When establishing a business in the UK there are a number of things that entrepreneurs need to be aware off, which can help them make their business a success early on in its life.
Following some of the steps listed below, while not a definitive guide to creating a start-up, will provide potential company owners with some helpful tips to kick-start their enterprise.
Consider alternative funding!
Crowdfunding and private investors are becoming increasingly popular avenues for SMEs seeking alternative methods of funding.
At a time when bank processes for approval of loans requires require extensive paperwork, individuals who understand your target market may be better suited to invest and fund your business growth. This is particularly the case if you are seeking to operate within a niche market where private investors are more willing than the traditional “men in suits” to invest in your business idea and philosophy.
Create and protect your brand!
The importance of creating a distinct and unique brand cannot be understated, especially if you are seeking to start a business within a saturated market. Take advantage of different social media channels as well as investing your time in quirky marketing campaigns and trade shows to make sure your brand remains distinctive.
Most importantly, registered trademarks and goodwill are assets which attract a value – so if the business is not performing as well as expected but the brand is strong in terms of marketability, the business will have an asset it can leverage if needed.
Take the time to get agreements in place!
Whilst the idea of drafting agreements may not be an immediate priority for start-up businesses, a valid contractual agreement which offers your business protection is vital to succeed in the early years.
Contractual agreements do not need to be unduly lengthy and seeking assistance from a legal professional who may be able to offer advice as to your position (as well as any new regulations affecting your target market) could be the difference between success and failure.