Launch your business well: The ultimate start up guide for starting and growing your business in Chichester.

“How can I turn my idea into a business?” …the answer to that is not straightforward or easy and that is exactly why Chichester District Council have created a business start up guide for District, in conjunction with Start Your own Business.

Research has shown that businesses who seek out and act on support are more likely to be successful. This start-up guide is a great place to start that support journey.

It’s full of information and resources, to give people within the district the best chance of success when deciding on the why, how, when of starting a business.

Setting up a business is an exciting time but can be daunting, which is why we’re here to support you.

Make sure that you are aware of the reality of running a business.

Running a business does not suit everyone. Whilst you may crave the freedom of not having to answer to ‘The boss’, the opportunity to spend your days doing something that you love, to work the hours that you choose, and the possibility of uncapped income, be warned, it is not always that easy.  You need to have a passion for what you are doing, may have to put up with stress, loss of sleep, and lack of money initially.  

It is right that you should approach starting a business with positivity but don’t let this cloud your judgement. There are plenty of benefits but there can be drawbacks too and you should be fully aware of both.

 Why are you thinking about starting a business?

 Whilst some people start a business to make a fortune, the majority of small business people probably earn less than their employed counterparts.

 Independence, creating something new, flexible hours, and personal satisfaction are better, long-lasting incentives. The desire to make money is not usually enough by itself to get you out of bed in the morning, but building a new business can be a positive experience, once you have prepared for it.

Create a vision for your business.

A good starting point is to answer these questions, on a personal and business level.

  • What demand is there for your product or service?
  • What is your vision for the next two years?
  • What are your objectives?

The difference between Feasibility Study and Business Plan.

 A Feasibility Study is a way to put a business idea to the test, to provide a clear, customer-focused vision about why the proposed venture makes sense (or not!), from market, industry and team perspectives. It affords you a chance to opt out early in the process, before investing the time and energy in preparing a complete business plan or heading down what may be a dead-end road.

A Feasibility Study is there to test the validity (feasibility) of the business idea and then evolve into a Business Plan.

 Use the following steps when writing your Start-Up Feasibility Plan.

  • A description of the idea or project
  • Analysis of the market for the products or services
  • Competition
  • Technical issues involved
  • How the organisation will be structured
  • Financial projections

Prepare a business plan.

 Research shows that having some kind of a business plan is vital to the success of any new venture, yet so many small businesses start without one. Even if you never show it to anyone else, compiling a plan will focus your mind and definitely increase your chances of success.

Create a cash flow forecast.

 Sadly, money rarely comes in or goes out at the most convenient time (for example you may have to pay for your stock before you can sell it). A cash flow forecast will help you work out roughly what you can expect financially in the future – even if some of it will have to be based upon guesswork. This is vital information, particularly if you are planning to borrow money – it is best to plan for the maximum amount that you will need rather than having to keep going back to ask your lender for more.

Why Chichester?

Chichester District doesn’t just cover Chichester, it includes Midhurst and Petworth in the north of the District and Selsey and the Witterings in the south of the district. These areas all have their own specialities and feel and importantly they all have strong business communities.

 

Chichester has recently been named as the best place in the UK for freelancers to live. It’s well connected, prosperous and progressive – a district embracing growth. It’s entrepreneurial and creative with an independent spirit.

You can read the article here Best places for freelancers to live in the UK – Freelance Informer

There are a variety of co working spaces, start-up offices and workshops around Chichester if you want to find out more about them here.

There is something here to attract all types of business, creatives to engineering and hospitality to tree surgeons, there is support and space for all of them.

This is just a taster of the information in the start-up pack. Do you want to find out more? What to do next? More about funding? Finding customers? Employing staff? Please request a copy of the full Business Start Up Guide here on the Chichester District Council website.

POSTED 28/03/2024