The Internet has paved the way for a significant rise in crowdfunding and online networking. As a result, more and more startups are getting established in the UK day by day. In 2020 alone, more than 700,000 new businesses were established, and this figure is expected to increase in the coming years.
However, we have also seen several startup businesses closing down. Anyone who has experienced opening and running a startup business will tell you that it comes with many challenges, especially if you are based in big and bustling cities like London. There’s the pressure of juggling workload, managing finances, establishing client relationships, keeping up with your competitors, and so much more.
So, if you are planning to put up a startup company in the UK soon, here are some of the most important things you need to keep in mind.
1. Consider Your Company Values
You need to consider your company values if you want to grow a strong customer base. Also known as corporate values, company values refer to the guiding principles your business is based on. Your organisation should use these values as guiding principles in establishing relationships with customers and directing internal affairs.
Company values help the organisation in making important decisions. These values can help every member of the organisation in making the best decision during difficult times. They align the team, making it easier for everyone to communicate and make decisions. According to luxury travel recruitment and brand specialists, Lighting Travel Recruitment, values are especially important in today’s market when it comes to issues of diversity and inclusion. An organisation without shared company values could end up with inconsistent communication that will only lead to insecurity and confusion. Therefore, every company should have a clear definition of company values, and that everyone in the organisation should be familiar with these values.
Having a clear definition of company values can also improve motivation among your employees. They will be more engaged to do their tasks and be motivated to do more for the company. These values will give them an idea of the kind of behavior you want the team to have. They will feel more secure, and thus, they will be motivated to work hard to help the company achieve its goals.
Related: 30 Mission Statement Examples to Kickstart Your Business Journey + Templates
2. What’s Your USP
The unique selling proposition, more commonly known as USP, is that one thing that makes your business stand out from your competitors. It is something that makes your company better than the other companies within your industry. When running a startup company, you need to have a strong USP.
Having a strong, unique selling point can help to strengthen your brand’s viability further. Your unique selling point does not have to be a single feature. Sometimes, it can be a combination of different features that will result in a winning formula. The USP also helps you focus on your marketing strategies and influences branding, messaging, copywriting, and other important marketing decisions. At its core, the USP must quickly address your customer’s most immediate question the moment they come across your brand – what makes this brand different from the rest?
Remember that your USP is your strength, and it must be based on what makes your product or brand uniquely valuable to the customers. But keep in mind that being “unique” is not really a strong USP. It would be best if you had something that would catch the attention of your target audience. Otherwise, your message will not be nearly as effective.
3. Think About Marketing
Remember that marketing is the heart of every business. For your startup business to survive, you need marketing, and the stronger your marketing strategies are, the healthier your business will turn out. One of the most effective marketing strategies in this day and age of the Internet is the use of social media.
Social media is a very effective marketing tool. There’s a good chance that your competitors have been sharing ads, content, and viral videos and articles across various social media channels. So, if you want to keep up with your competitors, you need to invest more time and effort into your social marketing strategies and target your potential customers through various social media platforms. To stand out from the rest, you need to have targeted tactics and a killer brand image. That way, customers can easily remember your presence on Twitter, Pinterest, Facebook, and other social media channels.
4. Compliance
Startup companies range in size. Whether you are a company with only three employees or perhaps a dozen or more staff, you must comply with health and safety. Accidents could happen anytime in the workplace. If you want your workers to go home safe, healthy, and happy, you should manage health and safety in your company. UK regulations require that employers put up arrangements and programs to control health and safety risks at work. You must have procedures and processes in place that meet the UK legal requirements. Depending on your business needs it’s best to acquire bespoke elearning to cover the training you will need to give your employees.
As a small company, you might think that GDPR is something that doesn’t concern you. But being compliant with the GDPR is very useful for new startup companies, as it builds trust in customers, which can become a significant feature of your branding. But for most companies, the biggest motivating factor in complying with the GDPR is the consequences of non-compliance. You are looking at up to a 20 million euro fine, which, for a startup company, can be a really huge amount of money!
5. Competitor Analysis
A competitive analysis allows you to size up your competition by identifying your competitor’s weaknesses and threats. In doing so, you will know how what works or does not work for you. The process requires understanding how other similar businesses operate and identifying what mistakes you need to avoid. It will also help you to discover trends that you can implement into your own company. As a new company, competitive analysis should be an essential part of your startup process.
The first step is to identify your competitors, both direct and indirect competitors. These are companies that offer products and services that are similar to yours. Once you have identified your competitors, use the Internet to assess their online presence by visiting their website and social media pages. You can also read the online reviews written by customers about your competitors. Finally, identify your competitors’ strengths and weaknesses based on your research, then use this information to your advantage.
