If you’re in the beginning of a start-up phase there are many things to learn.
Business changes all the time and no matter how big or small your business is, you should adapt to the world of business in 2022. 2022 is another year in the digital age. Starting a business this year means you have to focus on your digital strategy. Even more so after the pandemic. When you want to start a business, it is always important to make sure you adapt to the specific time and place you’re in. Right now, the world is a different place than it was just a few years ago. The pandemic has brought with it many challenges and new opportunities for businesses.
Focus on branding - Branding has never been more important than it is right now. Some even say branding is the most important thing of them all. Either way, the many factors surrounding your business such as name, logo, storytelling etc., will have a massive influence on the success of your business.
The name, for example, is crucial because it is the first thing that people will get acquainted with. It is exactly like a first-hand impression of a person. It makes a huge impact on your thoughts of this particular person. When you choose a really good name, you make sure that your potential customers remember your business. The perfect name is both descriptive of the work you do, catchy, and creative. If you need inspiration, you can use the name generator on Biznamewiz.com. The name generator gives you a list of suitable names based on keywords you enter.
The digital world is your best friend - As already mentioned, the digital world should be a main priority. It is important to prioritize making a solid digital marketing strategy. You could focus on making a great website with a simple and user-friendly design. Also, social media plays a major role for most businesses these days.
Always stay updated - One of the best business tips is to stay updated on your industry and your markets. This is important for several reasons. This will help you to adjust to competitive pricing, develop successful marketing strategies, recruiting, and many other important areas. You need to know the status of the market that you’re always operating in. This is the best way to ensure that your business is up-to-date and growing at the most fruitful pace.
Create a strong network - Any business, and especially a start-up, should focus on creating a strong network. A good network will help you make collaborations and partnerships, while at the same time creating awareness and achieving higher levels of publicity. All this will help you attract more customers, increase your sales, and ensure the success of your business.
You don’t just sell your product. You sell your brand.
If your tech brand doesn’t stand out of the existing brands in the market, customers aren’t really going to go out of their way for your product.
Establishing your brand identity is of utmost importance (and one of the most important business tips). A great way to make a dent in the minds of your customers is to take to social media.
No business can thrive today without the use of social media. Create attractive content which helps in engaging a new audience and creating your brand image in their minds.
Once you learn about your target audience’s taste, incorporate those ideas into your content.
Once your business reaches a certain level, you might tend to get stuck in its complacency. But the market is forever changing.
What’s working for you today, might become obsolete tomorrow. And that’s when businesses start failing.
Your business isn’t dependent just on you. Each and everyone from your team is responsible to carry out the tasks to make sure the business achieves success.
However, after spending some time with the business, your employees might start to find the work monotonous and mundane. They might even lose the motivation to give in their 100 percent, resulting in a downfall of individual performances.
Here’s where you step in.
You need to keep their spirits high throughout. You need to encourage and motivate them to give in their best. You need to identify if there is any negativity amongst the team and try to get rid of it.
Team building activities can help your team bond together well. Rewards and appreciation for good work are always a win-win.
This is one of those business tips which are ignored by many new tech businesses as they focus primarily on acquiring more market share and getting more investments.
Good business isn’t about making that one sale. It’s about making the sale to the same customer again and again. Unless you can retain your customers in the long run, your business cannot thrive.
Make sure you have an efficient customer service policy. If and when the customer is undergoing dissatisfaction, you need to make sure that you compensate them for their improper experience and make them feel that you value them as your customer.
The key to a successful business is to ensure that everything is well-organized. With the business growing, the challenge to keep it organized grows with it.
You need to automate daily tasks and go paperless in order to keep track of the basics. There are also tools available that help track time, manage tasks, and make it easy to find documents.
Staying organized is one of the most important business tips that young tech businesses should consider as part of their daily operations.
Making Tax Digital for Income Tax is part of the UK government’s long-running plans to digitalise tax.
Doing so makes life easier for individuals and businesses who, because their records are digital, get improved visibility into their finances. This empowers better decision-making and the ability to spot problems before they arise.
Known as MTD, the Making Tax Digital programme has already required VAT-registered businesses over the VAT threshold to use software for their VAT accounting as of April 2019. All VAT businesses have to follow those rules from April 2022.
As of April 2023, many of individuals currently using Self Assessment will be required to switch to using MTD for Income Tax for their income tax accounting and reporting.
This includes landlords, but only those whose income from their property or properties (e.g. rent) exceeds £10,000 per year.
However, MTD for Income Tax (full title: Making Tax Digital for Income Tax Self Assessment, or MTD for ITSA) also affects sole traders.
If a landlord is a sole trader too, then the income from the sole trader business(es) they own, plus the income from properties, is added together for the purpose of determining if that individual is mandated for MTD for Income Tax. See “How do landlords work out their income for Making Tax Digital for Income Tax?” below.
If you have a husband or wife or children, involving them in the decision to go it alone is important. Your home atmosphere should be very supportive, particularly in the early stages. Your family could also be useful as a sounding board, helping out with the odd task or providing feedback or finance.
You need to ask yourself if you are the right person to start a business. Compile a checklist with the help of the following questions: Can you work long hours? Can you take criticism? Will you be able to cope with financial insecurity? If your business struggled in the early stages, would you continue? Write down the reasons why you are starting a business.
Once you’ve got an idea you need to know that people will need it enough to want to buy it. Many people opt to begin a business by using a skill that they have acquired in their spare time as a hobby, such as jewellery-making.
Trying to sell a product that is new can be an uphill struggle. Being first is not always best, as you have to educate a market and convince them of the need for your product. So don’t be put off if your idea has been done before – think about how you can do it differently, by including an additional feature or benefit.
Carry out as much market research as possible. Find out about your market place, concentrating on areas such as the demand, your competitors and the size of the market. Talk to potential customers, suppliers, competitors, distributors and ex-employees of competitors.
Everyone has different motivations for starting a business, and toe-dipping means you can test your idea out without risking everything. You can carry on earning money from your job while you are starting up. Use your spare time to carry out your market research.
Identify what you do well and what you do badly, dividing it into areas such as financial, marketing, operational and general management. Be honest with yourself, but also be realistic. Try and get someone else to evaluate your answers – another person’s perspective can be very valuable. Identifying your weakness will help you to recognise what you are good at, and which areas you will need to find someone who can do a better
Remember – two heads are better than one. Seek out the advice of a family friend who has the experience of being in business, or someone who is recommended to you, or someone you are close to. Consider giving them a share of the profits or equity in your company in return for advice.
But remember that whatever you write down is not set in stone. Your business plan should have longer-term objectives, estimates and forecasts – try to make as many of your goals as possible measurable. The two most important reasons for having a plan are to show to outsiders if you need to raise money, and to help you keep your business on a planned course, so you can spot when things are not going to plan
An ideal format for your plan, if you intend it to be for outside use, is to have between three and ten pages of text that draw out the important points, plus a series of financial figures. Excessive detail should be confined to appendices.
From a nation of shopkeepers to one of entrepreneurs, the UK economy is driven by small to medium-sized enterprises (SMEs).
An incredible 99.3% of gross domestic product (GDP) is generated by companies with fewer than 50 employees.
And the pandemic did little to stand in the way of that entrepreneurial enthusiasm, with 34% of business owners starting their company in the past year.
On top of that, half of those entrepreneurs came up with their business idea in lockdown.
Our recent survey found that 52% of UK adults dream of starting their own business.
But more than half of these are held back by financial constraints or believe business owners are rich, privileged or received financial help to get started.
As our ‘Are you ready to be your own boss’ quiz will show you, there are at least eight different types of entrepreneur, each with their own set of strengths and weaknesses.
Read on to learn about them, and don’t forget to take our quiz to find out what kind of entrepreneur you are, and what practical steps you can take towards starting a business.
The Budding Boss is one of the most common types of would-be entrepreneur.
They’re interested in starting a business and know there’s still some work to be done before committing to everything that comes with building a company from the ground up.
Crucially, though, they already have the most important part nailed down: passion for what they do.
This entrepreneur type has the drive and desire to be their own boss but might need a gentle push in the right direction.
If that sounds like you, get started by reading up on small business finance and buckle down to save up that crucial start-up capital.
Not sure where to start? You’ll find a wealth of free resources on Sage Advice, such as this guide to starting a business with no money, and this handy article on how to write a winning business plan.
Good with numbers and manging your money?
You’re probably a Number Cruncher and could be in a pretty strong financial position to absolutely smash the start-up game.
Having a strong foundation in finance will set you up to boss your business from day one. But there’s always more to learn – so be sure to keep up with all the latest updates and legislation that might affect your operations.
When it comes to admin, Number Crunchers often need to work on managing their schedules and stay on top of practical tasks such as taxes, invoices and payroll if they have any employees.
If you fit into this category, you’re already a pro when it comes to finances – but you might just need some more time to settle into an entrepreneurial mindset.
Not sure how to do that? We’ve got you covered with this directory of resources for small business owners (and business owners-to-be).
If ‘switched on’, ‘organised’, and ‘on it’ are just some of the words people use to describe you, there’s a good chance you’re one of the Process Pros.
This type of entrepreneur works smart and has a keen eye for detail, acing admin and eating processes and procedures for breakfast. Sometimes even lunch and dinner.
As a Process Pro, you’re already miles ahead of the game.
Get to grips with the basics of business accounting and bookkeeping to identify any potential barriers to getting your business off the ground and pay special attention to start-up costs to make sure your current finances are in order.
Process-driven people sometimes have a habit of overanalysing or overthinking situations – and that can stop you from taking action.
To help you get into that can-do mindset and build the confidence you need to take charge, check out this insightful interview featuring entrepreneur Mathew Porter from VASO over on our Sound Advice podcast, and get some expert tips from someone who has seen and done it all before..
The archetypal entrepreneur, a Dreamer has a knack for spotting opportunities before anyone else, and is brimming with the kind of enthusiasm, vision and self-belief necessary to succeed.
But to turn those dreams into reality, it takes some doing – and it can be difficult for some budding entrepreneurs to make that leap.
To give your idea legs, start off by creating a solid financial plan, covering key aspects such as start-up funds and how you think you’ll manage your money.
Staying on top of admin is also important here, because big ideas need that infrastructure in place to keep things running smoothly in the day-to-day.
If you’re not sure where to start, we’ve got you covered with our small business pocket guide.
Keen Machines are diligent, focused and have the kind of work ethic you need to not only get a start-up off the ground, but see it thrive.
This entrepreneur type knows the market they want to tap into and have a clear picture of what they want to accomplish. And they always have a well-researched plan to back them up every step of the way.
If you’re a Keen Machine, you naturally have the drive and determination required to get the job done. But you might need to dedicate some time to figure out the finances, including how to secure funding and apply for any grants you might be eligible for.
Visionary entrepreneurs seem to just get it.
They’re creative, confident and business savvy, and know how money moves through a business. And, most importantly, they know that there’s always more to learn.
Think Steve Jobs, Karren Brady, Whitney Wolfe Herd, Bill Gates and Mark Zuckerberg.
A Visionary has the mindset and means to not just launch a start-up but see it reach great heights and never stop looking for opportunities to grow and diversify.
Don’t be intimidated by the fame and fortune associated with these names – the majority of big-time entrepreneurs started out with nothing more than a great idea, some self-belief, the desire to take action and a lot of resilience.
Meticulous. Sharp. Always pushing for the best.
For the Perfectionist, a job isn’t done until it’s done just so, and can probably turn their hands to anything and run the show without skipping a beat.
This type of entrepreneur knows their way around finances and has the skills to perfectly plan a route into profit, with the right advice to back them up.
From keeping track of taxes, invoices and timescales to managing a fully-fledged company, it all comes naturally to the Perfectionist.
The main thing the Perfectionist needs help with is learning to trust their instincts and focus their skills and attention on that winning business idea.
For an extra dose of inspiration, listen to what Made.com co-founder Julien Callede has to say about building a scalable business from day one.
As the name implies, the Ready and Set entrepreneur is standing in front of all the opportunity that awaits.
They’ve thoroughly researched every aspect of their business-to-be. They have a keen understanding of everything from admin and accounts to the day-to-day running of the business and a plan for the next few months or years.
They have a clear, vibrant vision for where they want to take the business, have what it takes to see that plan through.
They just need to take the leap and dive into it all.
If they haven’t done that yet, there’s a good chance that it’s all in the mindset. A little self-confidence and a hint of inspiration should do the trick – and you can get heaps of that by looking up entrepreneurs who turned their side hustle into a full-time career.
So which entrepreneur are you?
Perhaps one of them sticks out like a sore thumb and you can clearly identify with it. Or maybe it’s not so black and white.
Well, take our quiz and see – you might be surprised. And your results will help you determine whether you’re ready to start your own business.
However, if you’re not, don’t despair.
We’ve got lots of great startup business advice to help you, no matter where you are on your entrepreneurial journey.