AUTUMN 2023 SETTING UP A BUSINESS Thinking of setting up a business? Then get to know your target audience and how to maximise opportunities Whether you want to be a sole trader, limited company, partnership or a social enterprise, one of the keys to success when setting up a business is doing your research. Imagine how someone might go from learning about your business to becoming a paying customer Begin by building a picture of your target audience at whom is your product or service aimed? What are their interests, motivations and behaviours? This customer persona will be invaluable when it comes to branding and marketing your business. Conducting a free survey with Google Forms can help you learn more about how people interact with products or services in your industry then imagine how someone might go from learning about your business to becoming a paying customer. Be sure to define your unique selling point and find your niche. What makes you stand out from the crowd? Is your product new and innovative, or are you breaking the mould with your approach to sustainability? SWOT analysis will help you get your strengths, weaknesses, opportunities and threats down on paper, so you can plan how to maximise your opportunities and prepare for any potential obstacles. Its also vital to put together a business plan a written document that looks at the objectives, strategies, sales, marketing and financial forecasts of your business (see panel). A business plan will help you to: Visualise your long- and short-term goals and objectives Measure your progress and performance Clarify your business idea or proposal Spot potential problems before they happen Understand how your business can grow. Business plan basics Include details about yourself and your business, then outline what your business has to offer and its aims. Why do you want to run a business; what are your qualifications, education and work experience; are there any training courses that could help you run your business? Also include information about: Products and services: What will you be selling? Who is your ideal customer? How will you produce the product or service? Who are your suppliers? How will your customers pay? Do you have a premises and equipment? How will you market your business? Finances: What are the costs for each product and service? How much will you need to pay suppliers or manufacturers? What are your outgoings for staff, premises, bills and suppliers? What are your financial forecasts for the next 12 months? Visit the FSB website for more help with writing a business plan. A business plan will help sell your ideas and ambitions to a potential customer, supplier or staff, and banks and finance providers will usually require one as part of their loan-assessment process. If you need financial backing for your business idea, you As part of the UK might consider a start-up loan a government-backed governments Levelling Up personal loan that allows you to borrow up to 25,000 per agenda, the UK Shared Prosperity company director. Fund is providing 2.6bn of new funding for local investment by March 2025, including to support local business and boost skills. Keep an eye on your local authority website for more information. Before you apply, though, be clear about your goals in the first year and beyond, be realistic about how much you want to borrow, and align your expenses with your objectives. Have a Plan B that will let you keep a cool head if faced with unexpected events, and set a personal survival budget plan for the worst and set expectations, especially if youre going into business with others. For more information about starting your own business, visit the FSB Start-up Hub or see TSBN Summer 2022. Credit: Karen Woolley, development manager, Federation of Small Businesses Image: iStock / ssnjaytuturkhi Anonymous Hotline For further information, please contact your local Trading Standards Service For up-to-date news stories and information, follow us on 0300 303 2636 Is your sector being undermined by unscrupulous traders operating outside the law? Report them via Trading Standards Anonymous Hotline or online and help level the playing field for honest businesses.