Starting a small business is a dream for many people, but few turn that dream into a reality. If you are desperate to be your own boss, have control over your schedule, and do something you love, running a business could be for you.
Thousands of people across the UK are self-employed, either as business owners or sole traders, and are earning a living doing what they love.
In this article, we will share how you can establish yourself as a small business owner and get your name out there.
Starting a Business in the UK
At the start of 2023 there were 5.5 million small businesses (with 0 to 49 employees) and SMEs account for three-fifths of the employment and around half of turnover in the UK private sector.
Starting a business is not uncommon. In fact, plenty of people give it a try. However, it’s one thing to start a small business and something else entirely to see it succeed.
Let’s take a look at how you can start your business off right.
1. Do Your Research
The better prepared you are for all eventualities, the higher your chances of success. That’s why before you start anything, it’s important to do your research.
Starting a business isn’t about launching blindly. You need to know the industry you’re joining. You need to know your audience. And you definitely need to know your competition.
Examine what other companies in the industry are doing. What makes them stand out? What makes them successful? Taking the time to understand what’s going on around you can help you find your niche.
Research also provides the opportunity to learn from others’ mistakes. This gives you an advantage over your competitors and helps you start stronger than you otherwise would have.
2. Write a Detailed Business Plan
Once you have your research out of the way, it’s time to write a business plan. Starting a business requires time, research, and planning. A sound business plan can provide you with the all-important blueprints that help keep your business on the right track.
We recommend creating a roadmap for your business that provides an overview of things to focus on and where you plan to get to eventually. Some people refer to this roadmap as their ‘five year plan’. Call it what you want, it’s about establishing a vision for your business and detailing actionable steps to help you get there.
3. Launch Your Business Website
When starting a business, you need to create a strong online presence. This takes time and a lot of hard work, however the pay-off can be significant.
According to HubSpot: “Having a website boosts your credibility, increases your visibility, and improves lead generation. It’s your property; therefore, you have absolute freedom about how you want it to look and what you want to promote. It’s an excellent place to highlight positive reviews and answer any questions potential customers might have about your business.”
Many platforms allow you to build a website yourself. Shopify website design is a great way to build your website from scratch and create a professional aesthetic that encourages people to get in touch.
With Shopify, you can build and design a website that establishes your online presence in a fun and professional way.
4. Keep Payments Professional
When it comes to starting a business, there are so many things that go on behind the scenes to keep everything running smoothly. One of the most important is accounting.
While it’s not everyone's cup of tea, keeping your accounts in order goes a long way towards establishing yourself as a small business owner. Investing in accounting software ensures that all invoices you send look the part and helps you keep track of your cash flow.
Opening a business banking account is also essential and will ensure you keep your business transactions separate from your personal (which will make the end-of-tax-year accounts so much easier to complete).
Keeping on top of payment admin is really important and ensures your business comes across as organised and professional in everything you do.
5. Market Your Business Widely
One of the most challenging aspects of starting a business is making a name for yourself. You need to create a good rapport with your clients and establish a solid reputation within your industry.
The best way to achieve this is to market your business widely. A few effective marketing strategies include:
- Advertise on Social Media: 4.80 billion people use social media worldwide. As a result, social media is the most effective tool for establishing yourself as a small business online. Posting on socials helps you connect with the right audience, increase your visibility, and promote your services widely.
- Request Client Reviews: If you want to establish your business within its industry, you need quality reviews from your clients. Ask everyone you work with (or have worked with in the past) to share their review of your services. This is a great way to boost your credibility and recommend your business to potential clients. According to MailChimp: “Positive reviews can help boost credibility and make potential customers trust you more. Since trust is an important factor when someone buys something, especially online, reviews can make you seem more trustworthy.”
- Seek Out Personal Recommendations: one of the trickiest things about starting a business is finding new clients. Cold pitching is a huge challenge as a lot of work goes into promoting your services and often you can receive very little in response. That’s why it’s important to seek out personal recommendations from the people who have worked with you before.
Asking for recommendations from clients and friends helps you get a foot in the door when it comes to making new business connections. It’s a great way to build trust quickly with potential clients and to stand out from your competitors.
Marketing your business is vital to achieve long-term success. You should always be on the lookout for new clients and invest in marketing strategies such as online advertising, social media ad campaigns, and search engine optimisation to help further your digital efforts.
6. Seek Out a Business Mentor
Starting a business can be a lonely journey. You’re working long hours by yourself and often on the side of full-time employment. It’s time-consuming and tiring and easy to make mistakes. That’s why it’s so important to seek out a business mentor; someone who has gone before you and found success.
Mentorship from seasoned professionals is invaluable when you are starting a business. You can receive guidance and advice from someone who’s been there and done it before. They can help you avoid silly mistakes and advise you on the best strategies to grow and sustain your business for the long term.
We think The Balance summed it up nicely when they said: “Mentors are some of the most important people you can surround yourself with as an entrepreneur. You may be just beginning your journey and have yet to develop through experience. A mentor adds their expertise and prior knowledge to your repertoire, allowing you to skip some of the mistakes and, instead, focus on what works.”
Final Words
There are, of course, many other points we could cover in this article for those starting a business. However, we wanted to focus on the key points that would make the biggest difference.
We hope the suggestions we’ve shared provide you with some guidance and inspiration as you’re starting your business and we wish you every success.
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