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Essentials for starting a new business

At the FSB we know just how much there is to think about when you’re setting up a new business. You start with a great idea - you know you can do something better than anyone else, or you’ve spotted a business opportunity that you’re sure is a winner.

Obviously, you need to give your business an identity that distinguishes you from your competitors and tells people immediately what kind of business you are. Remember that first impressions count hugely, and you need to be as professional as possible. 

Similarly, location can be really important. Look at other businesses close by. Are they similar to yours? If not, will your type of customers be drawn to this location? Think about your logo, signage and vehicle liveries. Used properly they can win you new customers. 

As with all aspects of business, funding is being hugely influenced by the internet. Time was you had two choices when looking for funding: the bank, or your family. There are now various Government schemes that support new businesses and a growing set of “crowd funding” and “peer-to-peer” lenders. Be careful not to over borrow - you don’t want to burden the business with heavy interest payments. But you do need enough working capital to buy materials and to pay staff while the money starts to come in. 

As you get nearer your launch date, you may be running around getting premises or systems ready, ramping up your marketing and advertising efforts, organising stock or getting those vital business cards printed. It’s easy to leave the complications of payment systems such as mobile payment terminals until the last minute, but it can pay dividends (literally sometimes!) to give the subject a bit of thought in advance. 

The more flexible you are about the way in which you receive payments, the more sales you can make. Some customers will want to pay by debit or credit card at your location. But many more will want to pay online, so you’ll need a link from your website to a secure payment site.

Mobile card payment is now a growing trend and many customers will want you to bring a card reader with you when you’re at their home or business. You'll need to take a mobile terminal to wherever they happen to be: at their table; in the beauty treatment room; in their car; in fact, just about any place you can think of! 

Essentials for starting a new business

Mobile terminals are everywhere and your customers will expect you to provide one. You may also find that once you start thinking about how you can use a mobile payment terminal, it allows you to provide your service or product in a more flexible way, thus increasing your potential customer base. 

But mobile terminals, great as they are, can’t always solve the problem. For example, your customer may be some distance away, and in this case you may need the flexibility to send them a payment link by email. 

We’re very much aware of the needs of small businesses, and our members have access to all the payment methods we’ve discussed above - from the moment they join. If you're interested in signing up to this service, take a look at the processing service here and mobile payment terminal service here. If you're not a FSB member yet, sign up here!