Things to Know When You Are Starting a Business - Part 2

At Kalc we specialise in helping you get your new business off the ground – from setting up & choosing your structure to advising you on outsourcing, employing, investing and everything in between. 

Following on from our highly popular blog ' Things to Know When You Are Starting a Business- Part 1' we bring you Part 2 of our top tips to follow when starting your own business…

Let’s from the top with a helpful checklist of things to do when you are starting out!

Testing Your Business Idea

There are lots of ways to do this – the most important thing is that you are thorough – the more time investment you put in at this at the start the less likely you are to encounter unwelcome surprises. Thorough testing will also uncover opportunities to follow and things to avoid learning from what already exists in the market. 

A few ways to do this: 

  • Sign up with your local LEO to assess the viability of your idea and dig a little deeper into what will be required to get started

  • Critically analyse your own skills, experience & passion that will help you to build your business are there any gaps – where might you need help to maximise your chance for success?

  • Target audience – who are you targeting and where are they – will your business be a physical offering, a service and can it be obtained remotely – in which case your market expands exponentially... 

  • Price – what can you charge and what profit will that generate after outgoings – remember a business idea that doesn’t generate income is a hobby rather than a business

Research, Research, Research: 

Find out what already exists in your new business market and decide how will yours be different in order to stand out. 

Learn from what others in your general field that have started before you have done right and wrong and take it from there to build your idea – most ideas take something existing and improve it/ alter it slightly – often it doesn’t have to be ground breaking to succeed but just have a subtle but visible point of difference. 

Other Markets & Trends 

Look to what other markets are doing and trends that have landed- what can you learn from them?  

Important to consider local legislation and political impact on your new business- for example in current times Brexit/ Covid/ Employment levels – what is important to people and how will what is happening in the wider ecosystem effect the viability or angle your business needs to market your service or product?

This might be location, pricing, materials costs, shipping considerations and so on …

Investment

What investment do you need to begin and how do you plan to get this? Are they technologies or training that will help you at the start that you need to consider?

Sometimes starting your business while still in employment is wise to ensure you have income while you test out your idea- other times this isn’t viable. Either way it is important to plan how much you will need to get started and make a plan to save, borrow or look for funding to help you to get off the ground. Check out our blog on grants available to see what you may be eligible to apply for to help you begin. 

Marketing 

Marketing will be a crucial element of telling the world your new business venture is open for business. Thinking about what channels you will focus on and what is most cost effective at the beginning is important. This can be anything from word of mouth and direct networking, to social media channel building & website planning. 

There are lots of ways to train yourself in the basics at the beginning and again grants that can help you to build the ‘shop front’ for your business from before you even open your real or virtual doors!

There are also lots of free marketing plan templates online that will help you to get started and get your first plan on a page if it is a whole new area for you!

 

Office/ Business Space 

While you might not need to rent a physical space at the outset (or ever!) it’s important to consider where you will work / sell from. 

This might be the corner of the living room or the kitchen table but best if you can allocate a spot to go to that is your ‘workplace’ to mentally get you in the zone. 

If you are offering a service you might need temporary space/ storage space for products and so on. Think about what your specific business will require and work from there. 

If it is a physical space you need there are lots of short term rental options now available with co co-working spaces. Similarly if you are a service based business you may need a temporary space on occasion – ensure you work the costs of this into your funding plan. 

 

At Kalc we are experts in getting your business up and running as well as maximizing efficiencies when you get going. We will help you on everything from accountancy, bookkeeping, payroll management, export, consultancy & everything in between. 

Contact our team today and see how we can help you and your business idea thrive

 

Read Next:
Things to Know When You Are Starting A Business Part 1
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