Updated: Apr 6
In today's day and age, starting a new business is easier than ever. With technology making it possible to connect with people and resources all over the globe, there's no reason not to give entrepreneurship a try. Whether you are a web designer, a cleaning service, or florist, you could change your life by starting your own business.
However, simply starting a business is not enough to guarantee success. New business owners must be prepared to work hard and face challenges if they want their companies to thrive. It is important to put yourself and your business in the best position to succeed. So, as a small business ourselves, our team at Phoenix Marketing have compiled our top tips on starting a new business.
Register Your Business Name
Having a snappy name is vital. This will be the first thing potential customers see, so make sure it’s something that catches their attention and gives them an idea of what your business does.
Once you have your name, it is important to register it. In the UK, you can do this by visiting the GOV.UK website. This will ensure that no one else can trade under your name and stops other businesses from copying you.
This ensures that your business remains unique and you can be certain that you'll stand out from the crowd.
Choose Your Legal Structure
When you're starting a business, one of the first decisions you have to make is what legal structure to choose for your company. The most common types of business structures include sole traders, partnerships, and limited companies. The type of legal structure you select will impact how your business is taxed, how much paperwork you have to fill out, and what level of personal liability you face.
It is important to know how you define your business and ensure that it aligns with governmental regulations. Whilst this is not the most enjoyable activity, it is certainly important.
Write Your Business Plan
You may have an idea of what your business will be, but it's important to have clear goals. So, the first step is to sit down and write a business plan. This document will serve as a roadmap for your business and will help you stay organised and focused on your goals.
Set realistic goals for your business and make sure to include a timeline. Whilst these certainly aren't set in stone, they will provide you with a guideline on where you expect your business to be.
When setting goals, make sure they're SMART (Specific, Measurable, Achievable, Realistic and Time-Bound). These ensure that each goal is attainable, and your business is more likely to be successful. It is important not to be overly ambitious early on, but do not underestimate yourself either. By ensuring each goal is achievable, you will remain motivated to achieve the next objective and your business will grow as a result.
Finances are a key element of a business plan. You need to decide how you will fund your business and what your start-up costs will be. It is important to be realistic when estimating these as you don't want to run out of money before your business has even really gotten started. Therefore, you can understand where your money is coming from each month and year. As a result, you can also determine your pricing strategy to ensure that your income remains steady and continues to rise.
Researching your market should go without saying. If you're not sure what business to start, or how to reach your target market, you're already behind. Fortunately, there are a wealth of resources available online and offline to help you with this process.
First and foremost, it is crucial to understand who your target market is, and what their demands and needs are. Only then can you create a product or service that fills a void in the market. Sometimes it is valuable to conduct research yourself or explore the multitude of research online. All of this can help you in understanding what your customers need and therefore how your business can fulfil them.
Whilst understanding your target market is crucial, there is another element... understanding your competitors. It is important to know who your competition is, what they are offering and how they operate. This way you can create a USP (Unique Selling Proposition) for your business - a factor that sets you apart from the rest and makes you more attractive to customers. It is also important to understand your competitors, as you can learn from where they are strong and weaker. As a result, you can adapt your marketing approach to give your business the best opportunity to succeed.
Build a Website
A website is the key to a successful business. It's the first place potential customers will go to learn more about your company, and you want to make sure you give them a good first impression. Whether you do it yourself or hire a web designer or web design agency, you must ensure that it is informative and eye-catching. Whilst you can do this yourself, a web designer or web design agency can ensure that your site is beautiful and professional, and also takes away the hard work for you. However, it is crucial that a web designer understands your vision and makes your site how you want it.
When you, a web designer or web design agency develop your site, it must guide visitors towards what it is that you are selling. this must be done in as few clicks as possible to avoid visitors losing interest. Your website is a reflection of your business, so make sure it is professional and polished. Include high-quality images, easy-to-navigate menus and clear and concise text.
You should also consider including a blog on your website. This is a great way to show potential customers that you are an expert in your field and can help your SEO. SEO (Search Engine Optimisation) is the practice of optimising your website to ensure it appears as high up the search engine results pages (SERPS) as possible. This is important because, generally speaking, the higher up the page your website appears, the more likely people are to click on it. There are many ways to enhance your website's SEO, not least by hiring a web design agency such as Phoenix Marketing. We work to improve our clients' website performance to provide them with more leads, ultimately boosting their business. We are one of the top web design agencies around, so do not hesitate to check us out!
Develop a Social Media Presence
In today's modern world, social media is crucial for businesses. It provides a way to connect with customers, promote and advertise products or services, and receive feedback. Before you launch your business, make sure you have a strong social media presence. Create profiles on popular platforms such as Facebook, Twitter, and Instagram. Post engaging content regularly, interact with other users, and respond to comments quickly. Whilst social media is important for selling, in the early stages of your business' life, awareness is key. Social media is an excellent platform for raising awareness of your business among your target market. It is important to establish a strong foundation of awareness upon which you can build.
What's important here is understanding your audience and therefore knowing which platforms are most appropriate. If you are a B2B business, Tik Tok, which has a vastly young audience, probably isn't going to get your message to the correct audience. Therefore, knowing which platforms to use and how to convey your message is vital. Many new business owners struggle to understand this and therefore fail to raise awareness of their business.
At Phoenix Marketing, we are experts in Social Media Marketing. We can guide you in developing the correct content and posting it to suitable platforms. Thus ensuring your message is received by the correct audience and social media, therefore, aids your business.
At Phoenix Marketing, we are experts in marketing your business. Whether you require a web designer, web design agency, social media expert, or anything else, we can help you. Our experts are highly qualified and experienced in providing these services for businesses of all sizes and we would be more than happy to help you.
To learn more about our services, or to enquire about our support, explore our website or contact us today at firstname.lastname@example.org