Need a plan to start your own business?

The Business Plan – an essential document for any business but important for you as you work out your strategy for becoming your own boss. It is at this stage that you will appreciate the support you receive from Tenet’s Business-in-a-Box package which not only helps you put your business plan together but also offers fast-track support for key areas in the plan. You will find this gives you more time to develop your business at this critical stage of start-up. This blog gives you an overview of what you will need to think about when creating your business plan and what you can leave to us.

Being self-employed puts pressures on you that previously your employer had to manage. Creating your own business plan gives you the opportunity to really think through your strategy and responsibilities, allowing you to create a list of objectives and construct goals for the next one, three and five years. As any business coach will tell you, fail to plan and you will find it tougher to succeed. Fortunately, you will have access to Tenet’s expert advisers who will work with you as you develop your business plan, ensuring that your strategy and goals are achievable and that you are not overlooking any key areas.

Your business

While Tenet’s Restricted Advice Proposition provides a proven structure for your business it is still important to remember that it is your own business. You need to think about your previous employment experiences, how do your skills fit with Tenet’s offering, what are the benefits and how can you make them work for you? It is likely that your time as an employee has given you insights into the industry as a whole and you will have identified your target audience. We can help you look at your targets realistically and work with you to put them into a manageable time frame. We will help you with financial forecasts and make recommendations on how to manage your cash flow. Remember that a business plan is a constantly evolving document that you will amend, update and adapt over time, and also remember that your mentor at Tenet is on-hand to help you make the best decisions.

Your competition

Chances are you will be able to tell quickly which competitor businesses are successful, so think about why that is, look at their customer base and how you will go about getting a share of that market. A critical assessment of competitors’ websites and methods of promotion will often show you what not to do as well as giving you some good ideas.

Sales and Marketing

Another Business-in-a-Box benefit is our ready-to-use marketing package which helps you in the creation of your brand name, logo and website. In due course this is added to our compliance-approved marketing literature, ready for you to use. We’ll help you to create a Marketing Plan so that, like your Business Plan, your marketing has proper objectives and strategy, eliminating wasted time and money.

You will need to consider how you are going to sell your services and how long it will be until you can expect to receive fees. As a part of Tenet, you will be invited to attend training sessions and workshops to develop your expertise in this area which, after all, is key to the success of your business.

Operations

Potentially this is an area that can consume more time than you would like but once again you benefit from being part of a large financial organisation with IT systems to tap into, quality compliance services, technical research, recruitment and office space expertise.

We also advise on the legal structure of your business and apply for the appropriate business license. Regardless of your regulatory status, obtaining Personal Indemnity Insurance is essential and we can source the best rates for you. And our 24/7 helpdesk is there with expert help whenever you need it.

The next step 

We’ll be happy to walk you through the creation of your business plan or talk about any aspect of the services included. So, if you’d like to know more, email info@tenetbiab.co.uk to set up a confidential conversation with one of our business start-up team. You’ll find us approachable, helpful and happy to provide all the information you need to start your own company.