Top Tips for Starting your Own Business

Small to medium-sized enterprises (SMEs) are the backbone of a healthy economy providing employment, driving growth, and opening new markets. In the UK, they turnover almost £2.1 trillion annually and employ close to 16.4 million individuals. If you’re looking into a business management degree, the chances are that you’ve had entrepreneurial aspirations at some point.

Therefore, if this is you, or if you have a mind full of creative ideas, then the University of Bolton’s BSc (Hons) Business Start-Up degree could be the ideal choice to help make your career ambitions a reality. It equips you with an impressive combination of skills and knowledge relevant to your chosen industry and focuses on the success criteria for your field, and the course is only two years.
 
Course Highlights… 

- Our business management and marketing courses have been voted first for Student Experience*
- You will receive personalised business advice through our business start-up support network to guide you in navigating the complexities of starting your own business
- Our passionate lecturers have worked in a wide range of businesses, from multi-national organisations to SMEs; so our students benefit from their professional experience
- Some of the modules you study will support you in taking a deep dive into your business to investigate a business opportunity or problem and devise realistic, implementable solutions
- You will study alongside business management students (core modules) and like-minded entrepreneurial students
 
Let’s explore some top tips that you need to know if you aspire to start your own business:
 
Do your research 

Starting a business can be daunting, but it doesn’t have to be overwhelming. Before taking the plunge, make sure you thoroughly research the industry in which you plan to operate in, as well as any competitors who may already be in the space. Learning from their successes and mistakes is invaluable! Additionally, take time to understand the legal implications of setting up a business, such as registering for taxes or obtaining licenses and permits. Knowing these details upfront will save you time (and money) down the line.
 
Set an action plan 

Once you have done your research, it’s time to sit down and write out a comprehensive business plan. This document should include your mission statement, goals for the next year or two, marketing strategies, financial projections and more; anything related to running your business efficiently and effectively should be included in this document! Make sure that it is clear so that potential investors or lenders can get an accurate picture of what they would be investing in.

Be prepared when sourcing your funding  

When starting a business, you could find that you have limited funds to cover all expenses associated with getting started such as rent for office space or inventory costs. Therefore, it’s important that before launching your business, you secure funding sources such as angel investors or venture capitalists who can provide additional capital when needed. Knowing these funds are available will allow for peace of mind when preparing for launch day!
 
Find a network 

Networking is key when launching a new venture. Investing time and resources into connecting with other like-minded entrepreneurial people and potential customers and clients through events and social media, etc. This will help spread awareness about your products and services, while also giving valuable feedback on how they could better serve them in return; leading to increased engagement and sales opportunities!
 
The business start-up network pairs you with a business mentor who works with you to identify business and growth opportunities.
 
Get the know-how 

Enrolling in a business-related course helps you develop the fundamental business knowledge and practical expertise needed to set up and run your own business. Among the fundamental skills you need to master are the following:
 
- Company Law 
- Financial Decision Making 
- Strategic Management 
- Sustainability and Business Ethics 
 
Visit the University of Bolton’s BSc (Hons) Business Start-Up page for the full course details and programme specification. You can also contact us at enquiries@bolton.ac.uk or call us on 01204 903807; our award-winning Student Support Team will be happy to help! 
 
Remember, at the University of Bolton, we are proud to put our students and their needs first! Come and enjoy #UniAsItShouldBe; the home of our positive and supportive learning environment. 
 
*The Times and Sunday Times, Good University Guide – Northwest – 2022