YOUR BUSINESS SPRING 2019 - 24

Do your checks

Proper research is a vital, as
Alexandra Leader from the
City Business Library explains
Many business owners greatly
underestimate the power that
information can bring to their
business. Market research is by
far the best way to maintain
a competitive edge. It will tell
you the size of the market and
developments that are likely to
happen, from the production of
new materials and worldwide
politics that may effect potential
suppliers to consumer trends.
Research will also help you
to work out a pricing strategy
- how much to charge for your
goods or services. And investors
looking at your business plan
will want to see that detailed
research has been undertaken.
City Business Library has
a subscription membership
designed to give SMEs remote
access to the global business
data and market research
they need to support their
growth. Here you can access
import/export data, company
information, industry reports
and business law information.

4 Look for finance

If you need an injection of capital
into your business, you'll need a solid
business plan to show to banks and
potential investors to persuade them
to lend you the money. There are lots
of options, including applying for a
government Start Up Loan, finding
a "business angel", peer-to-peer
lending and online crowdfunding.
You should also consider whether
you should register for VAT with HM
Revenue & Customs from the outset.
It's compulsory once your annual VAT
taxable turnover exceeds £85,000.

5 Decide on a name

What you call your company has
huge implications, as it gives your
business authority and projects

24

a certain image to customers.
And you'll be using it every day,
so it needs to be something you
like. Rebranding is expensive, so
it's worth taking the time to get
it right first time. Think about
the service or product you're
providing, avoid unusual spellings
and make it easy to pronounce.

6 Think about
business premises

Can you work from home, or will
you need an office or small unit to
develop your product? If you're
renting premises, this needs to be
included in your business plan.
You also need to think about
how accessible it is for potential
customers, suppliers and employees.



YOUR BUSINESS SPRING 2019

Table of Contents for the Digital Edition of YOUR BUSINESS SPRING 2019

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https://europe.nxtbook.com/emp/EMP/jobsandcareerswinter2020/21/jobsandcareerswinter2020
https://europe.nxtbook.com/emp/EMP/yourbusinessmarch2020/yourbusinessmarch2020
https://europe.nxtbook.com/emp/EMP/YOUR_BUSINESS_Spring2019
http://europe.nxtbook.com/emp/EMP/2016SixnationsGuide
http://europe.nxtbook.com/emp/EMP/NationalExpress
http://europe.nxtbook.com/emp/EMP/SixNationFeb2015
http://europe.nxtbook.com/emp/EMP/National_Express_2013
https://www.nxtbookmedia.com