Starting a small business? The free toolkit and guide you’ll need from Sage
Despite the impact of Covid-19 and the numerous lockdowns that
have cost businesses of all sizes across the nation, the appetite for starting
a small business has never been stronger.
Published: 29 April 2021
Northumberland also continues to rise to the pandemic. Investors have launched Covid response programmes, while new ventures, shops and start-ups continue to roll out across the county.
Here are a few top tips from the tools to help you get started:
1. Quickfire tips before you start your business:
- Get your idea into the real world by having a clear vision of what your business will be, who your potential customers are, and how your product or service will provide a solution.
- You need a name. Be creative, but remember the best names clearly communicate a unique selling point (USP) to the market.
- Decide on your business type - sole trader or limited company? Then get your business registered if needed.
- Get the support you need: find a great accountant, open a business bank account and look into government grants and funding support.
2. A business plan is everything
A strong business plan is an essential step to get your business off the ground - it’s your blueprint to show any potential investors that your business means business.
It serves to pique curiosity and deliver vital insights into your products, brand USPs, how you plan to make it happen, and most importantly outline the essential backing you need to get your business up and running - you need to make it count.
3. How to avoid cash flow problems
Cash flow is king and new businesses can’t survive without it. In fact, 90% of small businesses fail due to cash flow issues so read up on how to minimise risk by forecasting with precision.
This downloadable cash flow forecasting template is free, easy to use and a perfect entry point to understand how to forecast for your small business.
Visit the new ‘business readiness rating’ quiz to find out your own personalised rating, and discover all the essential information, insider tips and advice to create and run a successful small business. Good luck!