Business Startup Advice and Tips for Companies in the UK
If you’re starting up business planning for a company you intend to launch, there may be some factors to take into consideration before you go any further. Here, we’ve provided you with some business startup advice and tips to get your business off the ground in the UK.
Exploring Why You Want to Start a Business
The UK Government is able to offer free business advice to those looking to set up their own companies and need someone to help them sort through their options.
When seeking out help and advice in order to get your startup company running, government advisors will always start by asking you why you’re looking to start a business in the first place. Having this in mind will help you to explore your options and test ideas out with the support of an impartial guide. It may also help you to decide if setting up a business is the right option for you in general.
If you’d like to take advantage of the free business advice offered, go to the UK Government’s page on getting help and support for your business. Once there, you’ll be presented with different options for your location. If you’d like to get a start up loan for your own start-up business, you can also apply on the website.
Doing Your Research
You should always research your market thoroughly, from the customer segments you plan to target to the competition you can expect once you’ve started your company. This can easily be done online in the modern-day, as statistics are available for near enough every industry sector. There may also be professional websites detailing free business advice not offered by the government, so it always pays to look that little bit further.
Think of Problem Solving ‒ For You and Your Clients
You might start everything off by thinking about what you can sell through your startup company. However, the best way to attract your target market is by first knowing what problem your products and services will solve in their lives. Be sure that what you’re offering can fill a gap in the market, or offer something unique to your potential customers.
When you’re planning out your business structure, you should also be aware of any problems you might face along the way and come up with ideas to solve these. Get help and advice from friends, loved ones, and even other experts that you know and listen to what they have to say. They may be able to spot problems you’ve missed. Encourage them to be honest with you as well, as what they say may tell you how consumers will react to your business once it’s launched.
Factoring in Costs
You must always remember to factor in potential costs from business expenses if you wish to succeed, including the cost of renting a building or office space, buying supplies and equipment, and how much you’ll need to budget for marketing or advertising.
By adding in all the costs you can think of then quadrupling that number, you’re likely to come up with the cost of running your business when accounting for unexpected payments and expenses. Even if this number seems high, it is always better to plan and prepare for worst-case scenarios. For this reason, you should also be sure to factor in the possibility that you may run out of money and have to cut back on expenses, or find an extra source of income.
If you’re a sole trader (meaning you’re self-employed and you run your company as an individual), your personal assets will be taken into account alongside your business assets. This means that you must always factor your personal budget (things like rent, food, and travel expenses) into the costs of running your business.
If you are running a limited company, your business assets will be separate from your personal assets. As such, you won’t have to worry about factoring in your personal budget.
Putting a Business Plan Together
Whenever you’re looking to get a startup company off the ground, you must always make sure to put together a solid business plan. This will help you to set out goals for your firm in the future, can persuade investors to put their money into your company, and can help you to secure business loans that will give you the financial support you need.
To find out more about writing a business plan for your firm, take a look at our advice on writing out traditional and lean startup plans.
Getting Legal Advice and Protection
It’s strongly recommended that you seek legal advice when starting out with your company, especially if you have intellectual property that needs protecting. This might be anything from trademarks and logos to design rights and patents for inventions.
You may also wish to consider drawing up terms of business to protect both your own firm and your clients from any potential legal disputes in the future. There are law firms based across the country which specialise in this type of legal advice, so you should seek the help and advice of a firm near to you that can offer it at your available budget.
You should always be completely certain you have the right licenses for what you want to achieve as well. For example, you will need a license if you’re looking to sell food or play music.
Will Your Company Need an Office?
If your startup business has taken off with your target market and you’re ready to set up your own office, why not consider renting a space? By contacting our team today, you could be setting yourself up to find the perfect place to conduct your business, as we offer a range of spaces across London that can accommodate firms of any size.
We’re always here to provide advice and support, and if you need to switch your office space out for a new one at any time we’ll be ready to accommodate. We’ll do everything we can to keep your firm comfortable in the room it has available, no matter how much it’s grown since you first started.
If you need some help getting your small business off the ground, we can even loan you the space you need to host and impress potential investors. Our meeting rooms will allow you to deliver your pitch and explain your business ideas at a price that’s bound to fit your budget. So, no matter what kind of space you need, we’re confident that we can provide it in a way that suits you.