Do you have a Start Up idea but don’t know where to begin?
Starting your own business can be overwhelming at first but with the right support and guidance, you can overcome any obstacles and start your own dream business. It takes time and perseverance to start your business, but our team is here to help you at every step in your journey. Here are a few tips for any aspiring small business owner should keep in mind, before looking to start up.
Have a business goal and write down your plan
Having a business goal or outlook for what you want to achieve with your business is one of the first and most crucial steps to Starting Up. Finding the gap in the market and understanding where your business idea fits into the market is an important first step. Upon understanding the competitors, market opportunity and scope of your business, write down a comprehensive business plan that will act as a guide covering all aspects of your business. While writing this down, it is important to keep in mind other similar businesses and conduct a thorough market research to make sure your business has a unique selling point and can stand out.
Every entrepreneur that applies for a Start Up Loan, through Business in Focus, has access to exclusive business support from our expert Business Advisors. Our advisors will help you with your business idea, give guidance on building a comprehensive business plan and submitting your loan application.
Funding is an important step when starting up and can be one of the most daunting steps in your journey. From managing your cash flow to budgeting or managing multiple costs such as operating costs, marketing costs etc, our expert advisors can help you tackle all these tasks. As an official delivery partner of the Start Up Loans scheme, Business in Focus not only supports with these operating tasks but can support you with your application, right through the first year of trading. Administered by the British Business Bank this low interest, repayable loan is available to people looking to start up a business in Wales that need support to cover operational costs. A Start Up Loan helps entrepreneurs access funding ranging from £500 to £25,000 and has a low interest rate fixed at 6.19% APR.
Create a branding and communications plan
Strong branding and communication are important as it influences your customers perception around your business. Having a consistent colour scheme, a catchy logo and company name are the first few steps of creating a recognisable brand. Most brands today have a strong online presence and a unique way of communicating, which helps customers easily recognise your brand. It is also important to maintain consistency of all business communication, whether this is online digital marketing or off-line print, to establish recognition of your brand.
Today there are numerous ways of promoting your brand such as print advertising, Google ads, marketing on social media channels or through influencers, having discount codes or schemes etc.
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