Guide to Starting a New Business

April 8th, 2019

The first step in starting a business is the biggest hurdle to overcome. There are a few steps to be aware of in order to ensure you create solid foundations for your new venture.

However, it actually takes a lot less time than many people realise to get the basics in order to get your business off the ground. And, this is when the exciting bit starts – and you can begin to realise your dreams in starting your own business.

So, here are the first steps to starting a business that every new entrepreneur should take:

Decide What You Can Offer

Think about what it is exactly that you’re good at and that you possess a strong skill set in, which you can start to use right away.

In order to get a business off the ground, you have to be confident that you can deliver what it is you’re selling – so think about what you’re genuinely passionate, astute and informed about.

Carve Out Your Brand

Any successful business has a strong identity that people will remember. Think about employing a designer to create a logo for you, a website, signposting or any marketing collateral.

But, aside from visual representations of your brand, also consider what your values and tone of voice are as well as your message is that you want to communicate.

Research Your Market

Take a look at your competition and what their approach is, who their customers or clients are and what it is they are looking for; then, also analyse why they may have used your competitors and what you could do differently.

You are looking for any strengths within your competitors, but also what you might possess which they don’t. When setting up a company, it is also worth checking out figures beforehand, in terms of how many customers you have access to and realistically can be confident in securing by perhaps testing the waters first.

Make it Legal

Before you sign a new client or sell to your first customer, make sure you’ve done all of the necessary registrations as a new business. This will mean that you can go forward and grow your business, knowing that you have complete peace of mind.

First of all, check out the gov.uk website for information on how to set up a company and register for tax purposes; whether you are a sole trader, partnership or limited company. This is the first natural step for many people, as they often don’t know which they are categorised as technically.

Then, make sure you start keeping a record of your accounts straightaway, get your name registered too, if necessary and be sure to check out whether you need insurance too.

Networking and Pitching

The key to any successful business is always staying aware of opportunities. This involves looking out for any relevant networking events to your business; or checking out work opportunities through sites like LinkedIn or freelancing websites; liaising with contacts from previous roles, and being brave enough to offer your services.

You may need to pitch for work, advertise through local press or online, create social media profiles, etc. There are various ways to get yourself out there, so just make sure you increase your chance of success by making sure people can find out about you.

Essentials and Equipment

Then, once you have done all of this, you will need a professional base to provide a distraction-free work space that has everything you need.

Renting serviced office space enables you to work in a location you might not be able to afford for a few years otherwise, while also providing you with other bonuses such as free WiFi, IT support, desk equipment and security.

It not only gives you headspace to work alongside other companies and therefore provide a support network, but is also aids faster growth. If, for example, you have a potential client or customer, then it provides you with a space to hold meetings for discussions and presentations.

You will need to make sure it has everything you are looking for, so it is worth considering the main essentials it needs to have for your specific business.

There is plenty of choice when it comes to office space to rent in London, but it all comes down to location, the standard of services provided – and, of course, budget. However, it is an excellent option for many start-ups as it offers a fully furnished, ready to go base for their operations, which means they can get started straightaway.

Workpad have a range of serviced office spaces in London, so whether you are looking to be amongst the media companies of Covent Garden or the fashion sector within Fitzrovia, you will find a space to suit your needs.