Over recent months, sadly many people have been forced out of work and into redundancy across the UK due to the surprising widespread pandemic. Although it is an extremely difficult time for people and those now unemployed, this month Crendon Insurance would like to bring a little hope in the form of considering starting up a new business.

With unemployment at an all-time high and the job market completely saturated with aspiring available candidates, maybe starting a new business could be an alternative option; something that before 2020 you never would have considered.

Steps to starting a new business

Step 1 - The first step is to look at your interests and your hobbies. Write down a list of things that inspire you and if they could transpire into a business model.

Step 2 – Research your ideas further, which product or service do you like the best, which could be profitable.

https://www.crendoninsurance.co.uk/startup-business-insurance-innovative-entrepreneurs/ Secondly, look at the competition and use the who / what / where / how market research approach.

  • Who is selling the product or service?
  • What are they selling and what do they say about their company?
  • Where are they selling?
  • How are they selling?

Step 4 – Think about how your research could apply to your own business ideas. Do you think that your product or service could be marketed? Speak to family and friends to gain their ideas and feedback. Is it appealing?

Step 5 – Begin talking to suppliers. What are their costs, what is their turn-around time on delivery? do you have to place a minimum order?

Step 6 – Think about how you will promote and sell your product. Will you use social media? Will you sell your products through your own e-commerce website or use a platform like Amazon FBA or eBay to sell items?

Step 7 – Work out costs for selling. How much is it to produce and what will be your profit margin? How many will you need to sell so that you can make a living or at least cover your personal living costs to begin with?

For more information on protecting your new company in the event of starting a new business, please contact our team at Crendon Insurance. We design bespoke startup business insurance packages for startup businesses which may include the likes of startup business insurance, technology insurance, intellectual property insurance and online retail insurance. To find out more, please contact us or see our website for more details.