Choosing to set up your own business might be prompted by any number of factors; perhaps you’re frustrated with your current position and want more control, maybe your circumstances have changed and you need greater flexibility, or you could be looking for an additional income to supplement your regular wage.

Choosing which business you’ll start may be an easy decision, but for many people there are questons which need to be considered before you can get started.

In this post we’re going to consider which business ideas you might want to explore when you’re thinking of setting up your own company.

Exploring Your Business Ideas for a Successful Small Business

In 2022, SME’s accounted for 99.9% of the UK business population according to the government website – with 74% of businesses solo enterprises.

With greater flexibility in business operations and people looking for new opportunities to increase their income, starting an online or home-based business is now a viable option for individuals who may never have considered it before – but where do you start?

For us, the starting point is to identify potential opportunities for you, followed by exploring whether they are ideas which can be developed to become a successful business.

Starting a Company

Are you going to start something of your own?

As I mentioned before, there are many different reasons why people choose to start their own business. For some people, it’s about creating a job which fits the life they want – where their needs dictate the way the business is run (we talked about lifestyle businesses in the post Creating Lifestyle Business Success). Some business owners know from the outset they are building a legacy, a business which will grow and be passed on or sold when the time is right (we talked about this in Building a Business Legacy – Key Ingredients for Success).

Whatever your long-term aims for your business, the business you choose to create might follow either of these paths.

Building on Your Career Experience

Maybe you’ve spent 12 years in a corporate role you really enjoy, but the demands of your employer are making work increasingly stressful, you know your knowledge and skills could help other businesses who need it.

This kind of move to freelance consultancy is a natural fit for many people, you’ve got the expertise, possibly qualifications and connections, to mean that people will take you seriously. You may know of others who have already made this transition, do you feel that this is something you could do?

For some people, thought, building on career experience might not be as straight forward as that. Perhaps your career was in teaching and – although you want to get out of the school environment – you still want to spend your time helping others develop their skills. Or you may like to stay within the education system and help pupils in schools but in a different way, focusing on wellbeing instead of academic learning or working with individuals instead of in classrooms.

Thinking laterally – combining your training and formal experience with your natural talents and the things you enjoy – can unearth opportunities you might not normally come across or consider.

Starting a New Adventure

Perhaps you want a change. Maybe you fell into a job at 21 and the only reason you are still there is because they pay you. It’s not that you hate the work but you’ve always felt there was something else.

You could build on your hobby and make money from your photography (by taking photos or running workshops), or think about those things you enjoy doing and work out how you can offer them as a service – perhaps writing or social media strategy.

While jumping into a new industry can feel like a big risk, it’s not unusual for people considering this to spend some time developing such an opportunity alongside their existing job. There are also other things you can do to understand if this is something which might become a career for you, we’ll talk about those later in the post.

Buying Your Business

If you’re looking to run your own company, you don’t have to start from scratch.

An Established Business

Perhaps your boss has built a great business and is selling up, you know the company inside and out – have great clients, a fantastic team and everything in place to keep the company growing. This could be your opportunity to take something great which – you’ve already invested years in – and make it yours. The decision to buy a business won’t be a simple one but if the opportunity arises it may be worth considering.
While not everyone will have the opportunity to buy out their boss, there may be other opportunities to look out for. Are you an accountant? Perhaps there’s an established accountancy practice available. Looking for opportunities, talking to people and doing research may uncover exactly what you’re looking for.

A Franchise Business

Whether it’s a retail outlet, restaurant or service provider, there are many franchise opportunities available.

With a set investment you can buy a business which matches your skills and expertise, you’ll be given the tools and processes to enable you to build that business according to proven methods and with the backing of a larger company and a recognised name.

Franchises provide you with the business know-how and support a new company owner might need, allowing you to focus on reaching and supporting your customers. With a franchise, the franchisor (original business owner) will set out the rules for developing your business and manage how many new businesses are established.

There can be real benefits to starting your business with such backing.

A Network Marketing Business

A network marketing business (or multi-level marking (MLM) business) is – again – an opportunity to provide goods or services under a recognisable brand, with the benefit of that bigger company backing you.

These businesses are likely to require a much smaller investment than a franchise, however the opportunities to create real growth in a network marketing business will only be achieved if you introduce new distributors to the company as well as customers. By increasing the number of distributors below you, you’ll benefit from their sales as well as your own.

With their smaller initial investment, established branding and business support, network marketing businesses can be very attractive. However, there can be demands for ongoing investment and – like any business – to make a significant income will require time and effort.

What’s next?

Choosing which is the right business for you might start with an exploration of:

• What you’re good at
• What you like doing
• Who you want to work with
• The experience you have
• The opportunities available to you
• Your timescales

But you’ll also need to consider:

Is this an opportunity that can succeed?

Can you turn your floral art hobby into something that sells? If you’re not sure, we suggest you talk to someone. Perhaps someone who’s already doing it, or maybe a business coach who will help you understand your market and the business financials.

How will you finance the business?

There are many opportunities available, but it can be difficult to know where to look. If you aren’t sure, an accountant, your bank, or local business support service may help.

Will this opportunity suit your lifestyle?

Is this something which will fit in around – your job, your family, your interests? Will it bring in the amount of money you want to earn?

At Your Business Matters, we know that starting a new business can be exciting and nerve-wracking in equal measure. We often don’t know everything we need to know and can feel like we’re on our own. Being part of a supportive network can make all the difference to your business, helping you reach new people and establishing strong collaborative relationships. You can find your team at Your Business Matters networking events.

We hope you’ve found this useful. Our next post will look at the things you need in place to get your new business off to the best start, let us know if there’s anything you feel should be included.