10 Factors to think of when starting up your Business
There is nothing better than being your own boss and doing something you love for a living.
Here at Titanic Suites, many of our clients are start-up businesses, so we have picked up a few tips over the years on how to get your new business going. If you are thinking of starting your own business, check out the following factors below that you will need to think about:
1. Write a Business Plan
Every business idea must be feasible. A solid business plan should state your objectives for the company and how you are going to achieve them. This will allow you to put strategies in place to get there. Remember you will need to take many factors into consideration such as production and overhead costs, predicted income and profits, sales channels, seasonal trends etc. This will differentiate depending on your business. So, make sure yours is feasible and applies to you!
2. Write a Marketing Plan
One of the most important aspects of starting a business is understanding your market. Who is your target market? Where do you sit amongst your competition? Where do your leads come from? What channels can you use to grow? Carry out extensive market research! This can help your business to secure sales from the start. Understanding where your business will thrive is vital.
3. Secure Branding
People trust brands. Create a brand that people will recognize as your business, so people know what you do. Brand awareness is so important! Tying down, not only a logo but your businesses tone of voice, business name, slogan and colour scheme, this will give your business its own unique identity.
4. Legal Structure
Every business regardless of the size needs a legal structure. With start-ups, you usually must choose between being a sole trader or setting up a Private Limited Company, it is important you understand the difference. Each legal structure has its advantages and disadvantages for different businesses.
It is so important that you separate your home and work life. Most startups may not need or struggle to get the capital together for a physical premises. The best way around this is setting up a registered address through a virtual office. Here at Titanic Suites, you can have full use of the address, your own pigeonhole, meeting room discounts and notified when any mail arrives from just £20 per month.
When setting up your business, you may be using your personal mobile number or you’re using 2 phones. Everyone knows how much of a pain this can be!
Titanic Suites can provide you with a landline number for your business from just £7.50 per month which is forwarded straight to your mobile. It is also a bonus that potential clients or customers usually trust a brand more which seems more local and established, you can secure this with our landline numbers.
Partnered with your virtual office, meeting rooms for hire will help you separate your home and work life. They will give you a much more professional impression than meeting clients at home or in coffee shops. It’s always good to have a screen and a whiteboard on hand for any presentations you might need to do!
8. Website and Social Media Marketing
Having a presence on the internet and social media is essential these days. Most potential clients will search your business name before you even get the chance to pitch, whether this is on google or your social media channels.
Having a well-structured and easy to use website will be very advantageous to any new start up as it will give you a well-established impression. Establish your social media channels by posting engaging content directed at your target market!
9. The Boring stuff – IP protection / Data protection and information rights/ Money laundering regulations
You will need to do your research to ensure you are legally covered for anything that could creep up on you.
Depending on your specific business, whether it is product based or you provide a service, you must be covered on all legal aspects so make sure you invest in legal assistance.
There are many fantastic grants and training programs provided for start-up businesses in Northern Ireland! Do all your research to see what you're entitled to.
We love helping Startups here at Titanic Suites. Please contact us today if you'd like to enquire about any of our services.