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For a successful business, you need a viable business idea, the skills to make it work and the funding. Discover whether your idea has what it takes.
Forming your business correctly is essential to ensure you are protected and you comply with the rules. Learn how to set up your business.
Advice on protecting your wellbeing, self-confidence and mental health from the pressures of starting and running a business.
Learn why business planning is an essential exercise if your business is to start and grow successfully, attract funding or target new markets.
It is likely you will need funding to start your business unless you have your own money. Discover some of the main sources of start up funding.
Businesses and individuals must account for and pay various taxes. Understand your tax obligations and how to file, account and pay any taxes you owe.
Businesses are required to comply with a wide range of business laws. We introduce the main rules and regulations you must comply with.
Marketing matters. It drives sales and helps promote your brand and products. Discover how to market your business and reach your target customers.
Some businesses need a high street location whilst others can be run from home. Understand the key factors from cost to location, size to security.
Your employees can your biggest asset. They can also be your biggest challenge. We explain how to recruitment and manage staff successfully.
It is likely your business could not function without some form of IT. Learn how to specify, buy, maintain and secure your business IT.
Starting a business can be daunting, that's for sure. It can be hard to overcome the nagging doubts that everyone has about their own abilities. Lots of people have great business ideas but never get them off the ground because they don't feel confident enough to take the plunge.
Common mental blocks include fear of failure and feeling like an imposter. Even telling friends and family about your plans can be difficult and you may well meet naysayers that pick holes in your business idea and cast doubt on your dreams. That's why self-belief is a crucial part of being your own boss.
Fear of failure is very common. In fact, it would be strange if you weren't worried about failure when starting a new business. The danger is that those fears stop you in your tracks altogether. Worrying about all the things that could go wrong can be paralysing; the truth is that making mistakes - and learning from them - is a vital part of growing a viable business.
Another common issue is imposter syndrome which can make you doubt your own abilities and leave you feeling like a fraud. Imposter syndrome affects people in all walks of life and is often present despite appearing outwardly successful. Doing something new and taking risks, such as setting up your own business, can often trigger those feelings of being an imposter.
There are lots of ways to boost your own confidence and develop self-belief. A good start is to think about how you answer the question “what do you do?”. Think about what makes your business special and describe what you do in a way that communicates your passion for the business. Try not to down-play your business using apologetic words like “just” and “only”.
Most people start out running their business on their own - and many continue to operate as sole traders - but that doesn't mean you have to go it alone. A great way to boost your own confidence is to find a mentor who can provide expertise, support, and reassurance that you're on the right track.
Ultimately, self-belief comes from within. Have a clear vision for your business and tackle doubts head-on - by learning new skills and preparing for what's ahead. You will have to step out of your comfort zone from time to time and you may even have to “fake it until you make it” - but by stepping up into your new role, it will soon come naturally. Above all, try not to let negative self-talk drag you down; set goals, track your progress and celebrate small wins along the way.