“Build it and they will come” just doesn’t ring true in business. You’ll need a sales and marketing strategy to bring customers to you. There are hundreds of things you could do. The trick is to pick the right ones. Strategy vs tactics in marketing It’s important to get strategies and tactics the right way around. Your strategy is the master plan that guides all your marketing activity. Tactics are the activity. They’re the things that people see like ads, emails, videos, sales promotions. Start with a strategy It’s important to come up with your strategy first. Go back to … Continue reading 15: How to Promote Your Business

Treat your website like an online version of a storefront. It’s the first impression for many customers and prospects. Get the basics on how to set up a business website, what to put on it, and how to turn it into a moneymaker. The step-by-step guide to creating a business website Register a web address (also called a domain name or URL)Several companies can register a domain name for you (and they often also provide hosting). Search for domain registries online and visit their websites. Use their tools to enter your preferred web addresses and see if they’re taken. When … Continue reading 14: How to create a Business Website

Most small businesses start out with just one worker – the owner. But you may need extra people right from the start. So where do you begin? What kind of skills do you need? Employment needs can vary a lot. You may need: a generalist, for help with a variety of tasks someone with certified skills, such as a plumber someone with technical skills, such as a developer someone with soft skills, such as a sales rep Every trade and profession has their own expectations about work and pay. Other businesses in your industry are going to be able to … Continue reading 13: How to Find Employees

Your business needs a base, but how big and fancy does it need to be? Here are some options for services, retail and manufacturing. A lot of consultants work remotely and use online digital tools to collaborate with their clients. 1. Set up an online business run from home or a co-working space A lot of goods are ordered online and delivered by courier these days. And many services are delivered through a mix of video conferencing and online collaboration. You may only need a virtual office or online shop. How to start a business without an office Starting a … Continue reading 12: Setting up an affordable business location

If you’re starting a business, then you’ll need to become familiar with at least a few bookkeeping and accounting basics. We talk you through the main tasks, some time-saving tricks, and explain where professionals fit in. What is accounting? Accounting is concerned with tracking money as it comes and goes from a business. Some of the information collected is reported to the government for tax purposes, but most of it is used to help the owner manage the business. The three business accounting basics Accounting is a massive topic, but for most small businesses it boils down to: Keeping records … Continue reading 11: Small Business Accounting

It’s no fun thinking about a cost like insurance when revenue hasn’t even started rolling in. But many lenders, and the government, require you to have some level of insurance. Why it’s a good idea The key to good planning is considering all possibilities, including the bad ones. Just as your forecasts will include worst-case scenarios, insurance is a chance to assess and cover your risks. Here are some small business insurance types that might be worth thinking about. Types of business insurance PropertyMuch like home insurance, there are policies to protect business buildings and their contents from theft, fire … Continue reading 10: Small Business Insurance

After all the excitement of deciding to start a business, you’ll have some paperwork to do. These first tasks as a business owner won’t be the most fun, but they’ll help keep you out of trouble with the law. How to register a business with the government Set up as a sole traderYou can set yourself up quickly and easily at gov.uk. During the process, you’ll register with HMRC for tax, and for VAT if you’re going to be VAT registered. Check our guide on VAT accounting schemes. Set up as a partnershipYou’ll need a name, and a ‘nominated partner’ who is … Continue reading 9: Registering a Business

When first thinking about how to start a business, not many people worry about structure. But your business structure can affect how you’re treated by the government and by the law. Here are some of the ins and outs. Business structures and their effects The main types of business structure are sole trader, partnership, and company. Your choice will affect your admin burden, tax, legal status, and your ability to raise money by selling shares. This table runs through some of the main differences between a company, a partnership, and a sole trader. If you don’t choose a business structure … Continue reading 8: Types of Business Structure

Setting prices is one of the most important things you’ll do as a new business owner. A lot of factors play into the value you put on your products or services. But none is more important than covering your costs.  The first rule of price setting Not every sale will make you money. Sometimes you’ll sell stock at discount to get rid of it. Or you may have to redo a job for an unhappy client. But as a general rule, you need to get more money out of a sale than you put in to it. To do that, … Continue reading 7: Pricing Strategies and Cost of Goods Sold