If you’re thinking about setting up your own business here are our top tips which new businesses owners need to consider when starting a new business venture.
Get to know your customers
It is no secret that understanding your customers is key to successful selling. Customers are important sources of information and can help you understand more about the marketplace as well as your own business. The more you know about your target audience, the easier it can be to increase sales and harvest profit.
Identifying where your customers are, what products/services they are interested in buying and for what price should be the key starting point for any company. Establishing how/what data you store on your customers is down to your business and internal operations, but it could be a good starting point to keep records of name, age, location, sex, email/telephone addresses and transaction history.
Develop a business plan
A business plan is necessary for any new business as it outlines the business’ overall objectives and future plans for sustainable growth. A business plan can:
Even with the above established and integrated in your business, a large portion of businesses that fail is simply down to the lack of financial resources. Starting any kind of business will always require a large sum investment to cover overheads, employee payroll and supplier/distribution costs.
Start-up loans are typically the best way to get you up and running, and give you the flexibility to pay it back when you are in a comfortable situation. Trafford College also offer a range of funding available to business’ as well as supplying Apprentices to help you structure your business with the relevant staff. For full details on our bespoke funding and Apprenticeship options please email Trafford.firstname.lastname@example.org or call 0161 886 7461.
For more details on how we can help your business, visit www.trafford.ac.uk/your-tailored-business-solution or call 0161 886 7070