Partners, suppliers and premises
Many businesses start with just one person, known as a ‘sole
trader’. If you set up as a sole trader you’ll be self-employed, which means
you’ll be your own boss.
You’ll also be responsible for:
·
managing your own time
·
looking after all of your company’s admin and accounts
·
taking risks with your own money, particularly if you’re leaving
full-time employment
Whether you set up as a sole trader, partnership or limited
company, your business is likely to involve working with more people to develop
and sell your idea - including partners, suppliers and distributors.
Partners
Finding a co-founder with relevant skills and knowledge that are
different to yours lets you focus on what you’re best at.
For example, you might be selling a product you invented, or a
service that uses a particular skill or talent you have, but not have any
hands-on experience of running a business. If so, you might want to work with
someone who has business and management skills, and can look after things like
financial planning and recruitment.
Consider working with several partners in a team. You’ll be able
to share responsibilities including risk, getting funding, expertise and
sharing contacts.
Suppliers
Whether you’re making a product and you need raw materials, or
supplies and equipment to run your service, many businesses need to work
closely with suppliers.
Search online and talk to other businesses. Draw up a list of
potential suppliers. Get estimates, then go and talk to them so you can:
·
negotiate prices
·
start to develop relationships
·
get a sense of which suppliers are reliable and trustworthy
You’ll need to agree on payment terms with your suppliers, and
get them in writing. This includes your ‘trade credit’ period (how many days
you agree to pay invoices within), and whether they can offer you discounts for
things like buying in bulk or quick payments.
You’ll also need to find suppliers for the equipment you’ll need
to run your business, including your IT systems.
Getting your product to
market
If you’re planning to sell your product in shops and expand
outside of your local area, you’ll need to work with a distributor. If you’re selling overseas, consider working with a freight forwarder who can deal with exporting your goods.
Build a website
You can also attract customers and increase awareness by setting up a website for your business. Search online for
resources, as well as local web design and development companies you can work
with.
You may also be able to sell your product or service directly through your website.
Finding business
premises
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