Simple Advice For Someone Setting Up in Business

April 5, 2023

Simple Advice For Someone Setting Up in Business

Starting a new business is a great way to build something you're passionate about, but it's important to be prepared before you make the leap. Here are some simple things that you can do to get your business off on the right foot:

Key takeaways on starting in business

  1. Business plan: Create a comprehensive business plan outlining your goals, target market, strategies, and financial projections to guide your efforts and attract investors.
  2. Market research: Conduct thorough research to understand your target audience, competitors, and industry trends, helping you make informed decisions.
  3. Legal structure: Choose the appropriate legal structure for your business, such as sole proprietorship, partnership, or corporation, based on your needs and goals.
  4. Financial management: Develop a budget, monitor cash flow, and maintain accurate financial records to ensure financial stability and make informed decisions.
  5. Build a strong online presence: Create a professional website and engage in social media marketing to promote your brand and reach potential customers.
  6. Networking: Establish connections with other professionals, join industry groups, and attend events to expand your network and gain valuable insights.
  7. Customer focus: Prioritise excellent customer service and listen to customer feedback to build a strong reputation and foster lasting relationships.
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Do your research

The first thing you should do is research the market and see what's working. Find out what your competitors are doing, look at the most popular keywords on Google, see what your customers are looking for and then find out what they want.

Look at who your potential customers are and find out what their needs are by asking them questions such as:

  • What problem does my product solve?
  • How can I make it easier for my clients to use our services/products?

Get some advice

The best way to get started is by talking to people who have already done it. Find out what they did and why, and ask them what they would do differently if they were starting again.

A business advisor can help you get your plans together, talk through ideas and make sure that you're covering all the bases. They can also help with things like accounting and legal issues if needed.

Reading books and articles on the subject is another great way of learning about starting a business from scratch; there are plenty of resources available online too! You might find some useful information on forums too - just make sure that you're reading from reputable sources before taking any advice at face value!

Set up a business plan

  • You should have a business plan.
  • How to create a business plan.
  • What to include in your business plan.
  • When you should write one, and what happens if you don't have one when it's time for funding or investment!

Choose your business structure

You need to decide on your business structure. There are four main types of business structure: sole trader, partnership, limited company and limited liability partnership (LLP). You may also want to consider group structures if you've got more than one person involved in the business.

Limited companies

If you're setting up a limited company, there are two main categories of company - private or public. A private company will only have shareholders who are natural persons such as individuals or families who control the company directly through their own assets rather than through any legal entity like a trust fund or other investment vehicle; whereas public companies can have both natural persons and legal entities as shareholders but must issue shares that must be freely transferable at any time without restriction under UK law

Build a strong brand identity and online presence

  • Create a strong brand identity and online presence.
  • Get your website up and running, then start building an email list so you can communicate with your customers easily in the future.
  • Create social media accounts for your business and make sure they're professional-looking (for example, don't use emojis in the name or profile picture).
  • Use email marketing to promote new products or services to existing customers because it has high open rates compared with other forms of digital marketing such as Facebook ads or Google AdWords advertising campaigns - this means that people are more likely to see what you have to say! You can also use video marketing by posting videos on YouTube as well as content marketing where you write blog posts about related topics such as industry news/trends etcetera; this has been shown again & again how effective these platforms can be if used correctly so don't ignore them!

Network and form strategic partnerships

Networking is one of the most important things you can do as a business owner. It's how you find new clients and partners, but it's also a great way to learn from others in your field.

The key to networking effectively is making sure that the people you meet have something useful to offer you, and vice versa. If someone seems like they could be an asset to your business, then ask them if they'd like to connect on LinkedIn or even meet up for coffee sometime!

If someone comes off as too pushy or salesy, don't hesitate in saying no, even if they are someone who could potentially help out with something down the line (like offering advice). You want people around who share similar values and goals for their businesses so that when push comes to shove, there won't be any conflicts between parties involved with those two entities' interests being at odds."

Register for self-employment tax and National Insurance if you need to.

If you're self-employed, it's worth registering for self-employment tax and National Insurance. If you don't register, the government will assume that all of your income comes from employment and therefore not need to pay Class 2 National Insurance. The good news is that this can be done online or over the phone, and it only takes a few minutes to do so.

Once registered, there are several benefits available to those who work for themselves:

  • You can claim tax relief on expenses related to starting up or running your business (such as equipment).
  • If someone else does some work for them (for example an accountant), they may be able to receive payment in advance without having any income tax deducted at source - check with HMRC first though!

Get insurance cover for yourself and your property/equipment.

As a business owner, you are legally required to get insurance cover for yourself and your property/equipment. Insurance is an essential part of running a successful business because it will protect you against losses caused by theft or fire.

You should decide on the type of insurance that's best suited for your needs, but make sure that it provides sufficient cover for all possible risks faced by your company; this includes things like cybercrime or terrorism-related incidents (which could be quite costly). It's also important to consider whether any existing policies might overlap with any new ones being taken out - otherwise there may be unnecessary duplication in terms of what's covered under each policy. Finally, check whether there are any exclusions within either policy (for example: if someone has an existing medical condition which could cause them difficulties in obtaining suitable employment elsewhere).

Find out about local laws and regulations that affect what you do, e.g. food hygiene.

In the UK, food hygiene is a big deal. If you're selling food to the public, you need to follow the rules and make sure that your business complies with all relevant legislation.

If you don't know where to start with this kind of thing, contact your local council directly - they should be able to provide some guidance about what's required for your business and how best to achieve it.

Be prepared before you set up in business

Before you set up in business, it's important that you have a plan. Your business plan should include:

  • A marketing strategy. This will help guide the direction of your business and ensure that it is profitable.
  • A budget. Make sure that you have enough money to cover the costs associated with setting up and running your new venture - this could be anything from paying for office space and equipment, through to keeping staff happy with benefits such as healthcare insurance or gym membership deals (if applicable).
  • Plans for growth - if things go well at first then this could mean expanding into other areas or opening more branches across different cities/countries around the world!

It's also worth thinking about what might happen if things don't go according to plan; having contingency plans ready means being able to react quickly when something goes wrong rather than panicking about where next month's rent payment is coming from!

FAQs for starting a business

We understand that embarking on a new online business venture can be both exciting and overwhelming. To help address any lingering questions or concerns you may have, we've compiled an FAQ section below. These frequently asked questions cover a range of topics, providing additional insight and guidance to support you as you establish your business.

What are the benefits of hiring a business coach when starting in business?

When you're starting out in business, it can be difficult to juggle the various responsibilities and tasks that come with establishing your company. You might be trying to find clients and customers while also setting up a website or marketing strategy, all while working on improving your product or service.

A business coach will help ensure that you remain focused on what's most important for your startup at any given moment. They'll provide guidance on how best to allocate resources so that they're not wasted on unnecessary activities like attending networking events when there are more profitable ways of attracting new customers. A good coach will also help develop strategies for success based on their own experience working with similar businesses - so if they've worked with other startups in similar industries before, they'll know exactly what kind of support you need!

What are good marketing strategies when just starting out?

To get started, you should have a website. It's the best way to market your business online and it's not that expensive or difficult to do. You can even use one of the many free platforms like Wordpress or Wix if you don't want to pay for one.

Next, start using social media: Facebook, Twitter and Instagram are good places to start as they have millions of users who will see your posts on these platforms if they catch their eye! Make sure that each post has engaging content though - posts with images tend to perform better than ones without!

Email marketing is another great way of reaching customers directly by sending out emails containing special offers or information about new products/services in your business (but make sure not too many people feel bombarded by them!). You could also use email listservs where people sign up themselves so as soon as something new comes out from your company then everyone gets notified via email automatically - this saves time trying contacting everyone individually every time there's some news worth sharing!

What skills do I need to develop when starting a business?

  • Marketing
  • Sales
  • Accounting
  • IT (Information Technology)
  • Human resources (HR)
  • Project management
  • Communication skills

There are also many other skills that you may need depending on the type of business you want to start. For example, if you're going into sales then people management will be vital for your success. If you are going into HR then first-hand knowledge of employment law would be helpful too.

Do I need to set up a website immediately?

It's a good idea to have a website, but it's not essential. You can start by setting up an email address and putting a basic site together with a free service like Wix or SquareSpace. It doesn't need to be amazing - just something that gives potential customers an idea of what you do, how much it costs and where they can find you online or in person.


If you're just starting out, it can be a challenge to know where to begin. You may not know what type of business structure is right for you or where to find funding. But if you keep these tips in mind and follow them diligently, there's no reason why your new venture shouldn't be successful!