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Setting up a business is a hugely exciting prospect, but there’s a lot of work to do to get a new venture off the ground, let alone to make it a success. When going through the motions of establishing a new business, it’s essential to plan meticulously and to make sure you’ve ticked all of the boxes to maximise the chances of making your company work. If you’re thinking about going it alone, or you have an ingenious idea you’d like to explore, here are some considerations to take on board.
Staffing and employment
While there are some solopreneurs out there, the majority of business owners employ members of staff. If you’re in the throes of creating a business plan, or you’re in the fledgling stages of trading, it’s wise to think about how you’re going to staff your company. Are you keen to hire part or full-time staff, or are you considering working with freelancers or outsourcing certain elements of the business? Think about what kinds of skills you will need, and whether you need a core team. For small and medium-sized businesses, outsourcing can be an effective means of accessing skills and enabling employees to focus on fundamental tasks without hiring several members of staff and bumping up the wage bill on a long-term basis.
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Insurance and protection
There are several threats facing modern-day business owners. If you run a company, it’s beneficial to be aware of the risks involved and to take steps to protect your investments and your reputation. Investing in insurance is crucial in most industries and it’s worth exploring different types of policies. Depending on the services you offer and the equipment and stock you own, you may need insurance to protect you against fire and theft and policies that shield you in the event of your employees making mistakes or members of the public sustaining injuries on your business premises. Have a look at products like public liability insurance from Rhino Trade Insurance and take time to compare policies and prices. It’s worth paying a bit extra for a more comprehensive plan and shopping around when your policy is due for renewal.
Marketing should be a priority for every aspiring entrepreneur. If you have a magnificent product, or you’re keen to attract new customers looking for services in your local area, you’ll need to spread the word. Conduct market research and define your target customer. Get to know that buyer and identify effective ways to reach out to them. Use the findings of surveys, online polls, email questionnaires and focus groups to shape your marketing strategy and choose methods that will produce results. Once your marketing campaigns are up and running, analyse data on a continual basis, collect feedback and address any weak points. If you don’t have experience in marketing and you don’t have an in-house team, you may benefit from working with an external agency.
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Launching a new business is exhilarating, but it’s also a complex process, which involves spinning multiple plates. If you’re ready and raring to go, hopefully, this checklist will help you prepare and maximise your chances of success.