10 Key Things to Think About When Starting a New Business

More and more people are taking the leap to start their own businesses. Either as a side hustle, via necessity, or as a calculated risk to earn significantly more. 

Whatever your reasons, there are some key things to consider when starting a new business. This post will run through 10 of the most important things you’ll need to think about when starting any new business. 

  1. Product / service offering

First things first… What are you offering? This may sound simple, but it is at the core of your business. You need to ensure that whatever you are offering actually solves a problem for your end customer. If it doesn’t scrap the idea and move on to something else. 

  1. Who is the customer? 

Next, you have to get to grips with who will be buying your product or service. Who is your target market? If your product appeals to everyone, then great. However, by appealing to everyone, you may find you don’t have enough that is unique about your offering to really convince people to buy. On the flip side, if your offering is too niche, you may struggle to find customers. Try to find that sweet spot. 

  1. How will you reach them? 

Once you’ve established your target audience, you need to work out how you’re going to reach them. Looking to connect with C-Suite execs? Perhaps look at LinkedIn and networking events. Looking to sell to consumers? Consider Instagram, Facebook or TikTok. 

Will you pay for ads, influencers or build your brand with content marketing and direct sales? There is lots to consider here, but it will ultimately be driven by your business model, your offering and your ideal customer.

  1. Tax and compliance

When starting a company there are lots of little things to consider too. For example, you’ll need to register your company, file annual accounts and pay taxes. It’s best to consult with an accountant who can help with many of these issues. 

If you’re starting a business with more than one person you’ll need to consider how you will structure the company and allocate shares too. 

  1. Phone systems

No business is complete without a robust phone system. You’ll likely need a local landline number, desk phones, business mobiles and more. If you’re looking for help in this area get in touch with us at info@prestigetelecomgroup.co.uk and we’ll get you setup with a scalable phone system for your new enterprise.

  1. Place of work

Will you get an office straight away, or work remotely initially? This is an important consideration. Again, this loops back into the phone systems. If you are starting with a small team, how will you ensure calls can be routed to the right people? This is something our automated systems can help with too. 

  1. Internet

You’ll need a strong and stable internet connection too. Especially if you plan on doing video calls. You may be able to get away with running things from your home WiFi initially. However, if your home WiFi isn’t suitable, or ends up costing you customers due to dropped connections, feel free to reach out and we can help set you up with a professional connection. 

  1. Website

Before you launch, you’ll most likely also need a website and domain. Fortunately, these days you usually don’t need to pay £10,000’s for someone to develop you a bespoke site. You can usually get by with a WordPress site and a page builder. Or, if you’re going the ecommerce route, you can’t go wrong with someone like Shopify.

  1. Software

Next, have a think about what business software you’ll need to get things moving. You can always start simple and expand and you generate more money. For example, you’ll need to choose an email provider (you can’t go too far wrong with Gsuite), you’ll probably need access to Microsft Word and Excel too (though again, Google has free alternatives in Docs and Sheets). 

You may also need a CRM system such as HubSpot to manage all your customer/client information and contact points. An email marketing platform like mailchimp may be useful… the list goes on. 

  1. Business banking

Finally, after all this hard work, you’ll need a way to get paid. It’s best to have a separate business bank account. You can go with traditional banking providers like Barclays or HSBC. However, you may find things easier with an online, typically free business bank like Starling.

Now the fun begins! 

There you have it. A list of things to consider as well as some helpful resources when starting your own business. Now for the fun part, going out acquiring customers and getting paid!

Good luck on your journey.

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