In 2015, more than 16 million people took part in Small Business Saturday by going out to support a small business and 64% of the UK was aware of the day
The Forum of Private Businesses has launched a ‘Pocket Guide to Business Start-Ups’ and is promoting a small business membership package to coincide with tomorrow’s Small Business Saturday (3 December).
Chief executive Ian Cass said: “At the Forum we know how important it is to support new business start-ups in the early years of operation as over 90% fail in the first three years of trading. It ‘s estimated that there are around 5.5 million businesses within the UK with over 99% of business being small or medium sized, of which 96% being micro business employing 0-9 members of staff.
“2015 saw the birth of 383,000 new businesses being formed with 252,000 businesses folding and going out of business.”
The Forum says that, after a number of months of trading, new business owners find that they come up against the things they didn’t know about in business and need help to overcome them.
These are some of the tips that the Forum would recommend to any new start-up:
1. In order for your business to be a success, research, research and more research. Is there enough demand for the product or service you plan to supply. Do your homework and make sure you get impartial advice, check your competition and see if the idea you have already exists. Don’t let it deter you if it does, just get out there and execute your business better.
2. A Business Plan is one of the most important documents any new business should have. It will help you to determine where your business is going and how it will overcome any potential difficulties and what you need to sustain it. Think about what you need to include from a business aim and objectives, SWOT analysis, financial processes, targets and business risks. A lot to include but a business plan that is used and continually updated will make a better and successful business.
3. After putting together the company structure and business plan you will need to register your business. There are different routes to this dependant on the company structure you have chosen. The Forum works closely with Company Registrations who will guide you through the process of forming your business officially on paper.
4. Purchasing insurance for your business is an important step that should happen before you officially launch. Insurance you may need range from Public Liability, Building and Contents, Professional Indemnity/liability to name a few. A wide range of insurance protection is included with a Forum of Private Business membership which is designed to protect small employers and help you to survive traumatic events.
5. And finally a small business owner with the vision to create a dynamic, customer focused marketing strategy – and the discipline to carry it out will have a real opportunity to do something special with their business. Being smart with marketing ensures the success of your business by attracting the right customers and retaining them long term. One in 5 businesses view increased marketing spend or improved marketing as the key to growth.
Small Business Saturday is now in its 4th year and even more businesses are now getting involved. In 2015 more than 16 million people took part by going out to support a small business and 64% of the UK was aware of the day.