Things to Consider When Starting a Business

One of the most important things to consider when starting a small business is where your company fits into the existing market. Is there a need and opportunity for your new company? Conducting plenty of thorough research into the industry and understanding the sector should help position your start-up properly.

It’s no use launching a business that does the same as existing ones, you need unique selling points (USPs). Run a competitor analysis to determine any gaps in the market. Look at both online businesses and any physical ones in the location where you plan to launch.

Finding a USP and carving a gap in the market can be as simple as offering a cheaper service or products, improving on existing options, or adding something different. For example, if you’re starting a pizza takeaway consider offering free delivery if competitors charge for it or design a menu with toppings unavailable elsewhere.

Securing capital is a huge consideration for your new business. Most start-ups require outside funding (unless you’ve luckily just come into a large windfall of cash you’re willing to put behind your idea). Common funding sources include bank loans, grants, angel investors, and venture capitalists.

Before seeking funding for your new start-up idea you must have a strong business plan. This should outline the idea behind your business, your competition, all the finances to start and operate, any risks, and expected growth for the coming years. It’s important to demonstrate your business is viable but also to win over potential investors.

Depending on the funding route you choose there may be other requirements. Applying for grants is a great idea as it’s money you don’t have to repay. The terms and conditions vary for each grant though, so read them carefully and ensure your new company aligns with the scheme.

Opening a new business in any industry can be nerve-wracking when the big day arrives. What if nobody’s interested? Building excitement and spreading the word about your new business before it opens helps ease any concerns. Good marketing and advertising in the lead-up and after the launch can assist.

Your business plan and budget should include funds for marketing and advertising. It may be tempting to do it yourself, but this can be time-consuming and less effective, so outsourcing to experts is advised. Tell them about your organisation and its goals then work together to form a strong strategy.

Where you advertise your new business will depend on your industry and location. Decide whether you want to target local or national outlets, online or physical media, and any video or radio adverts. Look at what your competitors do well and where they could improve for inspiration.

Work out what equipment, materials, and supplies your business needs. When starting up there may be one-off items such as furniture and decorations to set up shop, while there’ll be other ongoing supplies you’ll require regular deliveries of to keep running. This could include tea and coffee for staff, paper for printers, and toilet roll for bathrooms.

Overheads are key things to consider when starting a small business. The costs of simply operating are vital, from the initial purchase of equipment to its ongoing maintenance and repair. If your IT systems go down it may lead to lots of lost hours of productivity. Compare suppliers to find the most cost-effective choice.

It’s not the most glamorous of things to consider when starting a new business but what you’ll do with your waste is important. Legally, every business in the UK must arrange the collection of their rubbish by licensed waste carriers. Using a third party such as Business Waste is a safe option.

We provide free bins anywhere in the UK to businesses of any size, age, and industry – you only pay for collection. This includes general waste, recycling, and any waste materials. Licensed waste carriers can remove your bins on a daily, weekly, or fortnightly basis to suit your needs.

Get a free quote for waste collection for your new business anywhere in the UK – call 0800 211 8390 or contact us online today.