The UK saw record numbers of new launching businesses last year which was undoubtaly driven by London, since it’s still regarded as one of the leading hubs for startups in Europe. In spite of some negative economic ripples amidst political instability. For those with the ideas and the drive, the opportunity is there.Thinking of starting your own business? Perhaps you have a unique and interesting idea that you're looking to get off the ground, but are unsure of where to start? Here are some common mistakes to avoid when setting up a startup business, and some things to look out for and consider along the way.
ResearchYou might have had a brainwave and a surge of passion to go it alone, but just because you watched
Dragon’s Den one night and came up with an invention or app idea that your friends think is clever, doesn’t mean that you’re going to be an overnight success. A large majority of new businesses or startups often fail due to the fact that the demand simply isn’t there for their product, or the idea has already been done many times before. Reach out and try to see if the demand is there.When you’ve decided whether there is a market or not for your business, and you’re looking to start making sales, you should think about a marketing strategy based on your target demographic. With the vast majority of us working on smartphones and devices nowadays,
social media can be an invaluable tool in increasing the visibility of your brand online, and getting people aware of it on a global scale. Particularly if your company is selling to the general public, establish your social profiles (Facebook, Twitter, Instagram) and website as soon as possible.
LocationMost people will begin operating their own personal projects and companies out of their home or local area to get started, but once you’ve got your initial research underway and have a solid plan together, you should consider a real location to seat yourself in going into the future.As mentioned above, London is
the leading location for businesses at the moment, driving the number of startups in the UK to new highs, and while that is expectedly due to decrease slightly in the wake of Brexit, it has been touted as a dominant location for entrepreneurs.Despite this, the capital isn’t without its drawbacks. A hugely concentrated population means that there is massive competition (which will affect survival rate), and it is also much more expensive than other cities in the UK for overheads and living costs. As a result, many companies are moving towards northern areas such as Liverpool and Manchester, cities with exciting and growing business opportunity, and much more affordable and attractive costs. Property investment companies such as
RW Invest are preparing for the continuing take-off of these areas, offering developments and properties to investors for those looking to move to the north for business purposes.
Security It goes without saying that keeping your businesses’ office or perhaps commercial premises secure is a necessity, but have you ever considered the vulnerability of your company online? As developments continue, a steadily increasing number of companies integrate fintech or general technology/software into the general running of their business, and so it is important to make sure that you are as vigilant as possible to
prevent the risk of being hacked.So,
how can you take steps to prevent attacks from happening, and vulnerabilities from being exposed? In terms of computer software on the systems, aside from keeping any computer units and smart kit up to date, anti-virus software is worth looking into. Many companies offer business-orientated packages, allowing you to manage and control the settings on each device across a network, and remotely manage them if needed.
Operating a customer-facing company, such as a caf? or independent restaurant? Make sure that all of your payment equipment is up-to-date, and stay in-the-loop with new standards and regulations as they are introduced. For example, new legislation that has just come into place will mean that those paying frequently or over a certain amount using the contactless payment option may be asked to input their PIN number to prevent fraud.
