Seven key things you really need to get right when starting your own business

Last year, according to the Centre for Entrepreneurs, a record-breaking 772,002 new businesses were formed in the UK – a 13.25% increase on 2019’s total. In more recent years, about 650k had been the annual average, so there’s no doubt about it – the UK is undergoing a start-up boom.

Covid-19 helped to fuel the phenomenal start-up growth last year. During the first three-month lockdown alone, an estimated 315,000 new UK businesses were started in the UK. While some did it following redundancy, others used the time and opportunity they had while at home during lockdown to finally start their own business.

Maybe you’re considering starting up or possibly you’ve already set the wheels in motion. There are many things to get right if your new business is to get off to the best possible start. But, here are seven key things you really need to nail if your new business is to succeed.

1 Come up with a good business idea

Good business ideas generate enough profit – it really is that simple. Some seemingly “good” business ideas don’t work in the real world, the demand just isn’t there. Once you’ve come up with your business idea, find out what others think (don’t just ask friends and family). Find out whether they would buy what you’re planning to sell for the prices you plan to charge. If so – great – you may be on to a winner. If not – think of a better business idea. It could save you a lot of time and money. 

You also must consider how you’ll sell – offline, online or both? Who will you target – consumers, businesses or both?

2 Decide what type of business you’ll start

When will you sell? The options are spare-time, seasonal (eg summer-only), part-time (aka “side-hustle”) and full-time business. Not all businesses can generate enough profit all-year-round. Some may only work at weekends. You also must consider how you’ll sell – offline, online or both? Who will you target – consumers, businesses or both? Will you sell locally, regionally, nationally or internationally? Will start from scratch or buy another business? Do you plan to go it alone or go into business with someone else? You must decide all of the answers to these key questions.

3 Choose the right legal structure

By law, you must register your business and pay all tax due. Most become a sole trader (ie self-employed). Basically, you and the business are the same in law, so you’re personally liable for any business debts. You can go into business with someone else in an ordinary partnership or limited liability partnership. Many people set up a private limited company to shelter them from personal liability. There can be marginal tax savings, too. Whatever you choose, registering can be done online, quickly and for little or no cost. There are formation agents that will do it for you for a fee.

• Visit government website Gov.uk for guidance on how to register a business. 

Successful brands are always distinct. They engage potential customers and encourage them to buy and remain loyal.

4 Create a strong brand
Think of your brand as the associations that would come to mind when customers think of your business. This is much more than your brand identity (ie logo, typeface, colours, slogan), it’s what you stand for – your promise to your customers. Successful brands are always distinct. They engage potential customers and encourage them to buy and remain loyal. 

Get it right and your business name becomes a deadly marketing weapon that distinguishes you from your competitors, announces your business to the world and helps you to attract and retain customers.

5 Pick a good business name

This is one of the most enjoyable tasks when starting a business – but it’s also one of the most important. Get it right and your business name becomes a deadly marketing weapon that distinguishes you from your competitors, announces your business to the world and helps you to attract and retain customers. But get it wrong and it can create negative perceptions about your business and ultimately drive potential customers away. 

6 Create a wonderful website

Even if you don’t sell online, customers will want to find out more about your business before they decide whether to buy. Your website allows them to do that quickly and easily. It may even be how customers find you. Your website should create a fantastic first impression by showcasing your brand, telling potential customers key facts and why they should buy from you. Doing your own website is cheaper, and DIY templates make it possible, but hiring the right professional will ensure better results, while also saving you time. 

7 Get the right support around you

Starting a business involves a lot of learning. You won’t know how to do many things, but others can help you. There are many sources of free online start-up advice, such as the Start Up Donut website, while government website Gov.uk provides guidance to rules and regulations and sources of government support. The startups.co.uk website also offers a wealth of free guidance, while those aged 18-30 can contact the Prince’s Trust for start-up support.

You may be surprised at other business owners’ willingness to share their experience, tips and advice. 

Paying for guidance from an experienced accountant could help you to save money, but seek recommendations from other small businesses. Finding a mentor (someone who has started and run a successful small business) could also really help. Running a business can be a tough at times, but that can made easier with the support of friends and family. You can also reach out to other start-ups and small businesses via Facebook small business groups. You may be surprised at other business owners’ willingness to share their experience, tips and advice. 

• Written for and published by Manage My Website.

Six things every accountancy firm should know about content marketing

Content marketing is far from new, of course. As long ago as 2008, revered American author and digital marketing expert, Seth Godin, made his much-quoted declaration that: “Content marketing is all the marketing that’s left.”

But content marketing has really risen to prominence in more recent years, with much traditional marketing simply not worth the effort or investment.

What is content marketing?

The Content Marketing Institute (CMI) defines content marketing as a “strategic marketing approach focused on creating and distributing valuable, relevant and consistent content to attract and retain a clearly defined audience — and, ultimately, to drive profitable customer action.”

The key to success is to become a source of free, relevant, useful content that helps your prospects and customers to solve their problems. Take away their pain or help them to be more successful and they’re more likely to buy your products or services, because they know, like and trust your brand.

Content marketing has become a highly cost-effective way to attract and retain customers, with businesses of all sizes now using it to good effect, including many successful accountancy firms. If you’re still not entirely sold on content marketing, here are a few important things to consider…

1 Everyone’s doing it

Well – almost everyone. About 90% of B2B marketers use content marketing. About three-quarters of those who don’t use content marketing soon plan to. And CMI research suggests that almost two-thirds of users remain “very or extremely committed” to content marketing.

Key take-away >> If your accountancy firm doesn’t use content marketing – you risk losing customers to those that do.

“Each year in the UK, some £5bn is spent on content marketing and research suggests that a quarter of organisations using content marketing found it to be extremely or very successful”

2 Content marketing works

Businesses throughout the world use content marketing because it works. Each year in the UK, some £5bn is spent on content marketing and CMI research suggests that a quarter of UK organisations using content marketing found it to be extremely or very successful, while a further 42% found it successful.

Key take-away >> Content marketing can be a particularly effective way to reach small-business owners, who are notoriously difficult to reach.   

3 Content marketing is highly cost-effective

For a third of the cost, content marketing can generate more than three times as many leads as “outbound marketing” (ie advertising, promotions, PR, etc), while lead conversion rates are reported to be six times higher than other options. And up-front costs can be significantly lower, while providing much better long-term benefits than, paid search advertising, for example.

Key take-away >> Written content can be cheap to buy or produce and it can deliver a far better return on investment.

“Since the Covid-19 lockdown, there’s been a surge in demand from UK SMEs for practical financial advice. If you don’t communicate regularly, your customers may feel unloved and soon go elsewhere”

4 Content marketing can help you to attract and retain customers

It’s much cheaper to sell to existing customers. Content marketing enables you to communicate regularly with them and you can give them helpful information when they need it. Since the Covid-19 lockdown, there’s been a surge in demand from UK SMEs for practical financial advice. If you don’t communicate regularly, your customers may feel unloved and soon go elsewhere. You have been warned.

Key take-away >> Content marketing can enable you to build stronger, longer-lasting relationships with your customers.

5 Content marketing can boost your Google search rankings

Keyword choice and density is, erm, key, of course, but Google also favours website content that displays expertise, authority and trustworthiness. Getting backlinks from other websites makes a big difference, too. Content marketing can also raise your profile on social media, which can also increase your website visitors and ultimately boost your sales.

Key take-away >> If you want to boost your website visitors, content marketing can really help.

“To safeguard your brand, extend your reach and ultimately sell more – never compromise on the quality of your content”

6 Content quality is key

What impression you are left with when you read badly written or presented information? What if there are errors or the advice is poor? Would you share it via your social media channels? Would you buy from such a source? No? Me neither. If you want to succeed, be a source of high-quality content that provides unique value.

Key take-away: To safeguard your brand, extend your reach and ultimately sell more – never compromise on the quality of your content.

In conclusion

Seth Godin’s proclamation isn’t strictly true. Plenty of accountants get work from word-of-mouth recommendations and networking. Paid search and social can also generate leads. But content marketing should be central to how your accountancy firm markets its services, especially in our post-Covid19 world, where businesses are hungrier than ever for regular, reliable advice.

Many accountancy firms (particularly the larger ones) “get it” when it comes to content marketing and some do it very well. But other accountancy firms, usually small ones, don’t do it as well or don’t do it at all, often because they lack time, expertise or don’t believe in content marketing. Who knows how much opportunity they’re missing out on?

• With 15 years’ experience as a leading writer of small-business content, Mark Williams is the founder of Dead Good Content, which specialises in writing cost-effective bespoke and oven-ready content for accountancy firms and others that want to market their services to small businesses.