Launching your start-up in the UK should not be difficult, considering that the UK was ranked by the World Bank as the 8th easiest place to do business in the World in their last report.
This generally means that red tape here is low, and taxes & regulations are reasonable. therefore, if your business idea can flourish anywhere – it can flourish in the UK.
We’ve created an article that focuses on 5 often missed steps that entrepreneurs should take when starting their new tech company in the UK:
Market your concept with a professional 2-minute video
When getting the word out about your new business, you’ll want a concise and exciting format of media to explain who you are, what your business does and how this is different from your competitors.
Text or other long-form formats aren’t well suited to the age of the smartphone, but a 2-minute pitch video is a perfect medium to get your message across in a fashion that allows you to also set a tone, a visual style and a sound that you want to associate with your business. In short, a video allows you to plant a firm idea of what your brand is about without needing to explain it. It allows you to show rather than tell.
Crowdfunding platforms have a dual purpose when launching your start-up. They’re a new way to access investor capital or raise pre-order cash, but they’re also a cheap marketing opportunity.
What is unique about crowdfunding (and equity crowdfunding in particular) is that every micro investor you bring into your circle is motivated to see you succeed – even if they only invested £50. This is a group of people who are self-driven to buzz about your product with others and share your concept video far and wide.
They liked your idea, and now they want to be proven right. They’re not just a consumer who is ‘aware’ of your brand, but they’re actively advocating for it.
Hold a physical launch event
A physical launch event is often eschewed by cash-conscious start-ups because a traditional launch will require a private function room, audio/visual tech support and catering. In short – it won’t be cheap.
However, hosting a physical event is one of the clear ways that you can signal to serious investors or potential business partners that you mean business and you are more than just a ‘hobby business’.
Shoe-string one-person businesses may create a single income but without real investment (and risk), they will remain small.
A physical event will attract headlines, create great photo content for future social media and will generally build the credibility of your idea to the point where you move from being a concept to a business.
Hire well-respected advisors
If you have big plans, you’ll want advice. A great way to access advice on demand is to hire a small group of non-executives to your board for a fixed annual salary and potentially stock options. This will bolster the public image and governance of your firm as well as plug gaps in your knowledge.
Building financial relationships beyond your bank
Most entrepreneurs will think of their business bank manager when considering new funds to expand or launch a start-up.
However, business banking on the high street is the tip of the financial iceberg.
You should be widely networking with a host of financiers, including but not limited to:
- Investment bankers
- Venture capitalists
- Private equity partners
- Business angels
- Local government business agencies and quango organisations
These could all help you make a connection to a cheaper source of finance than a bank loan, or a line of credit that may remain available even if traditional financial sources dry up.