In an increasingly saturated market, where there is a business for every person and a person for every business – launching a startup can feel like an impossible mission.
That being said, there are plenty of tips out there to help you succeed when it comes to starting up your own business in the UK. Read on for some essential advice…
Step 1: Research the Market
The first step in successfully launching a startup is deciding if there really is a gap in the market. Many startups fail because they’re simply trying to duplicate products that already exist and which have solid customer bases. It’s important to take time before you launch your startup to research exactly what the current offerings are, who has access to them, how much they cost, and how well people are responding to them. Try not only to research the products and services currently available but also to think about if they can be improved upon in any way. Aside from thorough market research, you should also check company name in the UK that is available and best reflects your business. Read some important guidelines in selecting a business or trading name, how to protect it, and how to avoid legal complications.
Step 2: Gain Funding
Like it or not, launching a startup costs money – and lots of it. This is why many new businesses look for funding before they startup for the first time. Grants and state support will depend on your location and industry; however, there is plenty of private-sector cash out there too.
Since you’ll need that cash at some point in order to get your startup off the ground, do some research into who’s offering loans and try getting an investor involved from day one so you don’t have additional financial pressures when you’re just starting out.
Step 3: Decide on Your Business Structure
Before you do anything else, decide what type of business structure your startup will have. There are several available when launching a startup in the UK – all with their own advantages and disadvantages.
If you’re selling products or services then starting out as an Ltd company is probably the best idea; however, if most of your income will be based on commission rather than monthly fees, you might want to opt for umbrella company contracts. It’s also worth taking into account whether any big clients could be interested in investing; if they are, make sure that there is plenty of room in your contract for employee share schemes.
Remember that whatever structure you choose will influence how much money comes out of each transaction – so make sure you do lots of research before finalizing your contracts.
Step 4: Work Out Your Pricing Model
Pricing will also depend on the business structure that you choose – but in general, it’s important to think about what would be competitive for the industry you’re working in. If there are already several players in your market, look at what they offer and how much money they ask for their products or services – this will give you a good idea of whether there is room in the sector for another player. If not, try to come up with something innovative!
Step 5: Prepare Your Marketing Plan
Next, decide on the best method to get customers interested in your startup. While new businesses focus purely on networking and word-of-mouth, the truth is that paid advertising will be part of your business plan – you just need to decide which platforms offer the greatest return on investment. Many people have a great idea, but many fail to actually implement the idea. Many individuals may even have a product, but have trouble bringing it to market. Because of this slow speed in implementation, successful marketing can be a challenge for a startup company. A lot of startups think all they need is to get the word out about their product and customers will flock. This couldn’t be further from the truth; there are many steps that should be taken before launching your new business venture into the world. In order to get your name out to your target audience, you will want to consider having at least one of these five marketing strategies included in your business plan.
Search Engine Optimization (SEO)
Using SEO is one of the most effective ways to draw traffic to your website or blog. Good SEO practices include focusing on keywords related to your business or product, making sure that site navigation is easy and stress-free, and offering high-quality content that is both unique and relevant to your business. The end result of these practices is a site that has higher rankings on search engines such as Google, Yahoo!, and MSN.
Public Relations (PR)
PR can be an expensive marketing strategy if done by itself; instead, it should be used as part of a larger marketing campaign. For example, if you are launching a new product, you may want to coordinate with the news media in your area to give them free samples for review. Public relations may also include endorsements from celebrities or well-known companies in your industry.
Social Media Marketing (SMM)
One way to use social media marketing is by having “branded” accounts on multiple social media sites. This allows you to stay in touch with current customers, find new customers and increase brand awareness.
Good content marketing includes regularly creating useful information for your target audience that is worthy of sharing, which will help you gain traffic from search engines. When done correctly, content marketing can drive thousands of visitors to your site on a monthly basis.
Using email marketing helps not only create brand recognition but also helps to turn existing customers into raving fans. Successful email marketing involves creating short but informative newsletters that are sent out on a weekly or bi-weekly basis. Emails should be subject line driven so the reader knows what the email is about before opening it, emails should include links to high-quality content and finally, they should be personalized to the reader.
Step 6: Set Up Your Business
Once you’ve got your marketing sorted, your finances in order and contracts signed, it’s time to launch! Double-check that all the legalities are in place before you press go; then it’s just a matter of promoting yourself as much as possible so that customers know who you are when they’re ready to buy.
This article provides helpful information on five different marketing strategies that can be used by startup companies in order to successfully launch their business into the marketplace. If executed properly, search engine optimization, public relations, social media marketing, content marketing, and email marketing are very effective ways of promoting any business.