5 valuable top tips for starting a successful business
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5 valuable top tips for starting a successful business

You’ve got a business idea. You’ve got the passion and the drive. You’re all ready to go. But where and how do you start?

Since the UK has been in lockdown, over 85,000 new businesses have been created.  Covid-19 has presented serious challenges to existing businesses and people, but it has also opened doors for new business ideas.

I’m offering you useful top tips I’ve pulled together from my own experience while setting up my communication consultancy, From the Inside Limited.

There are a lot of things you need to consider when starting your own business, such as company name, company structure, customer base, pricing, competition, and financial and company administration.

1. Business plan

A lot of the above factors can be initially touched on when you put together a business plan. 

This is one of the best ways to strategically focus your idea and see your whole business concept.

This initial step in realising your business cannot be understated or undervalued.

Creating a business plan will also help to set your priorities. Your business plan will help to define who your competitors are, while also examining if there are gaps in the market you could consider entering.  

This process also enables you to set out realistic expectations and milestones to work towards, including pragmatically setting out your projected cashflow.

You can find many different business plan templates online to help you get started.

2. Use local accountants

If you decide to use an accountant rather than handling your company tax and finances yourself, one piece of advice I was given was to use your local smaller accountants.

What’s the reason for this?

Well, they’ll look after the little guy more than the large corporate accountancy firms.

So, once you’ve defined your business name and business plan, now is the time to formally set your business up with Companies House and HMRC. I used a local accountant, Morris & Young, to help fully register my business and handle the administration detail.

3. Protect your privacy

If you are registering your business at your home address, I’d recommend you set up a PO Box to register your business under. This way your private life and privacy can be kept safe and confidential.

Which solution should you use?

Depending on your budget, the most recognisable option is Royal Mail, but there are many other free or cheaper options, such as UK Postbox.

Also, remember to do your research. Make sure you find a solution that best fits you and your business.

4. Marketing budget

If you decide to use a professional graphic designer to create your brand, I advise you budget for more than you think.

Depending on how much you want created; brand logo, full scale brand with brand guidelines or advertising campaign; look at budgeting from anywhere between £300 to £3,000 for your marketing materials.

5. Marketing strategy and plan

When you are ready to launch, it’s advisable to create a marketing communication strategy and plan. This not only helps to promote your unique selling proposition but also helps to develop your goods or services to have the best profit-making potential.

This strategy and plan will also help to confirm your customer base, highlight the most effective resources to use and the best suited channels to target, like social media, online or print.  

So, in summary, your marketing strategy and plan will help to explain how your business can reach its set objectives.

And finally...

I hope these valuable top tips have given you food for thought as you take your first steps towards setting up your own business.

Please bear in mind, what’s listed here is only selected top tips and doesn’t cover the whole process for creating and building your business.

Remember, when setting up your business, don’t think you have to do this all on your own. There’s a huge amount of support out there.

Reach out to your work connections, your friends and family, networking groups and key influencers.

Also, have a look at The Federation of Small Businesses. This association has a large support network, a wide range of business services and a wealth of useful information and resources available to its members.

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