Basics to Research before Starting a Business.
by Startacus Admin
So, you’ve had the idea that you reckon is going to change the world or maybe even just change your world. Either way, before that idea becomes a full blown business, you’ve got to do a little research. Well...quite frankly... a lot of research. Of course, what you research will depend a lot on what type of business you plan to startup, although there are some basic elements that are pretty much essential. 
To help you on your way, here are a few of the Basics to Research before Starting a Business.
The Legal Structure
Sole Trader? Partnership? Limited Company? The legal structure of your business should be decided upon pretty early on as it can have a whole host of implications from the off. There are advantages and disadvantages to each and it’s worthwhile spending some time in weighing these up before you make a decision on which is right for your startup. In fact, why not check out our previous post where we explore that in a little more detail.
The Competition
There are very few if any businesses out there that are wholly unique. Therefore in some way or another there will be a business that is pretty similar to the one you are considering setting up. It may provide similar products, or a similar service or simply be aimed at the same customer base. Whichever of these may apply, assessing who your business competition is, is absolutely essential. Spending time in researching what they do and how they do it is key. You should aim to gain info on everything from their pricing, through to the type of marketing that they undertake. Gathering this info can help you refine your own business proposition and help you determine how and what you are going to do differently, which incidentally leads us on to our next point.
The USP
Once you have established who your competition is, you need to assess how you are going to differentiate yourself from them. Will it be on price? On the quality of what you offer? Will you be looking to offer something cheaper than the competition or simply an improved version? Alternatively your unique selling point could be something that is entirely revolutionary and different from anything else that presently exists. By having a clear and identifiable USP you can help shape your entire business strategy and how potential customers view you from the off.
The Target Market
Knowing who your potential customers are is critical. Before you can even contemplate starting a business you will need to define who your target market is. Having a clearly identifiable audience or potential customer base is essential for the development of your business. Keeping this target market in mind is key at all stages of a business journey and is especially so when you are just starting out. Conducting Market Research is therefore one of the first essential steps for a startup. Our basic guide on the basics of Market Research should help with this one.
The Money
Money as we all know is critical to every business, but especially so a startup. You will need to research and forecast exactly how much money you are likely to need and then set up researching how you will get it. Whether that means going to a bank directly, using your own savings or even using an alternative method of finance such as crowdfunding, you will need to figure the money stuff out pretty early on.
The Laws and Licences
The business you are planning to startup may mean that you are subject to a whole host of legal rules and regulations. It’s therefore essential to do your research into this as early as possible. After all, if you don’t you could run into serious trouble and perhaps be fined or banned before you have even got a chance to trader properly. Research everything - from applying for licenses and permits to registering copyrights and patents. Our basic guide on Intellectual Property should help you out in this regard too.
The Practicals
The practical elements of starting a business need to be researched too. Everything from researching which business bank account you should open through to where you could set your business up also ought to be way up there on your to-do list. Spend some time establishing what key practical elements are essential and then let the research begin. Whether that means researching what tools and equipment you might need or what your standard business overheads are likely to be, this is one element that can’t be ignored.
We hope that these basic tips help you out a tad if you’re thinking of starting a business. And if you are - why not check out our Toolkit too - it’s filled with all sorts of resources to point you in the right direction.
If you like what you see here on Startacus, why not become a member of our growing community? It's free! And you'll get all this - exclusive access to our Business Toolkit, discounts and offers galore for your business via our member only business deals, the chance to network and connect with loads of fellow self-starters, and maybe even become our celebrated 'Self-Starter of the Week' and tell the world your startup tale! Join right here for free
Subscribe to our newsletter
If you would like to receive our startup themed newsletter, full of the latest startup opportunities, events, news, stories, tips and advice, then sign up here.
Frolo is a social networking app on a mission to connect single parents to likeminded single parents living in the same area.
Know Your Money, the independent financial comparison website, recently conducted research to find out which UK cities are best to start a business outside of the capital.
University digital academy SurreyIDEA, to scrap tuition fees like a conventional university, for investment in their students’ enterprises.
Starting up a business is difficult. To help, here are 5 things you need as a startup business.
Creating a website can be both costly and time-consuming. So here's 7 ways you can build a budget-friendly website.
Premium fashion resale service Cudoni secures £1.4m investment to support brand growth internationally at a time when the secondary fashion market is booming fuelled by consumer concerns for sustainability.
ESTHER, a pocket-to-pocket giving app which allows a user to give directly to an individual living in poverty, wins an all-expenses paid trip to New York.
The FinTech startup that's using blockchain to make the financial side of filmmaking easier
The London based startup that's created a game that inspires children to code and teaches professional programming skills.
So much is written about how people should go about starting a business, but little is said about whether someone should start one! These are the question we should be asking...
Published on: 15th July 2013
If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.
- ESTHER set for success with New York prize 24th Jun 2019 ESTHER, a pocket-to-pocket giving app which allows a user to give directly to an individual living in poverty, wins an all-expenses paid trip to New York.
- Experiential learning initiative mTech.Academy to build on year 1 success 20th Jun 2019 NI experiential learning initiative mTech.Academy announces plans to expand it's programme for the 2019/20 academic year.
- Stashbee announces £1.6m funding round on Seedrs 17th Jun 2019 Stashbee, the online sharing-economy platform for storage space, has announced a £1.6m funding round on leading European investment platform Seedrs.
- The upSTART finalists at Digital DNA 2019 13th Jun 2019 upSTART, the startup pitch competition at Digital DNA 2019 will see over 20 disruptive NI-based startups pitch to determine who will win an all-expenses paid trip to explore the New York tech scene.
