GROWING YOUR BUSINESS
FEATURE
Researching your business
Whether you’re just starting out or looking to grow, research is all-important to ensure you put your investment in the right place and impress potential funders. Putting in the time and effort before you start on a project can pay dividends down the line – and potentially save you money. Ruth Hawley, senior library officer at Nottingham Library, offers some step-by-step advice.
MARKET RESEARCH Know your audience and sector. Is there demand for your product or service? You can obtain professional market research reports for a range of sectors that show recent and projected trends, key players in your sector and useful statistics on consumer activity.
COMPANY INFORMATION Looking for your competitors, collaborators, B2B supply chain opportunities or potential customers? Company information databases can help you find out who’s doing what and where, and how to contact them.
LOCAL INFORMATION Deciding where to locate your business premises? Want to know more about the population of your target area? Local information can give you the tools to find your target market and evidence the need for your business to potential funders.
Your county or city council will have lots of open access
data such as mapping, demographic information (due to be updated following the 2021 census), strategic plans, reports and analysis of statistics for your area on a wide range of topics.
ADMINISTRATIVE MATTERS Keeping your paperwork in order is crucial, so make sure you’re up to speed with your legal obligations. Companies House (for business registration) and HMRC (for tax) are good places to start. Also consider if you need any form of licence or local registration for your business, such as for food and entertainment, taxi driving, health and beauty, campsites or animal welfare. Contact your district or city council for licensing matters.
And don’t forget music licensing if you want to play recorded music on your business premises. TheMusicLicence is issued by Chamber strategic partner PPL PRS.
business network May 2021 47
‘Consider if you need any form of licence or local registration for your business’
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