Don’t try to grow your start-up alone

Launching a new business can be an exciting but daunting experience, so accessing free support from Business Growth West Midlands (BGWM) will increase your chances of success.

The list of reasons why people start new enterprises is extensive. You may see an opportunity that no-one else has capitalised upon and you cannot rest until you have given your all at making it happen.

Or you may want to gain independence by launching a new company, seek a greater work-life balance, you may want to make a positive difference in your community or feel you can work in partnership with a family member or friend to achieve common goals.

My own business, a public relations agency providing news and content services to enable clients to share their news with target audiences, was started during the Covid-19 pandemic and now employs three people.

I wanted to help SMEs and brands, large and small, ensure positive updates about their work were communicated to the widest possible audience.

With the world locked down if Osborn Communications was to avoid being a short-lived effort, outside guidance was needed.

Funded by the UK Government, managed regionally by the West Midlands Combined Authority, and delivered by local authority partners, Business Growth West Midlands (BGWM) helps businesses across all sectors to grow and succeed to benefit the wider economy.

Here are some of the key reasons why reaching out for the support offered by BGWM was invaluable in the early phase.

Expertise

When you are launching a new business, you will have no shortage of people offering you advice. Some will get overexcited and encourage you to prepare to become a billionaire. Others will warn that you are making a big mistake. 

Virtually none of these people will have successfully done what you are setting out to do, but you will receive their advice anyway. Add in the pressures of entrepreneur success stories posted across social media and you can feel overwhelmed.

I found the BGWM Business Advisers included experts who had launched and run their own companies, large and small, who were able to offer firsthand insights which really helped.

All the Business Advisers are used to meeting new starters so they can offer expert business advice, programmes and events to give your business the best opportunity to succeed.

The statistics for UK start-ups vary, but many show that while around 90 per cent of new enterprises survive the first year, only around 40 per cent are still trading after four years.

Getting tailored advice from the beginning can make all the difference as few people can do it entirely alone.

Structure

If you have a passion for your business, your products and your services, you would not be human if you did not gravitate towards the areas you enjoy and swerve those that do not appeal to you.

Your BGWM Adviser will keep this in check by encouraging you to work through a checklist of important tasks such as researching your market to evaluate the viability of the idea, including the pricing models being used elsewhere.

They can steer you on choosing the right business structure for your initial needs and developing a business plan which encapsulates your goals, mission statement and key financial measurements.

Intellectual property may not seem a priority but if you are looking to do something innovative or have an invention integral to your business, you will need to be aware of copyright and patents so the BGWM team can offer priceless advice. Your name and business identity will be important as you reach out to prospective clients.

Based on the support I received, I secured the trademark for Osborn Communications by working through the registration process with the Intellectual Property Office.

Osborn is my middle name, so it was at first an in-joke to call the business after a longstanding family tradition. By obtaining the trademark we could move forward with confidence that there was no challenge to the name.

Finance

Whatever your business, your market and your aspirations, money is going to be central to your growth. 

The BGWM Advisers can provide tailored advice on grants, or help you to search for finance. There are many ways to fund your growth, each with its own advantages, requirements, and considerations, as they can explain. 

In practical terms you need to investigate the right bank account, set up an accounting and cash-flow system and understand the taxes to be paid, including dates for payments.

If you work with the BGWM team, you can discover the right funding solutions across loans, equity and grants.

As well as searching for grants, there are programmes to get your business ready to successfully gain investment.

If you have little experience of money beyond your personal finances, the BGWM Advisers will demystify the world of business finance to ensure you build your confidence as you pass through each of the early start-up phases.

As a new, small business you will be vulnerable to the threat of customers avoiding payment.

Again, BGWM support can include contract preparation and setting payment terms, including knowing what to do if someone lets you down.

If you get a buzz when your business has its first invoice paid, I advise new entrepreneurs, wait until a customer finally jumps to it after receiving a formal warning of court action.

Ongoing support

The BGWM Advisers are practical, efficient, they understand that businesses need free advice, but most of all they are on your side and motivated to help you succeed.

As you build your plans, they can make introductions in areas such as marketing for your business, whether that is getting a domain registered online and a new website set up, or moving to a professional company email address, all vital baby steps as you grow.

BGWM encourages new businesses to network to gain new skills, meet other entrepreneurs, share experiences and build the connections which could unlock future opportunities.

A number of events, both online and in-person, are available every month. Find out more about the latest events here.

Launching a start-up business is not for everyone. It can take over your life and give you as many negative experiences as good ones. But if you have an inkling you could make a go of striking out for yourself, contact Business Growth West Midlands now to ensure you are not alone as you set out on the right path.