Equipment
Make sure you have the right equipment for the job. IT equipment, any stationary, phones etc. If possible try and rent larger equipment instead of purchasing it. It carries less risk and keeps your start-up costs down.
Set up your home office
One of the most daunting prospects of starting a business is overheads – so what better way to keep costs down than starting from home? Some of the world’s biggest business empires were born on the kitchen table and two thirds of new entrepreneurs now choose to go in the same direction. In fact, around 1,400 people take the plunge from their spare rooms every week and the 2.1 million home businesses in the UK contribute turnover of £364 billion to the economy every year.
Make sure you have the right equipment for the task at hand. You will always need a computer and a printer to design, keep track and send those invoices. Give yourself a designated work space to help you ‘get in the zone’. If space is at a premium, make sure you have a comfortable working environment.
If you are renting student accommodation you must let you landlord know that you are intending to trade from your accommodation. Many landlords do not allow tenants to set businesses up from rented property, but do not worry, there are viable alternatives for you.
If you can’t work from home, find suitable premises
This depends on the nature of your business and all of that market research and competitor research you have conducted before you have gotten to this point. In retail location really is everything. Whether you’re on the high street, in a retail park or in the suburbs your location determines not only how many customers you get but it also helps define the image of your business.
Make sure you thoroughly research any potential locations. Spend time in the location and find out for yourself who visits the area and what kind of traffic local businesses are getting. For example, if you’re looking at an outlet in a retail park you have to balance the benefits of a larger target audience against the higher rent. Sometimes it’s a good idea to ‘cluster’ with your competitors. Clusters of shops selling specific types of products can work well to bring in customers who know what they’re after. This works well for sectors such as bookshops, antique shops and jewellery stores.
For further information on starting or growing your business, visit the government’s website at https://www.gov.uk/growing-your-business. It’s full of useful information that may help you on your journey.
The University of Kent Hub Start-Up Space offers a support package and workspace in the purpose-built incubation space for entrepreneurship on the Canterbury campus.
The Hub’s professional workplace facilities include:
- Professional business registration address and mail forwarding service
- Access to Fully furnished co-working space
- High-speed Wi-Fi network access
- Kitchen facilities and access to catering services
- Free parking
- Reception area during office hours and related services
- Waste collection included
- Access to the University’s information services, including the University library
- Just one monthly bill of £166* per month! This is inclusive of utilities (excluding telephone).
If you are interested in viewing the office space and discussing the Hub Start-Up Package with a Hub team member. Just email unikenthub@kent.ac.uk or call 01227 82 4641.