There are many reasons why a person or group of people choose to start their own business, from a passionate belief in your new innovation, suddenly becoming unemployed, a belief that you can improve on what is already available, realising your hobby could make you money or simply needing to pay the rent.
In the ever evolving global economic climate start-ups are rising; one in ten Britons is considering starting a business with Italy recording an increase of 9.27% new businesses in 2016. Up to 15% of employed people are already using their hobby to generate income and far more have a hobby that they could turn into a business but haven’t done so yet.
Despite the optimism of the new entrepreneurs it has to be recognised that embarking on a new enterprise requires a level head and a sound business plan as any errors made in the initial stages could irrevocably compromise any hope of success in reaching the target market. It is very worthwhile to obtain advice from a professional advisor before you spend any time or money developing your idea. Nobody wants to put all their effort into a project only to find, after considerable investment in the new business, it is not viable. Before you start if you think you have a brand new idea, thoroughly research it and make sure someone hasn’t beaten you to it. More than one person can, and frequently does, think of the same thing; do not get off on the wrong foot. If you are entering an existing market, methodically study the opposition as they will already have discovered the pitfalls and ways round the problems. Your idea does not have to be brand new you can be a new player in an existing sector but you will have to bring something new or interesting to the potential customers.
Giambrone can assist you through every stage of your new venture, from protecting your intellectual property to providing the cast iron contracts that you will need to keep your business safe.
When you think you are on to a good thing don’t just wish for success, plan for it. Draw up your business plan, this is a crucial document. It will be hard to secure funding, if you need it, without a well thought out plan. It will keep you focused on your vision, but don’t be afraid to vary it if necessary but only when you see it doesn’t match the objective.
Don’t just assume that investors will be as taken with your idea as you are. There is a huge variety of funding options available in today’s market. The risks vary so choose wisely. Few things scupper a business more effectively than a poor funding decision. Giambrone can introduce you to some alternative funding options and help you make a sound objective decision. Include in your business plan some idea of your expected time scale for business growth, investors will want to see some potential for a return within a reasonable time.
Choose your advisors carefully be sure that they match your level and have an understanding of the needs of a fledgling business, engaging an accountant that usually advices on international mergers and acquisitions may not be the best fit for you despite their remarkable reputation. Giambrone has a host of professional service providers, with whom we have strategic partnerships who can offer a raft of approaches and services.
Giambrone can assist you through every stage of your venture with a fixed fee start-up package which will provide you with the best possible start for your business.
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