It may come as a surprise to you that even though the COVID-19 pandemic caused a detrimental impact on many businesses across the UK, in recent times despite the pandemic, there has been a surge in company registrations.
According to the study conducted by Goldman Sachs, 99% of smaller businesses are optimistic about the future and expect to survive if there are no further national lockdowns. Government support has been a blessing for them during these times. Many businesses are future-proofing themselves by learning new skills and methods to run their business smoothly in isolation.
Thinking about starting your business? If yes, then you must know the entire process is not a cakewalk. It may seem like a nightmare sometimes but don’t worry! A challenging process shouldn’t stop you from pursuing your dream business.
Seven Things You Must Know Before Starting a New Business
Here are our tips and tricks that will give some clarity to your thoughts and make the planning process easier.
- Find out the Purpose of your Business
The first step in your journey towards setting up your business should be finding a purpose. Knowing WHY you want to start a business will help you in achieving personal satisfaction.
Being able to clearly define WHY you do, what you do will make the decision-making process smooth. Customers will be attracted to your business more if they know that you have distinct goals and a roadmap.
Passion is driven by purpose. If the purpose is well-defined then achieving what you want won't seem like a burden.
- Research about the Market
Before you start investing money, invest the time in market research on your own. You should be familiar with your competitors in the business community. If they are offering the same products as you then factors such as price and their business plan should be thoroughly researched.
After finding out everything about your competitors, you should find out how you will do things differently or what is your unique selling point. What sets you apart from your competitors can be a game-changing thought for you.
You can also hire people to research on your behalf. There are a lot of companies that have the expertise to find out data for you.
- Identify your Target Audience
Knowing about your potential customers gives you a perspective about your marketing strategies. Selecting your customers can depend on a variety of factors like age, gender, income, location or profession.
Understanding why your product appeals to a particular set of people and how you fulfil their needs. Customisation of strategies becomes manageable if you know which people you are targeting.
- Organise your time
If you are a sole trader who wants to start with a side hustle, time management should also be given priority. If you can't give up on your “day-job” yet, you should dedicate some fixed hours to your small business daily. This will allow your side hustle to flourish and become the only hustle in no time. It can start with 15-20 mins every day to get you started.
Neglecting the business even on a single day can create a negative impact on the revenue. So, maintain a proper schedule but at the same time, do not overburden yourself.
One of the most essential factors to be considered before starting a business has to be money. You need money for everything. Be it for day-to-day expenses, salaries, taxes, equipment, advertising on various platforms like social media platforms or billboards, location and whatnot.
Careful consideration should be given to funding i.e how much you can afford to keep the business running smoothly until it takes off.
If you are willing to turn your idea into reality and do not have enough funds then in addition to approaching the banks, the government is also offering the aid.
- Legal Aspect
Another major factor to contemplate is the legal side of the industry. The rules and regulations followed by the industry and the laws of the regulatory body, everything should be thoroughly read and followed.
For example, if you want to start a home kitchen, you first need to register yourself at the council and go through the food safety law.
Farrilio can be your go-to online legal advisor. They offer legal and HR advice for business owners using trusted UK based advice from professionals. With well-curated guides, Farrilio makes things easy for new business owners.
- Practical Attitude
Don’t beat yourself up if your business takes time to settle. Good things take time and patience. You need to have a practical approach to things so that you can set realistic expectations from the business.
If you need any assistance on how to get your phone started for your business or website management, bOnline is the right company for you. At affordable prices, you can get a variety of services that will make your business achieve new heights. With an unbeatable price, uncomplicated technology and 5-star customer service, you can opt for fibre, broadband or VoIP phone services to manage your business.