Opening up a new business is something that many people with an entrepreneurial mindset dream of. And with well over 600,000 new businesses opened annually in the UK in some recent years, it’s clear that this is a task which many people relish. But how can you start up your business effectively – and in a way that will remain sustainable in the future? This article will explore how you can increase the chances of making your new business venture a success.
Marketing and advertising
For many new business owners, marketing is one the least appealing parts of the process. It can in some cases require a lot of time and effort which you may feel you don’t have to spare – and it also takes confidence in your product or service, which may well still be being fine-tuned and tweaked. Given that time is of the essence when setting up a new firm it’s well worth looking at options which don’t require too much input. Using an ad creator with video functions is one way to do it, while investigating ad management automation tools is also worthwhile.
Regulation and obligations
One area in which many new business owners often find themselves tripping up is when it comes to their legal responsibilities. There are certain things you’ll have to do, whether you like them or not. If you take on staff, for example, you’ll need to ensure that you’ve placed them in the right employment category – they could be contractors, for example, or full-time employees – and have acted according to the employment rights afforded to that category of worker.
You’ll also need to ensure that you’re registered with Her Majesty’s Revenue and Customs (HMRC) in some way, whether as a sole trader or as a limited company, and that you pay any taxes owed on time. The penalties for not doing so correctly vary, but they can be significant – so make sure you do your research and remain on top of deadlines.
Strategic thinking
In the early months of running a new business, there is a whole host of things to do – and they’re often day to day in nature. But while ensuring that the till is staffed or that the lights stay on in the first few months is essential, it’s also vital to think about where you’re going with your business and what your ultimate plans are. Having a one year, two year and five year plan will give you something to aim for, and prevent you from becoming aimless. This sort of strategic thinking might seem like a waste of time now but in the future you’ll be so glad you did it.
Setting up a new business is a brave decision, and it’s one that many people attempt to do and find they can’t quite manage. So if it’s something you’ve been able to achieve, well done! Your next steps should be to ensure that your firm’s growth is sustainable: from finding the right tools for marketing to thinking carefully about your long-term plans, there are plenty of ways to achieve this.