Starting a business in the UK is easier now than ever. It still takes a lot of hard work of course, but with resilience and self-belief, you can make a success of it. Having a great idea is just one part of the battle, putting the idea into action and everything else that comes after is where it counts, and that includes researching short term loans if required.
Here are 10 top tips for starting a business in the UK.
1 What problem are you solving?
Firstly, in what way will your service or product help solve a problem that other people or businesses are having? It can be quite easy to think too much about what we are selling rather than how it can benefit others.
2 Research is key
What competition do you have in the space that you are interested in? How many times have you had a brilliant idea over your cereal, only to find by lunchtime that 30 others are already doing it? Don’t give up though – how can you do it differently, how can you provide a unique selling point?
3 Loose lips sink ships…
We all know how exciting a new venture idea can be, but try your best not to tell too many people about it. For one thing, you can get very disheartened if somebody does not like your idea or they tell you ‘that can never work’. Constructive criticism is fine, but plain criticism stings. Not everybody is going to ‘get it’ and that’s fine, just don’t let it get you down. On the flip side of that, someone may like the idea a little too much and make their own!
4 Do your market research too
What is your target market? This is one of the core areas that you need to be certain about. Before you start marketing, who are you marketing to? You need to know everything about the people you are about to try selling to – who are they, where are they from, what are they lacking that you can provide?
5 Social media is central
Is there any business today that does not have a social media presence? Not only does a social media presence help you build a community, but you can also perform your marketing for free – who doesn’t like free? Using the data gathered from your market research, find where your ideal customer base is (which platform, groups, pages, etc.) and start there.
6 Join a networking group
You need to get yourself and your venture out there into the wild. There are a lot of groups that you can join, such as the BNI, where you can meet other businesses and make connections. There are many others though and it may end up being a case of trying out a few to see which best fits you. In the end though, the more connections you make, the better.
7 Find like-minded people
As already mentioned, not everyone is going to ‘get it’. Surrounding yourself with people that do, and are perhaps in a similar position, can help tremendously. Everyone benefits from a support network and this is just as true in business as it is in our personal lives. Having a support network also helps you to brainstorm and bounce ideas off each other – everyone benefits.
8 Don’t wait for perfection
Being a perfectionist rarely works. We can spend so much time polishing the smallest detail just to miss the boat completely. If you don’t have a team of people behind you, getting bogged down in detail is a business killer. Learn to build on the fly if you have to, just don’t allow yourself to be distracted or get to the point where you keep delaying because ‘thing A’ is not quite ready yet. If your website isn’t ready, for example, launch on social media and run things from there until it is.
9 Ask for assistance
You don’t have to be nervous about asking for help – ask for it when you need it, don’t burn yourself out. Perhaps you need someone to pick up the kids while you iron something out with a product or client, or maybe you need someone to write that blog post for you so you can concentrate on other things. Whatever it may be, if you need a hand – ask.
10 Be sure this is what you want
Whatever business you are starting in the UK, be sure you love what you are doing. “If you love what you do, you will never work a day in your life” – this is true, but make no mistake, it still takes an enormous amount of hard work. Late nights, early mornings, far too much coffee… it’s all in there – just be sure it is worth the anguish and the sleepless nights, otherwise what is the point?
Starting a business in the UK is exciting. It is one of the best countries in the world in which to start a new venture, and hopefully, with the above tips, you will have an amazing journey.