Between 2017 to 2018, there was an increase of 2.2m (+63%) more businesses than in 2000. The birth of new businesses is booming, so now is a great time to finally take the plunge and put your business plans and ideas into action. However, there are of course a number of things you need to consider before you get started:
1. Make Market Research Priority
This is one of the most important preparation steps in starting up any new business. Whilst it may sound an obvious tip, there is always going to be more to learn than you initially thought. Do not neglect this, even if you think you already know everything there is to know. Whether it is underestimating or overestimating costs, appealing to the wrong target demographic, or poorly gauging the demand, a lack of market knowledge can end your business before it has even started.
2. Always Calculate Your Projected Costs
Once you have decided on your business idea, consider and add up all potential costs. Costs are generally much greater than initially anticipated: it is always better to overestimate than to underestimate to avoid being caught out.
Some costs to consider include rent, stock, advertisement and potentially staff members. It might be worth meeting with a financial adviser who can offer you further guidance if you are feeling unsure about anything.
3. Consider a UK Merchant Cash Advance
Whether you have just done your calculations and found your business idea to be out of your current budget, or whether you would just feel more comfortable with an increase in cash flow, a UK merchant cash advance is certainly worth considering. It is essentially an advance on the business’ predicted future income, offered to small business owners on an interest free basis.
The system of repayment is flexible and not fixed. So, if one month your revenue is lower than usual, there is no need to worry, your repayments for that month will in turn be less. Equally, if your monthly revenue is higher than usual, then you can pay back more than you anticipated and be free of any debt quickly. This flexible repayment system will allow you to fund your new business venture without the additional financial stress. The application process is also quick, easy and can be done completely online, which is ideal for a busy new business owner.
4. Fine-tune Your Marketing Campaign
A key part of running a successful business is advertisement. Whilst advertisement can be expensive, it is an essential investment for your company, especially when you are first starting up. You need to let people know what your product is, why they should buy it and how they can buy it.
Consider what type of marketing campaign would best suit your business and spread word of your product as soon as you can in order to start building up a strong customer base. If you currently cannot afford to shell out large sums on marketing, consider using social media to get word of your new business out there. Digital marketing is becoming an increasingly popular option for business owners and is also immensely affordable.
5. Learn From Others
To start-up and maintain a successful business, it is essential not to let yourself fall behind in the market. Try to find groups of like-minded people to join, where you can continually learn more about your industry. Regularly sign yourself up to training courses and try to attend as many industry conferences as possible. Whilst it is of course okay to fail sometimes, learning from experts can help you to minimalize your errors and maximize your success.
6. Identify Potential Competitors
Take time to investigate who else in your area is offering the same product or service. If there are several other competitors, consider whether or not it is going to be viable for you to locate within that same area. What can your business offer that varies from what your competitors offer? Are your prices lower, or your product of a higher quality, or does your service have a special quirk? Build a plan to demonstrate a clear strategy for dealing with competitors.
7. Create a Roadmap
To help yourself stay on track, create a roadmap showing what you want to have achieved by particular mile stones. Where do you want your business to be in the next three months? Try to keep it realistic. Starting up a new business is immensely exciting, and it can be easy to get carried away with your expectations. Having a pragmatic roadmap will help you to keep your focus when distractions pop up.
8. Have Fun
There is no point of putting all your devotion into a business start-up if every day you’re miserable. Keep a positive mind set and enjoy both what you have already achieved and what you are still working towards. Maintaining a passionate and enthusiastic attitude will push your business that extra mile: customers and employees alike will be much more likely to love your product if you do too.
The Final Word
Starting up a new business can of course be nerve wracking. There are vast number of factors which need to be taken into consideration whilst developing your business idea into a more concrete plan, and a vast number of varying costs. Whilst the financial element of a business start-up might tempt you to give up on your dreams, a UK merchant cash advance can offset this economic strain and open up the opportunity to bring your long brewing business ideas into fruition.
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