It can be both exciting and daunting when setting up and starting a new business. There is a lot to consider and plan for in order to start off stably and aim to continue trading successfully. In this article we will share five important steps to take when building your start-up.
1. Create a Business Plan
Arguably the primary and most important step is to create a high-quality business plan. This plan should include key information such as when you plan to begin trading, the legal structure, financial forecasts, and any other important trading information.
Something else it should focus on is an awareness of your competitors and leading from this, a breakdown of your customers based on market research.
2. Get Your Finances in Order
In order to manage any business effectively, you need to have your finances in order at all times for both your personal records and so that your business will look stable to investors. Therefore, it’s a good idea to start as you mean to go on with your business.
It is advisable that you keep your business and personal accounts separate, keep track of your financial projections annually and remember to factor in costs of employment, such as pension and National Insurance contributions.
3. Create a Marketing Strategy
There are many online and offline marketing channels to consider. It is a good idea to get to grips with which platforms will suit your business. Social media can be one of the quickest and cheapest ways to start creating a following, interact with your new audience and provide detailed information about anything anyone would need to know about your business. Marketing will also help to drive people to your website, with the aim of aiding consumers on their journey to purchase.
4. Keep Your Future Goals in Mind
Planning for future business growth can help you to decide the path that your business can take. When will you introduce new goods or services? How do you plan to attract new customers?
It can be tempting to ‘go with the flow’, but being reactive instead of proactive can be the death of a business, particularly with competition and consumer trends continuously fluctuating.
5. Stay Positive
It is understandable at times that things can become difficult or overwhelming when starting a business, but keeping your head up and staying positive is essential to keeping your business afloat.
If you would like more information about forming a business please browse our company formation products or to get in touch with us on our live chat or use our contact form. We are here to support your business formation needs in any way we can.