3 Top Tips for When You Are Starting a Business
May 17, 2022
3 Top Tips for When You Are Starting a Business

Finding premises that work for you

When you are starting your first business, it’s crucial that you choose the right premises for you. This is your business, which means you will have to spend the majority of your time there, so it’s important you find a place you feel comfortable in. However, this is not always an easy task. There are a number of factors that you need to consider before you find a place to call your own. Here’s what you should be keeping an eye out for when you’re looking at potential business premises—location location location. One of the most important factors to consider when you are thinking about your business premises is its location. You don’t want to be stuck in a place that is simply not going to do your business any good. If you’re looking to run a restaurant, you’ll unlikely want to set up shop in an industrial estate. Similarly, you’re not going to want to run your IT business out of a shopping centre. You need to make sure you find a place that is going to suit your business, and you need to put yourself in the mindset of a customer. Would you visit this place, and would you want to visit this place? If you’re not sure, you need to find out more.

What equipment do you need to get started?

When you first start your business, you may find that you just need the bare minimum to get you going. A simple desk, chair, laptop, and access to the internet. If this is what you need to get started, don't blow all your money straight away by purchasing the best desk and chair you can find. Take a look at a used office furniture place where you are likely to find high-quality office furniture at a fraction of the price. If you need stock to get your business started, you will need to find suitable suppliers that can help your business. Don't just go for the cheaper supplier - find a supplier who follows the same ethos and sustainability value you hold. The last thing you want to do is try to sell your new stock only to find that customers won't come to you because your supplier is not sustainable.

Writing a business plan that gets your business off the ground

To make your business a success, you need to spend a great deal of time researching your market. Identify your competitors, find out about the demand for your product or service and spend time talking to potential customers, suppliers and distributors about your market area and business idea. Once you have done this, you will have a much better understanding of whether your business model will work and if it's likely to turn over a profit. Once you have understood the market, you will be in a better position to write a business plan. Think of this as your roadmap for the next five years. Whilst it's flexible and not set in stone, having a business plan will give you guidance for your longer-term objective and forecasts. You should be able to measure each step successfully, and a business plan means you are more likely to receive grants and funding if they are available to you.

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