A strong business plan is crucial because it is the showcase document for your business and details how you will manage your company in the short, medium and long-term. It should detail your business aims, strategies, market and financial forecasts. The reader must believe your business idea is a financially sound one from start to finish and demonstrate a clear understanding and appreciation of sector trends on income. It is the most important document you will share with your bank when seeking funding and provides them with the detail they need to assist them is assessing the viability of your business.

Unfortunately just because a business idea looks great, it doesn’t mean that it will make money. It is crucial to do your research about the market and your potential customers. Go out and talk to people – how big is your potential market, what type of people are they, where do they currently shop, what cost do they expect to pay for example. The key is to have as much information as possible about your chosen market and its size.

Never start a business under-capitalised – you must know all your options. You can consider personal investment, investment from others, bank finance and business angels or venture capitalist backing. Each has their advantages and disadvantages but the key tip here is to ensure you understand the options and have a clear plan of your goals, how you will repay investors, ensure agreements are placed in writing and to appreciate potential investors often expect a say in how your business is run.

Banks are a good source of information and can provide guidance on a range of financial areas from helping you with your business plan to explaining the various funding solutions available. With so many options it is important you understand the difference between traditional lending lines such as overdrafts and loans, Government-backed loan schemes as well as how invoice finance can help with cash flow issues around late payments and bad debtors and using asset finance to invest in for example company vehicles, IT equipment, plant and machinery. By talking to your bank they can gain a real understanding of your ambitions which enables them to structure simple and tailored funding solutions and share their financial and business expertise.

Don’t forget to look at what support is available via the Government and check if you are eligible. NatWest is one of the banks that works with the Government to offer lending schemes specifically designed to help small businesses such as the Enterprise Finance Guarantee Scheme (EFG) and European Investment Bank (EIB) scheme. In addition you can consider a Government Grant for Business Investment as well as grants awarded for projects and help from charities such as the Prince’s Trust who well known for actively supporting start ups.

It is often your ability to get your product in front of people that can determine success. Ensure you have a clearly defined marketing plan of how you will communicate to your customers – consider PR, advertising, direct mail, internet presence and the benefits of online trading. Do a SWOT analysis – strengths, weaknesses, opportunities and threats and consider your Unique Selling Point (USP).

This is such a crucial skill for entrepreneurs and you should really spend some of that precious commodity in understanding and implementing various techniques to get this right, especially when launching a brand-new concept.

Don’t overlook the formal aspects of setting up your business. Are you a sole trader, partnership, Limited Liability Partnership, Limited or social enterprise? This can seem a daunting decision to a budding entrepreneur so once again seek guidance from the professionals – a suitably accredited individual within your bank, local Chamber of Commerce, Business Link or Smarta are just a few examples of sources you can approach. In fact it is well worth speaking with them all. Information is a powerful tool and the more you are armed with the better chances you have for success.

Under promise and over deliver. This will assist in building a solid relationship with a client and you should treat every one of them in this way. Word-of-mouth, references and referrals will follow and in the current climate this can be one of the most powerful and free methods of marketing.

Don’t rush things - it is important to be confident and have great self-belief in your business idea. We all suffer from knock-backs and doubts but if you follow the above steps, keep things simple and hold as much information as possible you are well on your way. Don’t forget working for yourself can be one of the most rewarding and exciting experiences.