New Business Start Ups - How to Guide. Part 1

DO YOU WANT TO START UP YOUR OWN COMPANY?

Drawing upon our 20+ years experience dealing with businesses of all sizes Professional Insurance Agents have come up with our top ten tips on ways to get your business up and running.

1. Start with an idea

Think about your idea, has it been done before? Has it been successful? How can you turn your idea into reality? Preparation is key at this stage, consider who you could turn to in order to find guidance and financial support for example; National Enterprise Network, Business Gateway, NI Business Info & Business Wales.

2. Protect your Intellectual Property

Now you’ve thought about your idea make sure it is safe and protected. Explore how you can do this so nobody copies your idea without your permission. In today’s fast paced technological driven society ensuring that your new idea or business concept doesn’t impose on others Intellectual Property Rights is becoming increasingly difficult due to the nature of the internet and ease of international trading. Professional Indemnity Insurance could help professionals protect themselves from possible Intellectual Property related claims exposure.

3. Create a Brand

Start to build up a business portfolio/image, come up with a catchy company name that relates to your idea and what you are selling. Spend time creating a logo and slogan so when you do start entering new markets people will begin to relate your idea/products to your company.

4. Make a business & marketing plan

Determine your cost of operation, and write a strong business plan that you can later pitch to investors. Evaluate your competition and make sure there are no prohibitive costs.

5. Research your market – Identify potential customers

Once your idea is protected start to explore your market area, identify who your customers will be. Try to establish what benefit your product will bring to them as this will form how you approach selling your idea. Is it a real need? Field research is a key part of analysing your market. Consider how you can sell your business and your idea to other people, think about how your business could utilise print based adverts, social media, your webpage etc… Consider the most effective place you can market your idea to in order to reach the widest target market and add this to your marketing plan.

6. Develop and Plan

Once you have established a plan formalise it in writing, test this plan with a small target group. Try and receive as much feedback as you can from your potential customers in order to gain insight into how your idea is helping them and how it can be improved. Keep doing this until you become sure that there is a strong demand for the product. Your business and marketing plan are living documents and will continuously change as your idea/business progresses.

7. Find Partners & Suppliers

Try to think about who you are going to work with, how you can create a partnership that allows you to strengthen your brand and sell your idea. Try to establish a few partners or suppliers to get your business started.

8. Choosing an Accountant

Find an accountant that has experience with working in your business sector. Try to analyse the size of the firm, smaller-medium sized accountants will more likely specialise in start up businesses and provide you with more personal, knowledgeable advice.

9. Set up your business

Now it’s time to take your idea into the real world, set up your business, work out which legal structure is right for you and register for tax. Remember that now you own a business your company has now got to abide by a variety of laws that protect you, your employees and your ideas. Educate yourself surrounding the following; Tax, Intellectual Property, Employment Regulations, Data Protection, Health and Safety and Digital Regulations.

10. Finally Protect Your Business

Purchase affordable quality insurance cover which protects your businesses intentions, staff and clients. Professional Insurance Agents can cater for a wide range of business needs and has connections to the Lloyd’s of London Market, want to find out more contact us.

Further Reading: UK Government – Starting up a business

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