust business plan that is designed to ensure they’re investment ready. And, the Virgin StartUp programme, delivered in the region by TEDCO Business Support Ltd, is designed to help young people get on the entrepreneurial ladder by focusing on access to early capital, strong mentorship, advice and promotion.
And, for businesses that are already up and running, New Year can be a great opportunity to take a step back and assess whether they’re heading in the right direction. Once a business is established and running smoothly there may be the inclination to let things continue as they are, without really checking that profits are being maximised and that its full potential is being unlocked.
After the crucial early stages, business owners should regularly review their progress, identify how they can make the most of the market position they have established and decide where to take their business next. Part of this process involves revisiting and updating business plans with a new strategy in mind. This will allow business owners to really pin point what is needed to reach their business’ objective, and will provide the opportunity to look critically at business practices to identify improved ways of working.
Here at the BIC our advisers have the experience to help established businesses to be the best they possible can and there are a range of specialist programmes up and running, such as the Innovation Programme and the Interim Sales Director (ISD) Programme, which are designed to help businesses set themselves apart from the competition and to set themselves on the path for future growth and success.