Starting an SME can be a nerve-wracking experience for business owners, even those with ample business experience. Good foundations are essential when starting SMEs and not surprisingly financial considerations are usually at the forefront of their founders' concerns.

Seeing that good foundations are essential for SMEs – good foundations provide solid bases on which to build businesses – emphasis must be placed on waiting for the right time to launch, which leads us to the first tip for entrepreneurs starting an SME.


Many people continue to work fulltime jobs until they're ready to launch their business. This often proves difficult due to time limitations but there are a number of reasons why it proves advantageous to keep working until you're ready to launch.

• Increase your start-up capital and avoid starting in your new business in debt

• Comfortably wait until the time is right to launch without worrying about income

• 'Test trade' to ensure you have a sound business idea and tweak your business plan where necessary

Basically you'll find your situation less precarious if you continue working for as long as possible, and if part-time work is an option, go for it – such a scenario could prove highly advantageous.

2. Create a business plan and do your research

A sound business plan is vital and can be considered a solid foundation upon which to launch your business. Perform adequate research into the products and services you'll be offering and the markets you'll be proffering them to and don't forget to give thought to the value of your business – what solutions will your business provide that will make consumers want to do business with you? You'll find adequate research enables you to comfortably draft a business plan and if you find yourself struggling, ask for assistance and if necessary pay for that assistance.

3. Find a mentor 

You have several options regarding mentorship; ask your business peers, make the most of free entrepreneurial initiatives or hire one. Research on the subject shows that start-up businesses that have access to a mentor last longer than those that don't, and taking into account how many start-ups fail this is something to take note of. In fact, as research shows that 70 percent of mentored start-ups survive their first five years – the first five years are usually the most turbulent – there's a very real need for mentorship amongst start-ups.

4. Don't take on all responsibilities yourself 

It's often tempting for start-up founders to take on all the responsibilities themselves. This, however, often proves to be a fatal mistake because it's simply not feasible to do everything on one's own, plus you don't need to create a permanent workforce straight away because there are options available, like outsourcing and temporary recruitment. Whilst it's a wise move to avoid reliance on a fulltime workforce until you get better established, taking on more than you can handle could burn you out much faster than you thought possible.

5. Choose an advantageous location 

We've heard it time and time again – location, location, location! The advantages afforded to businesses with advantageous workplace locations are well known so pay attention to this when launching your business. Serviced offices in Mayfair are known as an apt choice for start-ups because they're cost effective, easy and affordable to brand, flexible, come equipped with everything start-ups require and offer unique networking opportunities.

6. Build strong relationships

Building strong relationships with your clients and your business peers is essential as the founder of a start-up SME and don't forget that you, as the founder, are the human face of your organisation. This can prove to be a big advantage when it comes to doing business, so network effectively and focus your attentions on creating strong relationships with both your business peers and your client base. Building strong relationships can help you to effectively weather the often turbulent first few years of launching and operating a new business in an increasingly crowded marketplace.

Whatever the field you're planning to enter with the launch of your new business venture, take into account the importance of building your business upon a strong foundation – your success depends on it!

Author Bio
Sonia Allen is a hardworking professional who still finds the time to write between projects and deadlines. She doesn't focus on just one topic but likes to explore different subjects, including home improvement, entrepreneurship, real estate, investments, and more.