Advice for Starting a Small Business

Starting a small business is exciting but it can also be extremely stressful and difficult to navigate. There are lots of things you’ll need to consider, from finances and marketing to legal requirements and business premises. 

This article will provide you with advice for starting a small business including our top 10 tips for getting your small business up and running successfully. Remember, this is the start of an incredibly rewarding adventure, so it’s best to start as you mean to go on. Here are some questions that will help guide your research:

Do your research

Before starting any business, the most important thing you can do to set yourself up for success is to do your research. Develop your business idea by looking into the industry, your audience and market trends. Try and identify unique selling points that could help you stand out from the crowd and solve a specific problem.

• Is there a business already doing this?
• What is my unique selling point?
• Is there demand for my business?

While it is great to have an idea that you are really passionate about, it’s important to make sure there is a demand before investing your time and money into the business.

Create your name and secure your domain name

This is one of the most exciting tasks for you to do: create your business name. Now, as tempting as it can be to just go with the first name that comes to mind, it is important to ensure that it is unique, easy to remember and fits with your industry. One of the best bits of advice for starting a small business is to check that your domain name is available for the name you have chosen. Having a digital presence is important for most businesses so don’t forget this!

Create a business plan

The next step for starting any business is creating a business plan. There are lots of things you’ll need to look into for this, but here is a basic outline of what should be included:

• Executive Summary
• Company Description
• Market Analysis
• Organisation & Management
• Products or Services
• Marketing & Sales Strategy
• Operational Plan
• Financial Plan & Projections

Once you have all of this information, you’ll have all of the groundwork in place to get started on the fun stuff.

Get funding for your small business

Depending on the business you are starting, now would be a good time to think about funding. Funding is usually required for things such as product development, marketing investment, scaling operations or hiring new employees. 

Not all businesses will require funding straight away, so don’t worry if you haven’t thought about this yet. As the business grows, you will be able to see when and where funding will be useful.

Develop your marketing strategy

One of the best bits of advice for starting a small business is to develop an in-depth marketing strategy. By identifying your target audience, setting achievable goals, choosing your marketing channels and creating a content plan, you can set your business up for success. It’s important to measure your success and adjust your marketing strategy as time goes on to keep up to date with the landscape and latest trends. 

Find a business premise

If your small business requires a physical premises, it is useful to start looking around at locations and office spaces early to find the one that suits your needs and budget the most. 

Don’t just go for the first office you look around, make sure they offer competitive pricing and meet all the criteria you’re looking for. If you are looking for flexible office space, Magenta Self Storage offers office space in Banbury, Oxford, Reading and Stirling Road. 

Register your business

Once you have a final business address and you’ve thought about all of the finer details of your small business, now is the time to register your business. 

Once you have your business name, you will need to register it through Companies House and obtain a business number. It’s also important to register for any licences, taxes and permits. Now is also a good time to open a business bank account to help make your accounting process easier.

Utilise business self storage

Another great piece of advice for starting a small business is to utilise business self storage. This is a great idea for small businesses just starting out and who can’t quite afford that big, lavish office. It’s a great place to store inventory, paperwork and equipment. 

All of our self storage units are monitored by 24-hour CCTV surveillance, and we utilise PIN access control systems to ensure that only authorised personnel can access the storage facility.

Invest in an accountant

Starting a small business isn’t a walk in the park and that on top of having to file your accounts can quickly become overwhelming. For small businesses, investing in an accountant could be really useful in saving you stress and time. 

Build your team

Once you’ve laid down all of the basics of starting a small business, now is the time to start building your team. Not all small businesses will grow as quickly as others but as time goes on, getting support for your marketing, stock control, or finances could help you to expand and grow your business in the long run.

We hope our advice for starting a small business has helped you to get your small business off the ground. By building the business from scratch and thinking about everything we have covered, you can guarantee a successful start to your business. 

We’re here to help you with your business, whether you need flexible office space or business self storage. Simply get in touch with us today and we’ll help you on this journey.