There’s something very appealing about starting your own business. However, not every business will work for everyone or in every area. This is why working out what businesses will work best for you is essential.
In this post we’ll discuss all the key things you need to know if you want to start a business. We’ll explore market research, the equipment you’ll need, and the sort of costs you could be looking at. And crucially, we’ll let you know how you can find the right business for you.
If you’re looking for dedicated business insurance, our friendly team is always on-hand to find you exactly the cover you need at a price you can afford. Call us on 0208 290 9086 or email us at business@anthonyjones.com.
Where Should You Set Up Your Business?
Unless you have a specific business in mind, your best bet is to set up a business in your nearest town or city. If your research tells you that there isn’t currently a similar business near you, this does not necessarily mean that there’s no market!
Research Your Market
Choose where you want to operate and conduct some research into the market in that area. Try and find out what sort of services businesses offer, how much they charge for these services, and how busy they are.
All of this will provide some invaluable insights into how much you might expect to earn from your new business, as well as what sort of services you should offer in order to attract customers.
What Sort of Premises Will You Need For Your Business?
It’s often perfectly possible to start your business from home, so long as you have the necessary space to work, store stock or house any equipment you might need. However, if you’re aiming to start a business that needs retail space or large storage space, working from home might not cut it.
If you’re setting up a business from home, you’ll probably be able to manage at first but as your business grows, you can invest in a bigger space, such as storage space or industrial units, to allow you to manage.
How Much Will it Cost to Set Up a Business?
How much you can invest will also affect the type of business you’re looking to start. Obviously, you’ll need the necessary stock and equipment required for your chosen business to function. So you need to make sure you can work out the investment needed to start the businesses to turn your shortlist into a more achievable aim.
After this the obvious costs of stock or equipment, you’ll also need to factor in the following costs:
- Premises costs – Retail, high street and many services business will need business premises as an essential part of their service. While some businesses can be run from home, many will still need some kind of business premises as they expand. Make sure you work up the costs of these now and in the future.
- Business costs – There are certain costs associated with setting up any business. Contact your local council to see what sort of licences you need to operate a business in your area, as the specifics can vary across the country. You’ll also need dedicated insurance, which we’ll cover in greater depth below.
- Admin costs – You’ll need to setup a reliable system for customers to make enquiries, bookings, sales and to get support if they need it. For some businesses, you may need to invest in a website with a sales or booking platform, and a dedicated telephone line for support. If you’re looking to start a more retail-based business, you’ll need to invest in systems to track your purchases, costs and sales in store.
- Marketing costs – How will you find your customers in the first place? Initially, you’ll probably have to advertise in some way, whether it’s with an ad in your local paper, flyers or a sophisticated social media campaign.
- Business-specific costs – All businesses will have extra costs on top of the essentials needed to function. Depending on your business, you many need to budget for cleaning costs, security, software licences, travel and many others.
- Customer-centric costs – Aside from the obvious equipment you might need to do the job, you may require extra equipment to provide a high level of service. If you’re looking to hire out holiday homes, for example, if you provide your customers with kitchen equipment, bed sheets, cleaning products, and other holiday essentials, you’ll probably find it easier to attract customers. This concept of investing in customer-pleasing extras applies to all sorts of businesses. Ask yourself what you can provide to stand out from the crowd and make future customers feel cared about.
What Insurance Will You Need For Your Business?
Depending on the business you choose, some forms of insurance cover are a legal necessity. For example, if you’ll be employing any staff as part of your business, you have a legal requirement to get employee liability insurance to cover them for any accidents or injuries they may get on the job.
If you’ll be running business from home, you’ll need to consider how your operations affect your home insurance – particularly if you’ll be letting customers on your property. Or, if you’re investing in some dedicated business premises, you’ll need cover for fire, flood, theft, and other scenarios.
If you want a hand in ensuring you have the right cover in place for your new business, we’re here to help. Get in touch and one of our friendly insurance experts will listen to your requirements, before helping you to find bespoke cover that meets all of your needs.
For more information, and a free quote, call us on 0208 290 9086 or email us at business@anthonyjones.com.
