Setting up your own small business can be a dream come true; however, it’s not without its challenges.
London, in particular, can pose difficulties of its own; after all, you won’t be short of competition. Luckily, the dense population and bustling tourist scene also means that you probably won’t be short of customers either.
If you’re looking to set up a business in London, then check out our essential solutions to help you thrive.
1) Create a Detailed Business Plan
Regardless of the size of your business, it’s vital that you put together a business plan that can guide you through your journey.
It’s important to remember to be realistic in your goals, and it’s always a good idea to overestimate your expenses and underestimate your profits; that way, you’ll always be prepared for a rainy day.
2) Secure Funding and Financing
Finding financing and funding either in the form of investors or through a business loan can make all the difference in those early days.
Setting up a business comes with all sorts of costs that you may not have considered, so it’s important that you find a way to cover them.
Take the time to research potential finance sources; luckily, there are a range of government schemes that can help you out in those early days.
3) Decide on Your Location
Finding the perfect location for your business takes time and research. Of course, if you’re an online brand, then you might decide to operate from the comfort of your own home.
However, if you have your heart set on commercial premises, then you need to find the best area of London to allow your brand to thrive.
While many of us associate Rightmove with finding our next home, you can also use the platform to find commercial properties too.
4) Hire Skilled Staff
Hiring the right people for your company can make all the difference to your ability to achieve success; after all, in many cases, our brand is only as good as the people that we hire.
Take the time to search for skilled workers who can not only carry out their tasks on time and on budget but who are also well-versed in the language of customer service.
Platforms such as Indeed are a great place for you to start your search for new team members. Advertise your job vacancies and make sure to set up a series of interviews that will help you establish the suitability of your would-be candidates.
5) Advertise Your Brand
If you’re looking to make a name for yourself as a brand, then you won’t get very far without advertising and marketing.
While strategies such as SEO are valuable tools, these can take time to establish. In the meantime, consider supplementing your strategy with Pay-per-click advertising. Maratopia is a London-based PPC agency that offers a complete & tailored service that will help you make the most of your marketing and grow your small business into a successful enterprise.