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Let’s get one thing straight, there is no magic recipe for business success! Luck, a great idea and sheer hard work are all factors but the quantity you need of each will vary in each case.
Einstein had ideas all the time but only a few made it big. In truth you only need one big idea to start a business but it has to be the right one and I am sure even Einstein didn't really know if his inventions would be successful.
A business plan is a document that sums up your business – its aims, strategies, market and financial forecasts. Every business should have one and it should provide the road down which you plan to travel for the next 3/5 years. A good business plan is flexible so don't have it set in stone.
Running a business can be complicated, particularly if you are new to a particular business. It is always good to gain experience in a particular field before you startup yourself but if you can't then you need to know what laws and regulations apply to you.
Research is a key element of starting a business, but all too often it is either forgotten or ignored. Research is without doubt the key to making a success of a business but it has to be done properly and needs to be relevant to what you are setting up. It also has to be realistic.
Guernsey is an entrepreneurial island. Business start ups and incorporations are on the rise and an important part of the growing and diverse economy. But how do you start a business in Guernsey?
There are several ways to fund a business. You may have sufficient savings to cover the startup costs, you can borrow funds from the bank or family or you can look for an investor. Keeping startup costs to a minimum is nearly always the best option and the lean startup is the most popular way to start a business in the current environment.
It is tempting to think that you need to build a perfect ship before you can possibly sail. You will naturally think that your customers will not buy from you unless you offer a great variety of features, have a fab office and a gorgeous website etc.
As we all know, we live in a global society that more than ever is obsessed by celebrity status. Celebrities have the potential to use their images for commercial purposes and these images need protection just as any other valuable property does.
With the help of David Stanley, who is a Patent Attorney based in Alderney specialising in Patent, Design and Trade Mark registration, Startup Guernsey has a "process" for helping people with ideas and inventions. This process will involve meeting with us, then if the idea has potential, meeting with David Stanley and once you have protected your idea the opportunity to discuss the commercialisation of the idea with the team.
To register their personality and associated images the personnage may apply in person at the Guernsey Registry Intellectual Property Office. They cannot apply on-line so it is more likely though that they will use the services of a Guernsey based image rights agent such as Harbour Intellectual Property Ltd which has officially registered staff to do so on the personnage’s behalf.
With Image Rights as with any other law it is vital to know what is classed as "Infringement" and what is permissible.
As part of your business plan you will need to look at how you will market your business or product to your potential customers. Understanding your potential customers is essential and one trick people use is to give your customer an identity and think about how they live to better understand how to reach them.
If you want to be more successful, PR can make the difference. Effective communications make business sense by helping establish trusted relationships and engaging with key groups, including customers and the wider community. This post takes a look at how PR can help organisations and suggests questions to ask yourself when looking for communications support.
Sales is the basic act of convincing other people to buy your product or service. It is vital to all businesses that they sell to their customers and this can be achieved in many ways. Business Development is the way by which you expand your business and look at new products and new areas in which to sell.
Most of us these days have smart phones in our pockets that are more powerful than the technology that got the first man on to the surface of the moon. But how many of us fully use that technology and make the most of the opportunities that are now in front of us.
If we wrote Location down ten times that would be ten excellent pieces of advice for potential shop owners. Location is everything in retail and unless your product is desirable or unique enough for you to become a destination shop then you need the right location.
Start up costs are always a big concerning for any budding entrepreneur but in the last few years the Lean Startup has been the way forward for many new businesses. Here are our 10 tips to help get you started.
Business Development is the way by which you expand your business and look at new products and new areas in which to sell.
Our in house expert gives you her 15 top tips for selling online
When starting up in business it is vital you get your finances in order and establish a method for controlling and monitoring income and expenditure. Accountants Lilley & Co give us their Top Accounting Tips when Starting a Business.
One of the most common questions we are asked is ‘should I trade as a sole trader?’ or ‘should I incorporate my business?’ the answer is not simple and there are several things you should think about.
Getting into bad habits with your business bookkeeping is a downward spiral that could cost you time and money, as well as make dealing with your business finances unnecessarily complicated.
When you start a business it is important that you keep your business finances separate from your personal accounts. That means whether you are a sole trader or a Limited Company you will need a bank account.
One of the biggest steps any new business undertakes will be to employ staff. That is the prime way that a business can grow and expand and become more profitable. But when you employ staff you enter a new world of responsibilities which you need to be aware of.
Insurance should be considered as a necessity for all start-ups and should be within your business plan and on your checklist to tick off once this has been sorted out.
Before you put an ad in the Press to find someone to work for you, there are a few things to think about. Common problems in employing and managing people can be avoided if some basic principles are adhered to at this point. New employers, and in particular small businesses, often want to be very flexible - but beware it can lead to big problems later
BDO has a long history of supporting local businesses. From fledgling operations to established enterprises they work with businesses of all sizes in the Channel Islands.
Networking has been recognised as one of the most important aspects of running a business. A good network will provide you with leads and information that are vital for business success. Let's start building that Network now.
Co-working is becoming increasingly popular for small businesses and individuals who tend to work in isolation. The chance to sit with like minded people and share a coffee and talk business is an invaluable tool in building your business network.
Guernsey is open for business. We are a small island but that is one of Guernsey’s strengths. The island has a high concentration of professional support services and opportunities for new businesses, both domestic and international.
Locate Guernsey exists to promote the British Channel Island of Guernsey as a world-leading destination for individuals and for businesses. Funded and operated by the Island’s Government, the States of Guernsey, we provide guidance and assistance to those relocating to the Island.
Liquid’s CEO Lis Lewis-Jones set up her business above her mother’s garage 12 years ago. In celebration of Global Entrepreneurship Week, she gives six of her best tips to help you on the road to success
When starting a business it is important to check all the basic elements needed to get the business started. In this article we have listed links to important elements to help you with your planning.
Guernsey Startups: Top 10 legal documents for startups.
Small business and start-up owners often have to wear a variety of hats and have a never-ending to-do list. From speaking to clients and running my own small business, I know that social media always gets pushed to the bottom of the list.
A lack of time, skills and budget are the most common reasons small and medium-sized enterprises (SMEs) struggle to market their businesses effectively.
Startup Guernsey is delighted to be able to offer a series of new Hands-On workshops where startups and small business owners can learn by doing in a small, classroom-like environment.
Smart contracts are going to revolutionise the way in which business is transacted in the online world, key in promoting efficiency and cost reduction in the way business gets done.
What GDPR means for small businesses
Guidance and resources designed to assist organisations meet the compliance requirements of the new Data Protection (Bailiwick of Guernsey) Law, 2017.