What you need to know to set up a business in Portsmouth
For many people looking to escape the daily grind and strike out on their own, it’s not just a question of the business environment - many might not know where to start, or feel they have any chance of success.
As a booming city Portsmouth hasn’t been immune to the trials and tribulations of global markets and fluctuating fortunes - but as one of the UK’s most important port cities there’s still a world of opportunity available for those willing to reach out and take it.
So if you’re thinking about setting up your own business in Portsmouth, here are a few things you need to consider.
Know what you want to do
It sounds simple, but if you’re thinking about giving up the security of a job to set up your own business you need to be clear about your goals. What kind of business are you setting up? Do you have the necessary skills or are there things you need to learn? And what are you hoping to achieve from the business - be it better working hours, more financial security or establishing a world beating brand, make sure you are honest about your goals.
Do your research
Portsmouth is a big bustling city with a huge array of businesses, so whatever your market there are almost certainly competitors out there - and it’s vital to know everything you can about them. You might think your idea is the next big thing, but if you don’t do your market research it will never get off the ground. Learning about the area you plan to move into will not only help you identify where you can fit into the market, but will also help shape your ideas and ultimately give you a far greater chance at success.
Identify funding
One thing all new businesses need to succeed is a bit of financial support, and it’s crucial that you find the right kind of funding model for you. There are a few different ways that you
can secure investment, including online crowdfunding which has the added bonus of helping to build awareness of your brand online at the same time as putting you in touch with investors and customers. More traditional routes such as finding an angel investor or obtaining a business loan from a bank may seem less straightforward, but are more established and often provide a greater level of security.
Go global
Portsmouth might be your base, but the true opportunities for your business could lie on the other side of the world, and modern technology means every business is a competitor in the global marketplace. The easiest way to take your company to far flung markets is through the internet, and having a well-designed website is the cornerstone of that. Simple and to the point can be the best option - this casino website is a great example of a business that knows it’s market and gives them what they want.
Make it official
Whatever business you set up it will need to be properly registered with the local council, and there may be different requirements you need to meet depending on what you are doing. Officials will be able to talk you through your options and give you some advice on what is best for you, whether it’s a sole trader, limited company or a general partnership.
Stay positive - and stick to your plan
Whatever your idea, you will have to work hard to make it a success and it won’t happen overnight. So whatever else happens, stay positive and make sure you stick to your business plan and don’t get put off by the inevitable setbacks. And soon enough you’ll be your own boss.
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