Each year, thousands of people start their own businesses for a variety of reasons. Some because they want to be their own boss, others because they want to provide a service in a part of the market that is currently underserved and yet others start businesses just to make lots of money. These are all good reasons to start a business, as are many more reasons that are out there. The reason for starting a business often, does not affect the success of a business. Motivation, commitment, and dedication are some of the factors that affect the success rate of your business. While enthusiasm is very important, especially in the early days, good planning is an essential ingredient to your business. Without a solid plan, your business will probably struggle to make any kind of success.
Every business starts with an idea, so before you start your business you need to have a realistic idea, which can be turned into a profitable product or service. There are several opportunities for you to find support locally, to develop your business ideas. When you have finally secured that great business idea, the next step is to ensure that there actually is a market for it. If no one wants to buy that product or service then you are already in trouble before the business starts. You should then register your idea (in the form of a company) to ensure that no one steals it.
Research is vital to any profitable business venture. Start researching your business before you even start up and do not stop, ever. You need to identify whom your clients will be and get in touch with them. Feedback from potential clients is very helpful, and will help you make necessary changes to your idea reducing the risk factors of a business. With the information you garner, you should proceed to write up a business plan. What a business plan does is to clearly state everything there is to know about your business. It gives you a platform to access the risks and opportunities of the business before even starting and make the necessary changes to guarantee optimum returns.
It might be a great idea for you to find partners for your business. For one thing, partners share the risks among them reducing the individual risk for one person. Furthermore, if you get partners who have relevant skills and knowledge to complement your own skills, you are giving yourself the opportunity to focus on what you do best while allowing your partner do what he/she does best. It is a win-win situation for everyone involved. Of course, you may decide to go at it solo and work on your own. This is not necessarily a bad thing either, but even while you run a sole company, you have to work with others; from suppliers to distributors or retailers. It is wise to start to develop relationships with your buyers and suppliers early enough. This will boost your negotiating power and help you know who is reliable and who is not.
Challenges, setbacks, and obstacles are part of the landscape of a business owner. How you face these will ultimately decide whether you will succeed. If you are not the type who handles setbacks and difficulties well, then starting a business might not be for you.
Starting a business comes with complex financial and legal issues. It is a good idea to secure the services of a good accountant and lawyer to help you through the process. Even after you start up, there will be the inevitable paperwork that is associated with your business. If you are not the type to handle these well, then you should ensure that you have someone on your team who can get through the muddle for you.
To start a business in the United Kingdom as a non-citizen, you need to have the Tier 1 visa. There are several categories of the tier 1 visa; the entrepreneur, investor, graduate entrepreneur and exceptional talent. As an aspiring businessperson, the one that should concern you is the entrepreneur.
To be deemed eligible for this visa, you must score at least 95 points of the tier 1 points based system. On the system are having access to at least £200,000 of disposable capital which earns you 25 points, having at least £50,000 from one or more registered venture capital firms or one or more UK entrepreneurial seed funding competitions or One or more UK government departments also the equivalent of 25 points. Also on the list are having a live application for leave to remain in the UK, which can be having a tier 1 (Post study work) visa or being engaged in business activity, another 25 points; having access to at least £50,000 and also a Tier 1 (Graduate entrepreneur) visa which is worth 25 points; the funds must be help in a regulated financial institution, 25 points; the funds must be disposable, 25 points; you can speak English to a certain standard, 10 points; and you have sufficient funds to support yourself in the UK for another 10 points.
If you meet the required eligibility, then you can submit an application for a tier 1 visa and it will be processed within 3 weeks.