STARTING A NEW BUSINESS

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The cost of a storage room is much cheaper than office space, making the rooms perfect to store stock or equipment.

So how do you launch a business? Here are our top tips;

Have an idea

Don’t just start a business because something is in the magazines and you think commercializing it will make money. Develop a business concept that you’re passionate about related to something that you have experience with. From there, come up with a product or service that you believe can enhance.

Once you’ve settled on an idea, figure out how you can make it become a reality. Is the product or service something that people want or need? Can you make a profit selling it? Does the product work?

Create a business plan

Self storage is ideal for those who wish to start up a new business. A business plan will help you define your goals and summarizes your business in a single document. Seek advice where necessary; your business plan needs to be carefully thought through. Until you launch your business, this is the only physical thing you have to show potential investors and could be the difference between securing or not securing start up capital.

Self storage

Space

For many start-ups one the biggest issues is space, often a bedroom project spills over into the living areas, gradually taking over the house or you may need your own private space away from the children or you have precious stock which needs to be stored safely. Many start-up businesses are using storing facilities because they have a range of spaces from lockers to 500 sq ft. This gives you the freedom to only rent the space you need and the flexibility to expand as the business grows.

The paper work

No one expects you to know everything about taxes, contracts, rules and regulations but make sure you have access to the people who are able to provide you with sound reliable advice. One of the most common reasons a business fails is cash flow or lack of. No matter how great your idea is, if there is no cash in the business it will fail. Make sure you have an understanding of how the accounts work so you can monitor and flag any potential issues.

Resources

Most people are already equipped with the majority of the tools needed to start a business and to be able reach a worldwide audience from day one. A laptop and mobile phone are essential to get a business up and running. The Internet enables a business to reach a worldwide audience.

Identify the market and the competition

Even though you may have detected some interest in your business, you need to do more homework. Assess the market, targeting the customers most likely to make a purchase. Perform a competitive assessment. Is there anyone out there doing something similar – see what they are doing well or badly. Learn from their mistakes.

Get a website

Potential customers want to know as much about your business as possible and they should be able to quickly access that kind of information on your website.

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