Know your market

The first essential step before starting your own business is to understand your market. If you’re selling locally in West Molesey and East Molesey, then you’ll want to understand the local demographics and exactly who you are targeting.

The KT8 area is fairly diverse, with a mix of families, professionals and retirees. It is also a growing area and popular for people to move to.

Identify Opportunities

Where is there an undersupply or a gap in the market? Where can you fill or establish a niche? Depending on the type of business you’re planning, you’ll need to do some research into the area and the mix of businesses and sectors that operate there.

For example, the KT8 area has lots of cafes and hospitality businesses, but with a growing number of families, childcare services are in demand.

Research and Planning

Now that you have identified a market, it’s time do deeper level research. Cold hard data is needed. Remember that family and friends will be supportive, but aren’t necessarily the best source of information.

You should write a business plan outlining your business idea, target market, competitive analysis, marketing strategy, financial projections and operational plan. A business plan may also help guide you in directions you didn’t initially expect.

Business Registration.

The next step is choosing the right legal structure and registering your business. In most cases a Sole Trader or Limited Company will be the most suitable fit.

If you are dealing with food, childcare etc, do you need a license? Check with Elmbridge Council.

Finance

Starting a business is a risk. In most cases, you will use your own money and savings, or source additional funding from friends, family and/or a bank. In this case, your business plan will be critical to securing funding.

Location

As with most things, starting a successful business is all about location. In West Molesey in particular, this can be critical. Depending on the type of business you’re planning, you might want to choose a high traffic area for footfall and visibility.

Once you have found your location, even if it is home based, the next step is to fit it out. You need to make sure it meets legal requirements, as well as your business needs.

Marketing

Getting your message out there can be tricky. If your business is locally focused then there are cheap and effective ways to do this.

Here are a few of your options:

Website - this needs to be professional. It doesn’t have to be complex though. Simply tell people clearly what you do, who you are and how do they buy.

Social media - Local Facebook groups can be great. They often get high engagement and people increasingly like to support local businesses.

Local SEO - get your Google business page set up and develop relevant local links. Push to get online reviews.

Networking -  Join local business associations such as the Elmbridge Chamber of Commerce or BDI. They can be very helpful.

Sponsorship - if relevant, sponsoring local events, school fairs etc. can be a great way of establishing your business within the community.

Flyers and posters - Get posters up in high traffic areas and hand out flyers in district centres and at community events.

Local Newspapers and Magazines - Advertise in local magazines such as Molesey Matters or Your Elmbridge.

Financial Management

Know your numbers! The bottom line for any business. Use software to help you, there is plenty out there such as Xero or Quickbooks. You will also need a good merchant provider for accepting payments by card. Again there are a heap of options, do your research and get the most appropriate for your business if it is point of sale or online.

Always monitor your cash flow to ensure you have sufficient funds to cover operational costs. Cash is king!

Starting a small business in West Molesey, KT8 is a big step. If you do your home work at the start it can set you up for success. A lot of small businesses fail, largely due to lack of cash flow and not doing their homework.

Many businesses need storage space, that’s where we can help. We have a variety of units from 10sqft to 300sqft, all offering 7 days a week access.

Contact Us for more information for your business storage in West Molesey and around KT8.