Starting a business can be one of the most exciting, but daunting, endeavors that any entrepreneur can embark on.
But, starting your own business requires a lot more than a great idea and a good work ethic. You need to also think about hiring a team, creating a business plan, and finding storage London options to organise all your business assets.
Every year, around 700,000 businesses are started in the UK and, if you plan to be amongst these numbers, here are some of the top things you should consider when starting up.
1. Have you conducted any market research?
Before you start selling products and posting on your social media page, you should have a very good idea of who your target market is and how you plan on selling to them.
The best way to do this is by conducting thorough market research into your potential customers, the products you plan to sell, and the market that you plan to enter.
Market research is one of the best ways to figure out if there is actual demand for your product, what the needs of your potential customers are, and if there are any other businesses that are meeting market needs – and to what extent.
2. How will you hire a team that’s suited for success?
Although you may be excited and intelligent, a successful business can’t just be built around the talents of a single person – you need to hire a talented team of people who excel in different roles and can help bring your vision to life.
Hiring can be a long and complex process, but will ultimately be one of the most important processes that your business is involved in.
Start by thinking about the different skills and experience that you might lack, or will be needed in different departments. For example, hiring people that are good at finance, copywriters, data analysts, salespeople, etc.
Together, your team should possess all the important skills that your business needs. As any entrepreneur quickly finds out, it’s always a good idea to hire people who are better at their jobs than you.
3. How will you attract investors with a business plan?
A business plan is a critical document that outlines your business’s goals and objectives – as well as how you plan to meet all of them.
Not only is it an important document internally for keeping you and your team on track, but it will also serve as a tool to convince investors to part with their money and help fund your business.
Business funding is hard, but necessary if you want to grow your business to new heights, especially when you’re a newer business that doesn’t have enough profits (yet) to sustain high business growth.
Your business plan will ultimately act as a roadmap that will see your start-up grow into the kind of business you dream of achieving. It will go through everything from how you plan to acquire new customers, to how detailed your marketing plan will be.
4. How are you going to store your business assets?
Every business has assets, whether it’s the products you’re selling your customers or the equipment that you use on a daily basis.
If you’re starting out with a smaller office, you probably don’t have the space to hold everything your business needs – especially the big items that take up a lot of space and aren’t needed every day.
If you find that you have more assets than you know what to do with, finding a good storage option should be one of your top priorities. It will help you keep your office space nice and organised, and can help you scale your inventory and operations without having to make the investment into larger office space.
5. Are you following all the necessary regulations?
Starting a business isn’t just about selling a product or providing a service to customers, you need to make sure that you’re following all the necessary regulations.
From conforming to VAT laws to following GDPR, there are a lot of different rules and regulations that you will be subject to.
If you don’t follow all the rules that apply to your organisation, you may face hefty fines and punishments that range in consequences – some may even put you completely out of business.
You don’t have to know all about the different rules yourself, but it’s normally best to bring in a business advisor who will be able to help you through all the complex regulations, especially while you’re setting up and figuring everything out.
6. What will your marketing plan look like?
Marketing is an essential part of any business, and it’s important to have a detailed plan outlining all the different strategies you will use to reach more people and drive more sales.
Think about what channels and platforms you want to utilise and how much you can spend on acquiring new customers.
It’s also important to consider which marketing methods will give you the best ROI, so make sure that you research each one before diving straight in. From SEO and PPC campaigns to influencer marketing and content creation, there are plenty of options out there for businesses, both big and small.
If you are starting a law firm, for example, research Law Firm SEO practices, pay-per-click campaigns for lawyers, and content marketing strategies for law firms to ensure you create the most effective marketing plan.
No matter what kind of business you’re running, having a detailed and well-thought-out marketing strategy will give you a competitive edge. It will help you get more out of each dollar you spend on advertising and track your progress over time, so take the time to sit down and think about how best to market your business.