How to start a small business in the South West

Have you got a great idea for a small business? Fancy yourself as a budding entrepreneur and looking for the right opportunity to branch out on your own? The South West of England could be a great place to put your plans into action this year, so make 2019 the year you take some decisive action towards independence and a more rewarding lifestyle.

Why is the South West a good place for small businesses?

The advantages of being in the south west used to be overshadowed by the lack of a motorway beyond Exeter and the notoriously inadequate A303 main road link. However, many new businesses don’t need to use transport links at all – or at least, not down into the south west. 

For example, drop shipping models remove the need to have stock delivered to your place of business because everything is dealt with by a central warehouse. The internet has opened up an extraordinary new array of business and job opportunities, allowing people to reduce their need to commute to work to virtually nil.

If you do need to take a trip to the big city, rail links are pretty good to London and Bristol, and as long as you avoid travelling between Friday and Monday, you should avoid the worst of the hold-ups on the A303! Meanwhile, you have the joy of living in one of the most beautiful parts of Britain, surrounded by beautiful landscapes and close to some stunning coastline.

What are the basic rules of starting a small business?

You need to be clear on what it is you are doing, and how it’s going to make you money. It’s no good having a great idea without doing the background work to make sure you know what it’s going to cost and how much return you’ll get, and most importantly, whether anyone wants to pay for it.

Preparing a business plan and a budget for your business is essential, and you should ensure every detail of the budget is as accurate as possible. It’s easy to underestimate overheads and other costs, and in a fledgling business, every penny that you don’t need to spend is worth more than its face value, as it saves you paying interest and other charges. 

The more you can save by shopping around to get the best deals and most competitive prices from both your suppliers and services the more capital you’ll have for growing your business. For example, don’t just settle for the major utility providers; check price comparison sites to get the best business gas prices and negotiate with a good selection of suppliers before deciding on which one to go with.

Most importantly, don’t go into a new venture without the right business knowledge. There are plenty of useful resources available online that offer genuinely helpful advice and information on starting a small business, so take the time to explore these guides and get your business off on the right track.