14 Things to Consider When Setting Up a Business in 2014

Unique Selling Point – What makes your business different from your competitors? Identify your USP and define what you can offer customers that another business can’t.

Market Research – Gather specific information about your target markets, competitors and customers. This will help you understand your place in the market, who your customers are and will also help you develop a marketing strategy.

Business Plan – Business plans allow you to create a road map for your business. They are a written document that describes your business and includes details on objectives, market research, marketing plan and financial forecasts.

Business Structure – When starting a business in the UK you must select a business structure. The structure you decide will determine your legal responsibilities. You can register your business as a Sole Trader, Limited Company or Business Partnerships.

Business Team – Who are the team behind the idea? If it’s just yourself, will you need help in the future as the business grows?

Marketing – Developing a marketing strategy for your business allows you to promote your product/service to your target customers. The umbrella term marketing covers advertising, PR, promotions and sales.

Branding – Establishing a strong and consistent brand such as a logo for your business will help customers recognize your products over a competitor’s similar product within a competitive market

Logistics – How customers will buy and receive your products/service. This will depend on the type of business. Will you have a physical shop? A website? The world is your oyster.

Finance –Keeping track of your financial ins and outs will help make sure you pay the right tax, get paid by customers and of course have enough left at the end of the month to make it all worthwhile.

Bank Account – Opening a business bank account will allow you to keep your business and personal finances separate. Shop around to find which bank can provide your business with the best deal.

Business Registration – You will need to register your business with HMRC within 3 months of commercially trading for tax purposes.

The Law – You can use the law to protect your ideas and the reputation of your business. Laws are generally good for business but it works both ways and you need to know what laws apply to your business to stay on the right side of them.

Terms & Conditions – T&Cs are the legal conditions you are willing to do business with your customers and will help protect your business.

Enterprise Team – DMU students and graduates can start-up businesses or become self-employed with the help of the Enterprise Team. We’re based on campus in the Student Gateway and can provide you with the right advice and guidance to get your idea off the ground.


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