Ever dreamed of being your own boss and having full control over the work you do? I believe everyone does! Cardiff is also one of the best places to start as it is the biggest city in wales as the Welsh Government has offered support for startup businesses, which we will get into later.
However, starting a business is easy, while keeping it alive and growing isn’t. There are many aspects that startup businesses ignore or overlooked that are detrimental to their businesses.
Worry not, these are some tips we have gathered to help you start off the business journey on a strong note.
Tip 1: Get An Accountant
As a new business owner, I bet getting an accountant is definitely not on the top list, and we understand that. However, many business veterans regretted not getting an accountant early on as they aren’t aware of the benefits of getting an accountant.
Getting an accountant is more than just keeping your financials in place. The more important thing is finding opportunities for cost-cutting and maximizing profit. Good accountants such as Accounted For are able to identify opportunities to minimize the cost or to increase the overall profit. It is proved to be high in accuracy as the decisions are immensely data-driven.
One of the biggest benefits of starting your business in Cardiff is the fact that you are governed by the Welsh Government. The Welsh Government introduced a grant for people who are over 25 years old that are facing difficulties in starting up a business that amounts to up to £2,000 (Barriers to Start-up Grant for 25 year olds and over).
Aside from grants, the Welsh Government is holding business seminars to provide more insights for people who want to start their own businesses. The seminars are free, and you are able to attend them online or physically. The official site also has many information and guides to help you out in your business journey.
Tip 3: Finding The Balance
Business is all about balance. There are certain things you’ll have to let go of and certain things to pick up to keep your business healthy and growing.
Many business owners are struggling between passion and profitability, and they are shocked to find out that making money with what you love to do isn’t always the case. They are always holding on to their passion while forgetting about profitability, which is the heart and blood of the business.
However, starting up a business that is profitable with no passion is going to burn you out very quickly. This is why before starting a business, you should think about what to retain and what to let go to come out with a comprehensive business plan that is workable and practical in the long run.
Tip 4: Do Your Research
I believe business owners have done research to some extent, but it is usually not enough as they are just scratching the surface. Business owners tend to spend too much time on their own products or company rather than researching the market, which might lead to a great product with no demand. But what’s good if a great product does not have demand?
We believe that the competitors and macroenvironment is equally as important as the product development. You might be shocked to find out the services you’re providing has been oversaturated in the market, resulting in you needing more funds to compete. Other macroeconomic cases such as interest rates affects the demand for expensive or luxury products needs to be put into consideration.
Tip 5: Specialize
Generalizing your business means more competitors, but specializing means you are focusing on a certain niche. Specializing your product or services is a great way to start as you are catering to a very specific crowd of customers, which another business has failed to satisfy.
However, identifying a niche is also very important. If the market size of the niche is proven to be way too small, your business might not be profitable. Make sure you have put enough effort into researching the niche before starting a business around it.
Starting a business is a long journey, but our advice would be to stay consistent in your craft and put effort into your work constantly. We hope the best for all business owners out there in Cardiff.
Shirley Mist has been involved in fashion and design for many years. She has also written extensively for many online publications. She currently writes for The Tribune World and is a valued member of our team.