How to start a business in the UK
Starting up a business may seem like a daunting task. Coming up with the company name, figuring out the expenses, the capital, the employee count, the lease… and so on. There’s plenty to think about. But what is a start-up company, and how can a virtual office business like Grosvenor House benefit you?
What is a start-up company?
Simply, a start-up company is a new business. Some of the largest businesses we know all once began as start-ups – including the likes of Facebook, AirBnB, Deliveroo… the list is endless. The difference here is that these are hugely successful companies that are known worldwide. But all businesses have to start somewhere – which is why ensuring your start-up company is as effective as it can be from the get-go is so important to growth and success.
Things to consider when starting a business
Wondering how to start a company? You may have a fool-proof idea you can’t wait to get going – or you may need to iron out some teething problems first. There are many things to consider when starting a business, especially when it comes to finances. To name a few, some of these considerations include:
- Purpose – do you have a clear vision what your business is trying to achieve? Does it make sense? This is the most important consideration when thinking of starting your own business. If your purpose is at all hazy, it may be best to go back to the drawing board before you invest.
- Company name – do you have an idea for a business name? Does it really capture what your business ethos is about? Check out competition around that name, too, as you don’t want to be competing for the same brand name as another company.
- Target audience – ensuring you have a clear target market, or customer, is vital to the marketing, branding and general appeal of your new company.
- Location – is this a local business? Or will you be operating nationwide?
- Capital – this refers to the amount, or value, that you’ll need to put into the business to get it started. Start by making a list of all possible expenditures and you’ll soon get an idea of the capital you’ll need to set aside.
- Employees – how many employees will you need to hire for the business to operate effectively? Remember, while you’re finding your feet, it could be worth outsourcing work to freelancers before hiring too many staff for not enough work.
- Lease – does your new business need an office space? Perhaps you could begin with a coworking space – our offices in the heart of Birmingham’s bustling city centre are the perfect place to start up new companies, with a coworking space or hot desking spaces available.
- Marketing – have you considered how you will create an online/brand awareness? Whether it’s using paid ads, ramping up your social media activity or offline marketing such as flyers and billboards, ensure you have a good marketing plan behind you before you embark on your new business journey.
How to setup a virtual office business
If you’ve decided that creating a new company is the right path for you, it’s time to start thinking about the all-important registered address. It may be tempting to use your home address as your new start-up business address – however, this can cause problems later down the line. Read more about the reasons against using your home address as your business address from our detailed guide.
Next, you can start thinking about where your business will be based. As a start-up company, using a virtual office is a perfect solution to having to fork out rent on an office space that you’ll likely not be filling yet. Explore the wide selection of virtual offices packages we offer here at Grosvenor House from a simple registered office option to the our premium business package. From minimising your outgoings to increased flexibility and an immediate start date, virtual offices are great for new start-ups. For more information on how virtual offices can help new start-ups, read our detailed guide.