Business Support.
SALES MARKET AND CONSUMER/CUSTOMER IDENTIFICATION.
Starting a business in the UK involves several key steps.
Here’s a general guide to help you get started:
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Research Your Idea:
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Assess your business idea for viability.
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Conduct market research to understand your target audience and competitors.
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Create a Business Plan:
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Outline your business goals, strategies, and financial projections.
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This will be crucial if you seek funding.
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Choose a Business Structure:
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Decide whether you want to be a sole trader, partnership, or limited company. Each has different legal and tax implications.
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Register Your Business:
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If you choose to set up a limited company, register with Companies House.
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You may need to register for VAT if your turnover exceeds the threshold.
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Set Up Finances:
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Open a business bank account.
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Keep detailed records for tax purposes.
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Consider accounting software or hiring an accountant.
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Understand Your Tax Obligations:
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Register for Self Assessment if you’re a sole trader.
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Be aware of Corporation Tax for limited companies.
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Get the Necessary Licenses and Permits:
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Check if your business needs specific licenses (e.g., food hygiene for restaurants).
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Set Up Insurance:
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Consider business insurance to protect against risks (e.g., public liability, employer's liability).
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Market Your Business:
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Develop a marketing strategy to reach your target audience.
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Utilize social media, websites, and other platforms for promotion.
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Network and Seek Support:
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Join local business groups or online forums to connect with other entrepreneurs.
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Consider mentorship programs for guidance.
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Stay Compliant:
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Keep up with legal requirements, including annual filings and health and safety regulations.
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Evaluate and Adapt:
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Regularly assess your business performance and adapt your strategy as needed.
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Starting a business can be challenging, but with careful planning and execution, it can also be very rewarding.
SALES MARKET AND CONSUMER/CUSTOMER IDENTIFICATION.
Researching your market to find your customers involves several steps:
1. Define your target audience: Identify who you think your ideal customers are.
Consider demographics (age, gender, income), psychographics (interests, values), and behaviors.
Common segmentation methods include:
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Demographic: Age, gender, income level, education, etc.
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Geographic: Region, city size, climate, etc.
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Psychographic: Values, lifestyle, personality traits, etc.
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Behavioral: Purchase frequency, brand loyalty, user status, etc.
Create a visual “portrait” of your customers and their word: their values, the activities and key brands they love and aspire to have and engage with.
2. Analyze the industry: Research your industry to understand its size, growth potential, and key trends. Look for reports, articles, and market analysis relevant to your sector.
3. Analyse competitors: Look at businesses similar to yours. Study their customer base, marketing strategies, and online presence. Tools like SWOT analysis can be useful.
4. Use surveys and interviews: Gather direct feedback from potential customers through surveys or interviews. Ask about their needs, preferences, and pain points.
5. Leverage online tools: Utilize tools like Google Trends, social media analytics, and keyword research to understand what customers are searching for and discussing online.
6. Join online communities: Participate in forums, social media groups, and other online communities where your target audience gathers. This can provide insights into their preferences and needs.
7. Conduct market segmentation: Break down your market into smaller segments based on specific criteria. This helps tailor your marketing strategies to different groups.
8. Test and Iterate:
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Launch small-scale marketing campaigns to test your assumptions about your audience. Use analytics to measure success and refine your approach based on the data.
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Tap into your network of friends, family and work colleagues to “disaster test” your ideas. Use their knowledge and preferences to gain free and valuable market research.
9. Monitor industry trends: Stay informed about changes in your industry that may affect customer behavior. Subscribe to industry newsletters, follow relevant blogs, and attend conferences.
SWOT ANALYSE.
Importance of Market Understanding.
Continuous Process: Understanding your market is crucial not just at the start of a business, but throughout its lifecycle.
SWOT Analysis: is a strategic planning tool used to identify and evaluate the Strengths, Weaknesses, Opportunities, and Threats related to a business or project.
SWOT Analysis Breakdown.
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Strengths: Internal capabilities that enable success.
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Weaknesses: Internal factors that hinder performance.
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Opportunities: External trends and events that can be leveraged for success.
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Threats: External challenges that could impact the business.
Types of Analysis.
1. External Analysis: Focuses on opportunities and threats in the environment (e.g., customers, competitors, technology).
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PESTLE Analysis: Examines macro-level trends (Political, Economic, Sociological, Technological, Legal, Environmental).
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Industry Analysis: Assesses immediate competitive forces.
2. Internal Analysis: Evaluates strengths and weaknesses (e.g., performance, brand power, employee skills).
Conducting Market Research.
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Key Players: Understand your customers, competitors, and suppliers.
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Customer Insights: Utilize social media and informal research methods (e.g., polls, surveys) to gather feedback.
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Competitor Insights: Study competitors through trade publications and mystery shopping.
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Supplier Insights: Conduct regular reviews with suppliers for performance and market trends.
Benefits of Understanding Your Market.
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Strategic goal setting: Helps determine and refine business goals.
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Opportunity identification: Reveals chances to increase market share and innovate.
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Business longevity: Aids in adapting to changes and future-proofing the business.
Regularly reviewing market understanding, including conducting a SWOT analysis at least annually, is essential for ongoing success and adaptation in business.