The First Steps To Setting Up a Property Business
Starting a business, especially in our current economy is difficult and that’s why, in today’s blog post I will be sharing with you the first steps to setting up a property business.
1. Know your WHY
First things first, you must get clear on your why. When you get clear on your why you set the foundation of your business and it becomes a lot easier to focus on your direction, what matters in your business and make decisions aligned with your goal. Ask yourself:
- Why do you want to start a business?
- Is this something you want to do?
- What motivated you to want to start a business?
2. Mind map your business idea
Mind mapping is an effective way of emphasising important ideas and highlighting the overall structure of your idea. Creating a mind map is also a good way to be creative, connect different ideas and solve problems. You can create a mind map online or do it the traditional pen and paper way.
3. Clarify and organise your business idea
Once you’ve created a mind-map, sit down to really clarify and organise your business idea. To do this you want to get clear on your why, what problem you solve, what you want to do and how you’re going to do it.
4. Write a business plan
A business plan is essential for your business. When writing your business plan you want to focus on steps that’ll make your business succeed, write your long and short term objectives, etc. If you need help on creating a business plan, click here.
5. Choose a business structure
There are four main types of business structures in the UK which include:
- Sole trader
- Limited liability partnership
- Limited company
6. Think of a business name and register
If you haven’t already, now would be a good time to think of a business name. It’s important to remember to keep business name short and to the point. Once you’ve thought of a business name, here’s what you need to do:
- Check if your business name is available. You can do this here.
- If your business name is not available, try to shorten it, change the wording, etc.
- If you want to set up a website, you will firstly need to set up and register a domain name. You can do this on hosting platforms such as Lyrical Host, GoDaddy or Google Domains.
- You can set up a website on WordPress, Squarespace, Shopify, or any other platform you find works best for you. WordPress is the most recognised platform worldwide.
- Register your business on Companies House.
- Consider trademarking your business name.
7. Define your target audience/market
Defining your target audience will help you establish a tone of voice that speaks directly to your customer. By defining your target audience, you will know exactly who you are targeting which would be very beneficial when running campaigns. You can use market segmentation to define your target audience – these include demographic, psychographic, behavioural, and geographic.
8. Secure financial funding
You can secure financial funding in many ways such as:
- Asking friends or getting a family loan
- Peer-to-peer loans
- Seeking angel investments
- Taking out a business loan or overdraft
- Government programmes and grants
9. Get insurance for your business
It is important to research what insurance you need for your business. Property businesses will need specific types of insurance such as professional indemnity insurance and employer’s liability cover. If you need help with getting the right insurance for your business, ask for help in our Facebook Community Page.
I know first-hand how difficult it is to set up a property business, it requires a lot of hard work, determination, persistence, and continuous learning, but in the end it is worth it.
If you found this blog post useful, take a look at our blog here for more property, business and wealth tips and strategies.
Before you go …
If you’re someone who understands that property is an amazing force to aid you in creating an income, but you don’t have thousands of pounds in the bank for a deposit to buy investment properties, then click here to get your FREE guide.