Starting up your own business and managing it successfully amongst the current ups and downs of the pandemic is no small feat. If you are willing to work hard, maintain a positive attitude and keep cash flowing into your business there is no reason why you still cannot succeed in this competitive world.
Inject Your Personality Into The Brand
The business that you establish is unique to you, and in order to stand out from your competitors, you want to add a splash of your personality into the brand. It will encapsulate your passion as well, as you are going to be either developing a product from scratch or incorporating your own skills and experience into the foundations of your business. Being passionate about what you have created will give you the necessary drive to succeed. You will certainly stand out from the crowd as well if you are providing something that has not been seen before.
Online Presence
It is really important to have an up to date website and business profiles on social media in 2021. You will be able to reach out to a much larger audience then if you pay for advertisement slots in printed magazines. The great benefit of having a social media account on Instagram on Facebook is that it is free to set up.
You would only need to pay a fee if you wanted to feature your brand in advertisements or pay a social media influencer to advertise your brand. Considering the large numbers of followers that some influencers have, this could certainly be helpful to get your brand name out there and spread by word of mouth.
Outsourcing
To ensure that your staff get paid each month you will need a payroll company that will enable you to have all your staff contacts in one safe place to make the process a lot easier. They will also ensure that your business complies with HMRC guidelines which of course is important.
It can also be useful to outsource elements of your business to freelancers when you need assistance with areas of your business that you are not experienced in. This will prevent you from having to hire someone full time when there would not be enough work for them to complete. This would prevent you from spending money which could otherwise be injected into another area of your business.
Legal Requirements
It may not be the most exciting aspect of running a small business but you do want to make sure you are following all the necessary guidelines, particularly in these Covid-19 times. Having all the necessary measures in place, like Health and Safety, sufficient training for your staff, first aid knowledge, and insurance covered, are just some of the requirements that need to be met, so you will certainly want to put these on your checklist. Also, you need to make sure all documents are up to date with HMRC and The UK’s Companies House. Even if you are a companies house dormant company, it is essential you submit the correct annual statements of accounts.
