According to the latest stats from StartUp Britain the UK is an entrepreneurial powerhouse, with a record number of new registered businesses opened in 2014. 2015 is shaping up to be just as successful, with over 51,500 already up and running. Whether you’re in the business of cars, bouncy castles, cafes or construction, we’ve come up with some handy tips that every new entrepreneur should read!
Study the market
While you may have an exciting new business idea up your sleeve it’s important to conduct market research before taking the plunge. Think about what competitors you’ll be up against, whether or not there’s a current demand for the service and what your future prospects may look like. A few tweaks to your business plan could mean the difference between success and failure.
Arm yourself with a plan
When it comes to setting up a new business, planning and organisation are the keys to success. This includes everything from setting long and short term goals to budgeting and ensuring set-up tasks are completed on time.
Look up legislations
Unfortunately, setting up a business isn’t as simple as coming up with a great idea and putting it into action. In the UK there are a myriad of small business laws and regulations that you’ll need to comply with. These will also differ from industry to industry so it’s important to do your research! At the end of the day this could prevent you from receiving hefty fines that could break your business.
Take out business insurance
Whatever your sector, it’s critical to cover your investment with a comprehensive business insurance policy. This will protect your business, your employees and any customers or members of the public that may be affected by your operations. Searching on online quote compare websites is a great way to secure the best business insurance deal on the market and find a policy that suits your individual needs.
Advertise and market
Once you’ve done all the groundwork it’s time to get your business off the ground and start spreading the word! There are plenty of advertising channels to consider, to free social media marketing to paid newspaper spreads. Think about what options would be most effective in your industry and go with those. Offering customers welcome deals and discounts is another effective way to get business rolling in ASAP.