Free Business Advice for Startups
Are you looking for some free business advice for startups? Do you want some help with writing a business plan? This blog includes information on writing a business plan and some free business advice tips from Maximum Solutions Consulting Ltd. A boutique business advice and coaching consultancy, which supports startups in and around London.
Before you start your own business, it’s important to be prepared. Most importantly, through careful and thorough research about your business idea. In addition, the market, competitors, target customers and their demographics. This forms the basis of writing a robust business plan, together with a solid cash flow forecast.
Writing a Business Plan
You’ve had that lightning bolt moment and come up with a great business idea. Now you want to put your idea into action. Have you thought about writing a business plan? The Government has put together some free business advice for startups. For instance, how to write a business plan.
It’s important to research your business idea thoroughly, including any existing and possible future competition. Most importantly, think about the timing and location. For example, is the market ready? It’s important to make sure you’ve not been beaten to it by the competition. For instance, has the market already been saturated? In addition, what impact could this have on the success of your startup? With ‘success’ in mind, have you thought about what success means and looks like to you?
Writing a business plan is key to ensuring your business is carefully planned and organised. A good business plan can also serve as a checklist because ideally, it includes your high level objectives. Most importantly, if you’re considering finance, you’ll need a robust business plan to support your business idea and application for finance. i.e. from investors, crowdfunding or maybe a loan from an organisation like The Startup Loans Company.
Writing a Business Plan – Sections & Tips for a Robust Plan
- An executive summary, which includes your business name and location. Most importantly, a brief description about the products or services, company values and a mission statement.
- A high-level business overview, which includes a summary of the legal structure and an organisational chart. Certainly, short and long-term goals and growth plans. Plus, details about potential customers and suppliers.
- Products or Services, which is a more detailed and thorough look at your service offerings. e.g. benefits, copyright, patents etc., research and development.
- Market Analysis, which is a more detailed look at your competitors. Include the advantages and disadvantages you have over the competition. This will also identify any gaps and areas of improvement and future growth. In addition, a more detailed look at your target customer/market segment, including size and demographics.
- Marketing Strategy, which is a detailed look at how you will enter the market and promote your business. Be sure to include costs, logistics and distribution.
- Financing, which includes how you plan to finance your business. Most importantly, a back-up plan in case things don’t go to plan. In addition, it’s good practice to include at least a 12-month cash flow forecast. This includes any known committed and contracted costs. Be sure to carefully forecast sales revenue, based on your marketing strategy and any other external factors. Consider invoice payment terms and when revenue will hit the books.
Remember, things change and so your business plan needs to be flexible. Most importantly, keep your business plan up to date. Prepare for the unexpected to mitigate risk, reduce duplication and waste. This will help your business operate efficiently, which in turn helps cash flow.
Free Business Advice for Startups – YouTube Channel Tips Videos & Blog
Steve Wyatt, Business Advisor London, has published several short videos to help entrepreneurs, small business owners and managers. Visit the YouTube Channel and browse the full list of available free business advice for startups. Alternatively, please see the selected business advice for startups tips videos below.
- Making the Jump from PAYE to Self-Employed
- 5 Tips to Help Startups
- Tips to Ensure Good Cash Flow
- Marketing your Business
- 5 Tips to Ensure Good Customer Service
- Making your Business Efficient
- 5 Tips for the Effective Utilisation of Resources
- Tips Reduce Duplication and Waste Part 1 and Part 2
- GDPR Compliance Part 1 and Part 2
- Tips for Mitigating Risk
Browse Maximum Solutions Consulting Ltd free startup business advice blog posts. If you’re thinking about setting up a new business, read Steve Wyatt’s entrepreneur journey. In addition, business advice for entrepreneurs, what are business advisory services?, how to find a business advisor, what’s good customer service and more.
Visit the Business Advice or Business Coaching pages for details about services. Certainly, contact Maximum Solutions Consulting Ltd for more information to arrange your free no obligation call. This will take you to an online contact form, where you can submit a summary of your needs.
Other sources of free business advice for startups
For anyone wishing to set up a business in the UK, the Government has a start your business web page. This is complete with lots of free business advice for startups. In addition, sections for established startups, wishing to grow and accelerate.
Start Your Own Business
Start your own business is a good for free business advice resources and information.
The Princes Trust also provides a useful list of free business advice services.
Good luck with your startup journey.