5 Tips for Starting a New Business
We’re big fans of small businesses because they’re always run by people that are passionate, innovative and have the guts to go it alone. From quirky shops to pop-up galleries, skilled tradesmen to tech start-ups, you really can’t beat the vibe that infuses every element of a new venture.
Opening a business can be very difficult and comes with its surprises, pitfalls and stress, so we’ve whipped up some tips to make it easier. As an independent design agency that works with a huge range of entrepreneurs, SMEs and charities, we guarantee that this checklist will enable the set-up process to run as smoothly as possible.
Know your market
You may be an expert tattooist, a qualified florist or a master Buddhist looking to run workshops; whatever the case, your product or service will only sell if you research the market and work out whether the idea is feasible.
Key factors include location, competition, charging structure, flexibility levels, and of course whether or not there’s a real need for your services right here and now. Any qualms that arise at this stage will either need resolving or suggest that you should probably rethink your strategy.
If everything is hunky-dory in this initial stage, that’s awesome and a very good sign that your business will succeed. However, this will only be the case if you’re ready for what the future may hold, such as new competitors entering the market, your locale changing in terms of footfall and access, and how you’ll keep things fresh and engaging.
A good example is the Fruit Market, which has increased in popularity over the last few years and really flourished during Hull’s year as the UK City of Culture. Whilst this was great for property investment platforms such as Prople, one or two shops relocated due to major building works, and others saw more visitors arrive hand in hand with neighbours offering similar experiences. This is why adaptability and forward thinking are essential.
Sort out your piggy bank
Whether it’s in a building or entirely online, running a business can be expensive. Sometimes this is actually a repercussion of a company’s success, as higher sales may require larger premises, a better website, more staff and a variety of activity to take the brand to the next level.
If you’re in Hull and East Yorkshire, get in touch with the team of friendly advisors at ENRG for help with business plans and financial advice.
Choose the right kind of structure
There are lots of business types, from sole traders to limited companies. Likewise, there are different ways of buying assets, selling products and hiring staff, plus registering for VAT depends on when you think you’ll hit the £85,000 threshold.
If you can afford it from the start, hiring an accountant will not only save you tons of time and nail biting, but even open up cost-saving opportunities that may otherwise remain a mystery. Drunk Animal uses Keith Gibson at Accountaholics, who we can’t recommend highly enough. Give him a call on 07715 627242 and he’ll make sure that all of your finances are kept in tip-top condition.
Brand up and promote
It’s often the case that a new business launches quickly due to necessity or even impatience. If you can wait a little without exploding from excitement, we advise that you first establish your brand and marketing activity plan. This consists of your logo and signage; any stationery such as business cards and headed paper; digital assets for your website, social media and email signature; plus random bits and bobs relevant to your unique business, from T-shirts to beer mats.
We’re dedicated to getting our customers amazing results, so give us a call on 01482 363005 or email firstname.lastname@example.org for designs that will give your brand a lucrative head start.