Know your market

The first essential step before starting your own business is to understand your market. If you are selling locally in West Molesey and East Molesey then you want to understand the demographics and who exactly you are targeting. KT8 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? Do you want to target professional services or is it hospitality. The area has a lot of cafes already, but with a growing number of families child care services are in demand. There are also a number of retirement homes in KT8 and within a 3 mile radius.

Research and Planning

Now that you have identified a market, do you research. Cold hard data is needed. Family and friends will be supportive but aren’t necessarily the best source of information.

You should also 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.

Choosing the right legal structure and register your business. In most cases a Sole Trader or Limited Company will be adequate.

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 a bank. In this case your business plan will be critical to securing funding.

Location

Location, location, location. In West Molesey like any other area this can be critical. Make sure you are in a high traffic area for footfall and visibility, that goes for food vans or coffee trucks as well.

Once you have found your location, even if it is home based. Fit it out and make sure it meets the market or legal requirements.

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.

• Online

Website - this needs to be professional. It doesn’t have to be complex. 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.

• Community Engagement

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 can be a great ay of establishing your business within the community.

• Advertising

Flyers and Posters - Get posters up in high traffic areas.

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 - 300sqft and 7 days a week access. Just what any business needs. Contact Us for more information for your business storage in West Molesey and around KT8.