Start Your Own Business
Turn your idea into a business
A lot of the industry’s top players began at the bottom and worked their way up, many by starting their own business.
More than 500,000 businesses are started every year in the UK. Some people want to be their own boss; others, have a naturally entrepreneurial spirit, or perhaps have lost their job. If you have a passion you want to turn into a business, or have spotted a hole in the market, we are here to help you take the first steps to being your own boss.
You’ll need to do a lot of initial developing and planning, as well as researching your market. Find out who your competitors will be, and use them to identify potential customers.
See how some of the top in the industry made their start…
There are a few basic things you need to decide upon:
- What exactly will your business do?
- How will you fund your business?
- How are you going to market your service, and to who?
- Will you need a business premises?
- How long till your business starts turning a profit?
- How long will you be able to run the business on your own? Do you need to consider hiring?
- Practically speaking, you need to get busy. You’ll need to gather the funds to start up your business, register your company, find any necessary partners and suppliers, and draft up your business plan.
A business plan is an essential. It will help not only you to organise yourself, but will be a necessity should you try and secure an investment or loan from a bank.
A business plan can be between 20 and 50 pages and covers your objectives and strategy, as well as your sales, marketing and financial forecast. It helps you to:
- Clarify your business idea
- Spot any potential problems
- Establish your goals
- Measure your progress
Help from the Government
When running your own business you will need to become familiar with may common business practices, as dictated by the government.
Gov.UK has lots of information to guide you through the process of registering, starting up and running you own company.
Not sure whether starting your own business is right for you? Why not get in touch with us to discuss all of your options.
Our advisors know all there is about the Hospitality industry, and will be able to support you down various pathways.
Find Programmes and Vacancies
Why not check out some of the programmes and vacancies available from both Springboard and our partners. Positions such as these can help give you a wealth of knowledge and experience, which could be applied to your own business or another job.