Over the course of the last decade, government officials have begun to fully appreciate the role of start-ups as key economic engines. This has been reflected in a number of large-scale public sector investments, with the latest example seeing the British government allocate £4 million to video game start-ups. This investment will be spread over four years, as the UK looks to capitalize on one of the worldâ€™s most lucrative and exponentially growing marketplaces.
The Basics: How to start a business
Regardless of the industry in which you aim to establish your business, however, start-up ventures have a considerable chance of success so long as they operate in a considered and proactive manner. Here are three fundamental steps that aspiring entrepreneurs should follow: –
Choose your market wisely
As a starting point, it is important to ensure that you have a viable business idea that can become profitable. Cultivating and refining this can be challenging, however, as you must select a market that has growth potential while also being compatible with your skills, experience and outlook as an individual. It is this concept that will underpin your entire business vision, and ultimately you will only ever be successful if you conceive an idea that is lucrative, sustainable and suited to the needs of both yourself and any potential customers.
Develop a functional Business Model that drives long-term profit
Once you have refined your fundamental business idea, the next step is to create an operational model that optimises its potential. Modern entrepreneurs are fortunate that they have access to a wider range of business models and intelligence, as this makes it easier to source a method of operation and delivery that supports long-term growth. The success of the freemium business model underpins this, as it offers considerable flexibility to customers while also optimising profitability over a sustained period of time.
Protect your Intellectual and Physical Assets
During the establishment of your business and its formative years of operation, your venture may be particularly susceptible to external market forces. This means that it is imperative that you protect your intellectual and physical property as a business owner, as this prevents others from adopting your ideas and safeguards your property in the event of a fire, theft or damage. Global insurance brands such as Catlin XL have the capacity to offer in-depth and diverse coverage to business start-ups, whether they operate domestically or have international interests.