5 Things To Research When Setting Up Your Business

Getting your new start-up to run smoothly can be a complicated process. There are a lot of things that you need to focus on, with thoughts about everything from insurance to market your business flying around your brain. We know that you want to get everything right the first time around, so we’ve put together a list of things that you should research before you get started.

Know Your Target Audience

If you don’t know much about your target audience, then you need to sit down and do a little research. These are the people that are going to be buying your product or using your service, so you need to know how they think and what they want. Do some research, talk to other local businesses and get a good understanding of your target market.

Get the Right Business Insurance

Although you might already know that you need insurance for the building that you are going to be occupying, you might not realise that you also need other types of insurance for your start-up. To ensure you are fully covered and don’t run into difficulties late down the line, you’ll want to seek advice from an insurance company that specialise in new business insurance. Small business specialists Hiscox Insurance offer advice on each type of insurance you will need, focusing on the unique needs of fledgling businesses. Seeking out information from established insurers and online resources, such as the Money Advice Service,  gives you the opportunity to learn about what is required for your business before you buy.

 

Work on Your Online Presence

In these digital days, without an online presence your business is not going to beat the competition. If you are one of the 50% of small businesses that don’t have an online presence, then you should think about changing that.

People use the internet to do their research, plan their weekends and discover new products. It is very likely that your audience will check you out online before giving you a visit. Do your research about what apps and devices your target audience use and join the relevant social media sites. You could even give your website a bit of an upgrade if you want to impress.

Secure the Funding

If you are in the middle of writing your business plan and you are unsure if you can afford everything you need then you should think about doing some research on funding. You might actually find that you can secure potential investments quite easily through crowdfunding or private investors. See what’s out there and how you compare, find your unique selling point. You’ll then be ready to ask about and see if you can secure that funding and watch your business grow.

Find Your Employees

We’re not just talking about the fact that you are going to employ people to work for you. You need to make sure that you know exactly how many people you need and how much you can afford to pay them. This business is your baby and you will want to save as much money as possible. Don’t over hire and don’t put your business in jeopardy by under hiring either. These people are as much a part of the business as you are, they are essential to its success.

With so many things to consider and implement when setting up your business, dividing the research into key areas can help keep you organised.  Once you’ve identified your audience, secured the protection and funding you need, you’ll be ready to develop an online strategy.