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As the end of the year approaches, many of us will reflect on what we’ve achieved and thought about our aspirations for the future. A new year represents the chance to start over. So, if you’ve been planning to start your own business for a while, why not do it in 2022? Check out these essential questions and tips to assist you with your business planning processes.
Choose the right business idea
If you want to start a new business in 2022, you must first choose the right business idea. Consider your hobbies and abilities, the demand, and the start-up stages when selecting a business concept. The following questions may help you decide what kind of business to start:
- What skills and experience do I have to offer?
- What existing problems could I solve?
- Which business opportunities have an easy start-up process?
- Which ideas will I be able to finance?
Best types of business to start in 2022
When considering a business idea, entrepreneurs need to consider product lifecycle; in other words, what business ideas are future proof? You’ll need to think about which sectors have witnessed the expansion and which products and services are in high demand.
According to Ippepi, some of the top future proof business ideas include influencer marketing, e-commerce inventory management, virtual event planning, solar power, artificial intelligence, and fitness tech (Ippepi, 2021).
Perform targeted market research
Researching your target market is a vital element of starting a new business. You’ll need to establish who your audience is and how to contact them. Detailed market research can help you to enhance your product or service and supercharge your marketing plan. Here are a few starting points for conducting target market research.
- Use surveys: These may be disseminated via email, or as a pop-up questionnaire.
- Conduct interviews: With the aid of interviews, you may acquire a better insight of your target market.
- Focus groups: Like group interviews, a moderator helps to foster a conversation about your product.
Planning your business is one of the most crucial elements of starting your own company. A business plan is a document that includes an overview of your company, and your goals for the future. A basic business plan should include the following sections:
- The executive summary.
- A brief description of your company.
- An analysis of your competitors.
- An outline of your product designs and development roadmap.
- A management and operations plan.
- Financial information, including the funding support and start-up costs.
To help you create your business plan there are lots of free business plan templates online. The more detail that you include the easier it is to plan your finances and operations.
To get your business off the ground what you’ll need is an effective marketing campaign. There are plenty of different ways that you can market your business, here are some of the best options:
Video marketing: One of the best ways to promote your business is by using video marketing. With a strong video marketing campaign, you can grow your audience, engage your customers, and boost your credibility.
Your website: Remember your business website should be the center of your digital marketing campaign. It’s here that you can provide SEO optimised content, from your blog to your landing pages.
Influencer marketing: Working with the right influencers is a fantastic way to drive your success. The benefits of influencer marketing include growing your audience and increasing brand awareness. To find influencer marketers to work with you can use platforms like Tribe, Upfluence, or Aspire IQ.
Social media: Building your audience is all about having a strong online presence. Social marketing can help you to build a community and target specific demographics.
Testimonials: According to Wyzowl, ‘customer testimonials have the highest effectiveness rating for content marketing at 89%.’ Your potential customers want to know why they should choose you. Positive testimonials are a great way to demonstrate how great your product really is.
Setting up a new business means you’ll need to choose a business structure. When creating your company there are three different options:
Sole Trader: Out of all the different legal structures, setting up as a sole trader is the most straightforward. You simply have to tell HMRC that you’re becoming self-employed, register your company name, and get started. Sole-traders keep any company profits (minus tax deductions). The downside is that sole traders are liable for any business debts.
Limited Company: In a limited company structure, the business owner and the company itself are legally separate. The owner takes responsibility for the company yet they will not be held liable for any debts. This option can offer improved tax efficiency, however, limited company formation is a more complex process.
Partnership: Setting up a partnership means sharing the risks, responsibilities, and expenses between two or more people. Unlike a limited company, this structure does not have a set legal status. The idea is to connect a group of self-employed people under one straightforward business structure.
When you’re starting a new business there are several key financial considerations you’ll need to keep in mind.
1. Funding your business : The first step is to figure out how you’re going to fund your business. You’ll probably be investing a lump sum of your own money, but it’s also helpful to get support. You might pitch to investors to get funding? Alternatively, you could apply for a business loan? There are also grants for start-ups that you might consider applying for.
2. Budgeting your expenses : Budgeting your expenses is incredibly important, without an accurate budget you may struggle to make a profit. Check out budgeting and forecasting software to help you manage your business finances.
3. Managing your accounts : When you’re starting a new company you’ll need to work with an accountant. An accountant can help you manage your expenses, invoices, payroll, loans, and business accounts. Your accountant will also provide support with filling your self-assessment tax return. Completing a tax return can be a complex process, depending on your business structure and circumstances. Failing to complete your tax return on time can leave you with hefty late fines.
Starting a new business involves a wide range of financial and legal considerations. An accountant can support you through these processes, to ensure the success of your business.
Our Tax accountants are familiar with business environments and can help you save money on operations and cost savings. Suppose your accountant is not familiar with the day-to-day operations of your business, the nature of your work processes, procurement, billing, and cash collection. In that case, they will be unable to provide you with the support and advice you require. It is critical to understand the activities and relationships of all trading companies when you have more than one. Contant us for advice on business planning and structuring.