Coming up with a solid business idea, and starting a business in London can be quite overwhelming. There are all sorts of laws that you have to consider, and then you have to register your company, and then come the financial and business planning, fundraising, and so much more.
Starting a business is no less than an accomplishment, so we have put together a brief guide for you to help you tread through the path easily.
Read on what you need to know and have to start a business in London:
1.Identify yourself as an entrepreneur before you begin
Starting a business is a big step and needs careful examination, and before you get started with the process, check your strengths, weaknesses, and weigh your skills. Check what should be done and whatnot. You may have a brilliant idea, but if you do not have the personality traits or qualities to make it work, then it won’t.
For instance, someone with little or sufficient programming skills would be well suited to starting a web development agency. Or if you are not a people’s person, you might not want to start a client-facing business. Think about which idea your personality and your team are best suited to. Focus on your motivations and passions for starting the business and decide to go into the right type of business by seeking out what is it that you long for.
2.Come up with the right business idea
Anyone can come up with a business idea but what matters is that you come up with a great business idea. Since you are starting, have some ambitions; explore as many ideas as you can before deciding the final one.
Explore pain points of customers and come up with a solution but consider only pain points that affect millions of people all around the world, so you have a large market.
You may have competition so identity how you can stand out of the crowd by providing best in class services or solutions. Consider how you can do better than the other existing companies and be cheaper than other businesses, so people flock to you.
Don’t forget to innovate as you will only thrive on revenues and innovation, so build a business that the future market cares about. Consider what will the market look like in 5-10 years, and will you still be relevant? So, build a business that lasts.
You can even turn your hobby into a business idea if it has the right fiscal aspects.
Assess your business idea to understand whether it can turn into a great business or not. Have a clear understanding of all points regarding your business. Define and analyze your target area or market and check whether it is big enough to support your business goals or not. Check that your major competitors are? Define their strengths and weaknesses and get a clear idea of the overall market.
Understand your potential customer by checking if there is a demand for your product/service or not. Get demographic data and other details about whether you are selling B2B or B2C. Have well-defined marketing and sales plan so you know if you will have to educate the customers about your product and what channels you will have to pursue and how.
4.Test your business idea
Before you get started, you must test performance and check whether you will succeed or fail. Check how much revenue can you possibly generate or the number of products that you can sell. Confirm how much customer interest can you trigger or generate with the help of your marketing campaign or how much press you can accumulate?
You don’t want to chase ventures that turn out to be an utter failure, so test your business premise. You can create a landing page for your business website and carry out a whole e-mail marketing campaign to test how many leads are flowing in. Or you can create an online store and run an advertisement campaign online to see how many people flocking in to buy your products.
If you don’t want to go online, then you can just set up a market stall and see how it goes in the selling compartment. Don’t forget to take customer feedback or run a telesales campaign.
5.Create a business plan and find funding
Now that you have decided on a business idea, and have tested the business premise, create a business plan that you will pitch to investors and look for funding. Keep it short, set clear goals or objectives, and mention accurate executive summary and contents page.
Mention how you are going to achieve your objectives and run your business. Reread it thoroughly to check there are no spelling mistakes or grammatical errors.
Finally, look for funding. There are angel investors, venture capitalists, small business grants that you can apply for. There are also fast loans for unemployed with bad credit that you can use if you don’t have a stellar credit score and need money urgently. There are secured loans that you can apply to kickstart your business.
Starting a business is a big deal, and you should be ready to take on all the responsibilities which means taking on financial responsibility too. Make sure that you are well covered from all corners, so your business doesn’t suffer later on. Consider all aspects of starting a business and then only get into the market.