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Setting up your own business

When starting up your own company, the work needed can be hard, but the end result is usually worth the struggle. Here at H is for Home we know what it’s like to be an independent business and we love to be able to bring individuality into homes, which is something we love to do when it comes to our vintage décor. Learning about your products and what you really want to achieve is a great place to start when setting up your new small business. Therefore, we decided to create some tips to help you if you’re planning on setting up your own small business.

A website

If you’re looking to start up a small business, a website can help to attract potential customers. A website is important as it offers a place for your products to be purchased, a way for potential customers to get in touch with you and so much more. Having a website also offers a sense of security for those who are looking to buy from you.

Packaging

Perfecting the art of packaging is key to making a good first impression as a new small business. By using packaging which can be recycled, like what Lil Packaging offers, allows the consumer to dispose of their packaging with ease. They offer a number of different types of packaging in different sizes, all of which are plastic free.

A marketing plan

Working out how you’re going to market your business is key, deciding how your marketing budget is going to be used to maximise the results before spending it. If you make a plan of what you’d like to achieve in terms of sales targets, follower numbers, unique users, clicks etc, it’s beneficial to set goals to work towards.

If you need help with creating a marketing plan there are plenty of people out there willing to offer advice on where to get started. Check out digitalspotlight to know more about digital marketing.

Social media

Social media platforms such as Instagram, Facebook and Twitter are free services that should always be utilised as a small business; not only does it allow you to promote your business and products online, but it also allows you to interact with potential customers and help them to get to know you and your business better. You can share customer reviews, respond to any queries and issues as well as distribute any news or updates.

Some other helpful tips:

Getting business cards can be useful for events and for sharing your contact information. Although these are not essential, they make a good, and lasting, first impression.

Prioritise your budget where it needs to be most, whether you can only put a small amount into marketing and more into product production, you know how and where your money needs to be split.

It’s OK to ask for help if you feel like you’re struggling, there are plenty of others who have been in the same boat as you and would be happy to lend a hand; that could be professionals in your sector or even free advice from places such as the Citizens Advice Bureau.

They say that a rising tide lifts all boats, but if and when the UK economy takes a turn for the worse, there are likely to be many small businesses that will struggle to stay afloat.

However, there are many steps business owners and managers can take prior to a downturn that can increase the chances of their business surviving (and even thriving) when the economy is tanking. Here are four things to get you started.

_{Inventory by Nick Youngson CC BY-SA 3.0 Alpha Stock Images}

1. Check your inventory management

You need to get a grip on your inventory management in order to ensure your business isn’t losing money unnecessarily, but you need to do so without sacrificing on quality.

Is there a better supplier? Is it cheaper to source products locally? Is it better to outsource work or be entirely self-sufficient? These factors can vary greatly from one small business to another.

Just because you’ve always used the same supplier or done things in a particular way, doesn’t mean you have to keep doing them like that. Perhaps there may be other ways to save you money.

2. Out-compete the competition

If your business is going to cope during an economic downturn, it’s important that you try to hang on to existing customers at the same time as attracting new ones.

How can you do this? By offering something more or something different from the competition. Research your competition and see what you can offer to entice their customers into becoming your customers.

3. Make the most of current customers and clients

Having regular and loyal customers can help to future-proof your business, but how do you keep existing customers coming back time after time?

One of the best ways to retain customers is by focusing on good customer service. It might also be worth looking into customer loyalty programmes, which help to incentivise customers to stick with you and even refer their friends. While these programmes are often associated with larger businesses there’s no reason SMEs can’t launch their own.

4. Insurance is key

There’s one thing that every business has in common: they’re all susceptible to a wide range of risks that could impact their business operations, whether it’s theft, damage and injury to employees or other liability claims.

Luckily, though, there are specialist insurance policies for almost every type of risk a business faces. If you own a workshop, for instance, you can get a workshop insurance policy that can protect you from a wide range of different commercial risks.

While there’s nothing that will guarantee that your business remains watertight in the event of a recession, it’s possible to take steps that will greatly increase the odds of your remaining afloat during turbulent times.

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H is for Home Harbinger

Tag: business

Things to put in place when setting up your new small business