Tips on how to start a business

Tips on how to start a business Read our 10-point guide on how to set up a business to help you get up and running.

15. Stay open even longerSay you’re a bricks-and-mortar store and you’re getting a rush of customers as closing time app...
08/09/2023

15. Stay open even longer
Say you’re a bricks-and-mortar store and you’re getting a rush of customers as closing time approaches… why not close up an hour later?

While this may cause disgruntlement among staff, solve this issue by getting creative with rosters. Monitor customer footfall throughout the day and week to identify your busiest periods, and staff people accordingly.

You can also reduce headcount during quieter periods to offset the higher costs and longer working hours created by your extended opening hours.

It’s a win-win!

14. Hire friendly customer-facing staffYes, it sounds obvious, but it’s so very important! Whether consciously or not, p...
08/09/2023

14. Hire friendly customer-facing staff
Yes, it sounds obvious, but it’s so very important! Whether consciously or not, people are more likely to buy a product if they like the sales assistant who’s attending to them.

While the employee’s personality obviously has no bearing on the price or your product’s ability to serve their needs is irrelevant. Friendly customer-facing staff will always attract more sales.

Be rigorous in hiring people who are genuinely cheerful, friendly and outgoing. Make sure your training program teaches them to adopt a consistently friendly approach that puts customers at ease and feel like a priority.

13. Always optimize your pricingDropping prices doesn’t necessarily raise sales, for instance (though it will definitely...
08/09/2023

13. Always optimize your pricing
Dropping prices doesn’t necessarily raise sales, for instance (though it will definitely squeeze margins). If you position yourself as a premium brand, then your customers aren’t necessarily value-driven in the first place, and cutting prices could even tarnish your brand.

Consider this case study from Robert Cialdini’s seminal book ‘Influence: The Psychology of Persuasion’: a jeweller sold out of turquoise jewelry after accidentally doubling, instead of halving, the price. The inflated price tag lent the product an unwarranted cachet!

If you are a premium brand, there are ways to optimize your pricing without lowering prices. For example, offer the quality-conscious customer an ‘exclusive’ benefit that your rivals do not or cannot provide.

12. Don’t sell products, provide solutionsLike it or not, folks out there aren’t searching for your brand, they’re just ...
08/09/2023

12. Don’t sell products, provide solutions
Like it or not, folks out there aren’t searching for your brand, they’re just looking to solve a problem or find a particular type of product (unless you run Starbucks or Adidas!)

Don’t list all the benefits your product brings. Focus on the solutions. Explain to the customer in simple, straightforward terms how or why your product can help them or assist in the attainment of their goals.

11. Doing business abroadSome businesses plan for international expansion, while others seize a sudden opportunity abroa...
08/09/2023

11. Doing business abroad
Some businesses plan for international expansion, while others seize a sudden opportunity abroad. Wherever you’re planning to do business, you don’t have to be well-established before thinking about trading abroad.

10. Cutting through red tapeThere’s no shortage of bureaucracy when you’re running a business, and getting to grips with...
07/07/2023

10. Cutting through red tape
There’s no shortage of bureaucracy when you’re running a business, and getting to grips with the various financial and legal requirements can be a job in itself.

Your requirements will depend on the nature of your business, but you’ll typically need to consider such things as data protection, insurance and liability, protecting intellectual property, health and safety, licenses and permits.

If you open a business bank account, your bank may be able to advise on at least some of these areas, as will an accountant, but you can also get a basic grounding with these excellent online resources.

9. Taking care of talentFinding the right talent is vital to help fulfil your business ambitions, but you’ll have some s...
07/07/2023

9. Taking care of talent
Finding the right talent is vital to help fulfil your business ambitions, but you’ll have some specific responsibilities if you hire staff and become an employer.

As well as paying wages, you also need to collect and pay income tax and National Insurance, and you might need to set up a company pension scheme. This is where an accountant becomes invaluable, as they can steer you through the complex requirements – but there’s also a host of guidance online.

8. Where will you work?Not every new business needs a dedicated workplace – some of the biggest have started in a spare ...
07/07/2023

8. Where will you work?
Not every new business needs a dedicated workplace – some of the biggest have started in a spare room or at a kitchen table. But if you do need more space as your business grows, you’ll need to think about moving into your own premises.

Your location and how you sell are key considerations here. An artisan chocolate maker may not be best suited to an industrial estate off the motorway, for example, while a business that needs a warehouse for selling online doesn’t need to be on the high street.

7. Starting with marketingThere’s no snappy summary for how best to market your business – much depends on your product,...
07/07/2023

7. Starting with marketing
There’s no snappy summary for how best to market your business – much depends on your product, your market, its customers and even your location.

Your business plan should be the foundation of your marketing strategy, but a few basic considerations apply to all businesses.

6. Taking care of taxEvery business needs to pay tax, but how much depends largely on the business structure. If you hav...
07/07/2023

6. Taking care of tax
Every business needs to pay tax, but how much depends largely on the business structure. If you have a good head for figures and a sole trader or partnership, then tax admin can be relatively straightforward. Just don’t forget that it takes time, and you may not have much of that in the early days.

There’s no legal requirement to use an accountant or tax adviser for any kind of business, but it can make life much easier – particularly when it comes to the hefty additional admin requirements for a limited company.

5. Do you need cash to start – or to carry on?All businesses need money to get off the ground – for buying equipment, hi...
30/06/2023

5. Do you need cash to start – or to carry on?
All businesses need money to get off the ground – for buying equipment, hiring staff and renting premises. Many businesses also need short-term help with cashflow until sales pick up, or to see them through difficult times. And if you’re quitting your job to start your business, you’ll need money to live off until things get going.

If your business does need funding, a sound business plan is critical to secure it, but your chances will also increase if you make an effective pitch. Lenders want more than just a filled-in application form. They need evidence that you have the knowledge and ability to make your business a success.

If cashflow is a serious concern, then the most important thing to remember is to get help sooner rather than later. There are practical steps you can take to ease cashflow problems that don’t involve additional finance, and any good business bank will be able to support you long before a loan becomes necessary.

Address

Kyiv

Telephone

+380667044535

Website

Alerts

Be the first to know and let us send you an email when Tips on how to start a business posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Contact The Business

Send a message to Tips on how to start a business:

Shortcuts

Share

Category