Michelle Mone on how to start your own business

One of the most important things when starting your business is to come up with a plausible idea. Sounds simple, but this requires a huge amount of thought and passion, as your new business will consume a great deal of your time and money.

Sometimes good ideas are right in front of you; so why not start up a business based on a need you have yourself that is not properly addressed by existing businesses? Is it something that people would actually pay for? Will it turn enough of a profit to be viable? Ask yourself these questions – and whatever your idea is, be sure it’s as unique as possible! This will help you eliminate or significantly contest the competition, which will in turn help to make your business more successful.

Once you have your idea, the next big step is to put together a business plan. A good business plan is absolutely essential and has many functions from securing external funding to measuring success within your business. Your plan should include details of your objectives, strategy, sales, marketing and financial forecasts. One of my career mottos is “fail to plan, plan to fail” – and you wouldn’t build a house without a blueprint, so don’t start a business without a plan!

Next, you need a good, solid business name – something effective, memorable and that will set you apart from your competitors. This would also be the time to explore logos and domain names for your website.

Now, what about funding? Of course, starting up any type of business requires capital – whether that be through savings, securing a bank loan, grants, crowd funding or business angels. Whatever your route, the task of securing investment is notoriously difficult, so this is the time to employ some determination, tenacity and a thick skin.

Also, on the financial front, get an accounting and cash-flow system set up before you begin – so you don’t find yourself buried in invoices and receipts a month in. “Cash is king” for all businesses, after all – so maintaining accurate, up-to-date information about cash-flow is absolutely essential from the get-go.

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Michelle Mone

About Michelle Mone

Michelle Mone is one of the UKs leading female entrepreneurs. Awarded an OBE for services to business as her 17 year career to date has seen her transform from a humble Bra designer to making Ultimo one of the leading underwear brands and now spends a lot of her time as a inspirational speaker, ambassador of the Kalixa Pro Spirit of Business Awards, Made in Britain campaign and The Princes Trust.