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Starting your own business is an exciting venture, it gives you the opportunity and the freedom to create something of your own. Having your own business is becoming more popular and studies have shown that in the first half of 2021, almost 80 new businesses were created every hour across the UK.
If launching a new business is something you are considering doing in 2022, it is important you do your primary research before you make the leap. Outlined in this article are our top tips on how to improve your chances of success when launching a new business. Follow along and you should find some helpful advice on how to get your new business off the ground and how to maintain its success.
Research The Market And Your Competitors
Before you launch your business, you need to know what market your business will fall into. It is an easy step, but it doesn’t make it any less important. Once you know what market you will be in, you can start to properly research that market and work out who your audience is and who your competitors are.
Knowing your audience well is an important part of being a successful business. Appealing to your customers is your priority, so you need to know what they are interested in and why they would want to choose your business over a competitor. Doing this research could also help you find a gap in the market, something that your customers want that isn’t currently being offered, for example. Once you find this gap, you can then corner it.
Having knowledge of your competitors is another way to improve your chance of a successful business. By researching your competitors, you can establish not only what they do well, but also the aspects of their business they could improve on. You can use this to your advantage by ensuring your business provides the services that your competitors are lacking.
Have A Detailed Business Plan
This seems like an obvious step, but it is important to make sure you have a business plan that is meticulous, so you are prepared ahead of time. Things can change quickly during the process of launching a business, so having a detailed business plan can help you work through the process and deal with any issues that may occur.
When writing your business plan, it would be helpful to create a timeline that you can align your plan with. This will help to keep you on schedule throughout the process and will show you what the next steps are in a more informative way. As your business progresses, you may change your mind on certain business ideas or find that some just do not work in practice, which is when you can refer back to your business plan and try a new idea.
Your plan should include all the ideas you have for your business. For example, if you are planning to open a restaurant, then your business plan should include a detailed description of your intended menu. Whether you are opting for printed out menus or online menus, create a visual display of your menu within your business plan so you always have a guide to work with. If you are struggling with writing your business plan, check out this essential guide for some handy tips.
Securing extra funding is a great way to give your business a head-start in the industry and gives you more opportunities to explore your business ideas. Once your business has been established for a while, you need to think of ways to maintain profit and keep your business successful. A small business loan is a good idea to inject your business with some extra money so you can continue to grow.
Small business loans allow you to borrow between £1000-£500,000 in funding to help grow your business further. They can be used in any aspect of your business, whether you need them for refurbing a building, training staff, or purchasing new stock. It can also help you overcome any issues you are having with cash flow and provide you with a bit of support to fall back on.
A small business loan can give you the opportunity to expand your business and stand out from your competitors. Taking out a loan may seem daunting, so ensure that you take the time to properly research what loan would work best for your business.
Get The Name Right
Choosing a name for your business can be a difficult part of the process, it will contribute to a customers’ first impression, so you need to get it right. You need a name that is memorable and represents your brand. You also need to ensure your name is unique and can’t be mistaken for another company.
Your name is going to be one of the main ways your customers find you, so you need to make sure that the name you choose isn’t confusing or easy to misspell. When someone is trying you find you online, your name needs to be easy to search for or you may lose potential customers. It also needs to work across all platforms, so in signage, online, and verbally. How will customers recommend you if they can’t pronounce your name?
Another thing to think of when deciding on your name is whether it conveys the appropriate tone for your business. So, if your business is more serious and professional, then you need a name that represents that. However, if you are opening a new cocktail bar you can be a bit more creative and fun with your name as that will draw customers in. A fun and creative name will make your bar stand out from the crowd and it will be memorable for your customers.
Location is an important aspect that can link to the success of a business. A great location is going to make your customers want to come back and can also mean you pick up new customers just from people passing by. Think of what your business offers and how location can help you deliver that to your customers. Studies have shown that students spend more money per week on alcohol than food, so, a new bar or pub would financially benefit from being located within a student area.
A good location doesn’t just attract customers, it can also help your business attract potential employees too. Having your business in a good location can make your business more accessible to employees. Not only will it encourage people to join, but it will also make them want to stay. Being local to public transport routes is an easy way to make your business accessible. Of course, this is not always possible, but it is something to consider when deciding on a location.
Another aspect to consider when choosing a location is cost. The best locations may be the most expensive, so you will need to weigh up your options and decide whether the location will be worth the extra cost. It could be more beneficial for your business to choose the cheaper, less ideal location so you can save on rent and put the spare money back into the business.
Having an online presence is so crucial for any modern business. It is what connects your company to the rest of the world and allows customers to find you. Before your business is launched, you need to make sure you have a business website up and running and that it has all the necessary details. It should clearly outline what your business offers, prices, location, and contact details. Your website should be easy to navigate and needs to load quickly or else people are likely to click away.
Another big part of having an online presence is being active on social media. Depending on what your business is, there will be social media platforms that you use more than others. For example, if you are running a bar, Instagram and Tik Tok will work better for your business as opposed to Twitter. In terms of social media for business, Twitter leans more toward professional and informative as opposed to Instagram and Tik Tok which instead offer more creative and interactive material.
A good online presence is going to help increase your business’s credibility. Chances are there will be several other businesses offering the same service you do, so your website needs to stand out from them and show that you are the best choice. Your website or social media may be the first impression your customers have of your business, so make sure they come away with a positive impression.
Launching a new business takes a lot of work, but with the right research and business strategies, you can make it happen. As a business owner, you should always be looking for ways to make your business stand out from your competitors and push your business further into success. Follow our guide for tips on how to improve your chances of success with your new business venture.