Starting a business is challenging, especially in the current economic climate. For that reason, we’ll be sharing with you how to set up a property business. So, if you’re new to business and need a push, keep reading!
Find your WHY
Get clear on your why first, then focus on the other elements of your business. It’s so important to establish this before moving onto to any other part of your business. Ask yourself these questions to get started:
- Why do you want to start a business?
- Is this something you really want to do?
- What is your motivation behind starting a business?
Creating a mind map is a good way to highlight important concepts and the general structure of your business idea. Mind maps help you to become creative, make sense of thoughts, and find solutions to problems. You can make a mind map on websites such as Miro or the old-fashioned pen and paper method.
Organise and clarify your business concept
After making a mind map, take some time to organise and thoroughly clarify your company idea. To accomplish this, you must be clear about your why, the problem you solve, your goals, and your intended course of action.
Create a business plan
For your business, you must have a business strategy. When drafting your business plan, you should concentrate on the measures that will ensure your company’s success. You should also include your long- and short-term goals. Click here for assistance with business plan creation.
Decide on a business structure
In the UK, there are four primary types of business structures, including: Partnership, Limited Liability Partnership, Sole Trader, and Limited Company.
Choose a business name and register it
It would be a good idea to come up with a business name as soon as possible if you haven’t already. It’s crucial to create a business name that is clear and to the point. What you must do after coming up with a business name is as follows:
- Determine whether the name of your company is available. Click here to do this.
- If you can’t use your preferred business name, try shortening it or changing the phrasing.
- Before you create a website, you must first create and register a domain name. You can do this on services like Lyrical Host, GoDaddy, or Google Domains.
- WordPress, Squarespace, Shopify, or any other platform that works best for you, can be used to create a website. The most well-known platform in the world is WordPress.
- Create a Companies House account for your business
- Think about trademarking your company name
Identify your target market or audience
You may create a tone of voice that communicates directly to your customers by defining your target audience. You can conduct campaigns far more effectively if you know exactly who you are targeting by establishing your target audience. Your target audience can be determined through market segmentation, which includes demographic, psychographic, behavioural, and geographic factors.
Get financial funding
There are several ways to obtain financial funding, including:
- Asking for a loan from family or friends
- Peer-to-peer loans
- Looking for angel investments
- Obtaining an overdraft or business loan
- Government programmes and grants
Get business insurance
It’s crucial to research on the type of insurance your company needs. Property-related enterprises will require a certain insurance, such as employer’s liability insurance and professional indemnity insurance. If you need assistance, join our Facebook Community.
We know how hard it can be to set up a property business. It requires a lot of hard work, determination, consistency, and learning, but the effort you make is worthwhile.
If you found this blog post useful, take a look at our blog here for more property, business and wealth tips and strategies.
Before you go …
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