Get there your way: Starting up your own business demystified!

Matthew Eshelby

28 September 2023

We know many experienced forwarding experts within the industry who are interested in starting their own venture, but in the midst of a cost-of-living crisis and the rising cost of energy bills, many could be put off by the thought…

According to iwoca, a small business creditor, 93 new firms were established per hour last year despite the hardships of the UK economy. Anyone can start a company of their very own; it does require a lot of hard work, but you don’t need a degree to begin.

We want to offer you our guidance with this straightforward guide about starting your own business as we want to help you invest in your future.

It’s now the time for you to use Carga to get there in your own way.

1. Start with: What business plan do you have?

Every expert in freight forwarding has an overall idea of what they want to achieve, so take this aspiration and transform it into something precise and quantifiable. SMART objectives refer to those goals which are specific, measurable, achievable, relevant, and time-bound. Are your company goals SMART objectives? In defining such goals, you can make sure that your goals will be reached within a particular time frame.

While all of this might appear daunting and complex at this stage, you should simply ask yourself the following questions:

• Do you know if you want to launch a full-time business or a side hustle?

• What type of products or services would you like to offer?

• Would you like to sell either in person or online?

• Does the business idea fit your skillset?

• How will you define your target audience and industry? 

2. Second step: Conduct your market research

At Carga, we provide continuing marketing assistance to support the development and expansion of your brand and new business initiative.

Consider the following important questions:

  • Who is your ideal customer or target market? Where will they typically base themselves?
  • Which are the products or services that you plan to compete with those that they currently use?
  • How is your service unique?
  • What costs would your intended customer base accept?

Don’t forget to research competitors in order to discover what choices your intended audience already has. In this approach, you can determine which of their requirements are not being met. The essential details you must include about your rivals are as follows:

•          Name

•          Location

•          Size of business

•          Product/service offering

•          Pricing

•          Sales channels

•          Strengths and weaknesses

3. Third step: Business plan

A detailed business plan should cover the following strategy materials such as:

  • Elevator pitch – a summary of who you are, what you do, and the value your business will bring to your target audience
  • Mission statement – Your audience needs to understand who you are as a brand, a mission statement defines the purpose of the company. Your statement needs to be strong and has a clear aim
  • Company values – set principles which you should embody, also act or tell customers how you operate as a company
  • Culture – differentiates you from the competitors

4.  Fourth step: Business structure

Choose your company structure before registering the company. Your company’s legal structure has an impact on all aspects of your operations, including taxes and your potential personal liability.

Think about the following choices:

  • Sole trader – you can register for a sole proprietorship if you own the business independently and plan to be responsible for all debts and obligations. But, be warned that this route can affect credit
  • Partnership – a business partnership means that two or more people are held personally liable as business owners. Remember you don’t have to go in alone, sometimes it’s usually a good idea to add someone to the mix to help your business flourish
  • Limited company – one of the most common structures, meaning a private company where your liability is tied to the amount you have invested 

5. Fifth step (pretty important): Branding your business

The fifth and most crucial step is branding your company.

Your market research can be used to identify a number of requirements that will determine how to define your brand. Creating a brand also entails using a variety of elements, including items such as brand colours, logos, typography, images, and social media platforms.

It’s essential to maintain consistency with your brand, colours, and designs across all social media platforms. In such a way, you can establish a powerful online persona that resonates with your target market.

Setting up a business is fun and very rewarding, filled with innovation and success. However, it’s important to note that this journey is not without its challenges. It’s not easy and can be lonely without support especially in the initial stages, when you may find yourself struggling with critical decisions and responsibilities all on your own.

This decision to start a business extends beyond just the professional aspiration, it has personal implications as well. You must carefully consider the potential liabilities and choices that need to be considered, on both a personal and business front.

On top of those there are some major costs and hurdles including finance, cash flow, insurance, marketing, employees, and technology. All of these factors demand significant time and financial investments.

These all cost the startup time and money taking away from the focus of the business, finding and onboarding new clients as quickly and efficiently as possible.

This is where Carga gets involved.

With our support, we help you stay focused on growing your business effectively with greater confidence and success.

You can choose from three of our specialised solutions when partnering with Carga. If your sole objective is to start your own business, you’ll require our build and equity solution. We are able to offer you the guidance, operational support, resources, and funding you need to aid in creating a profitable business.

Contact us to find out more about this option today: https://bit.ly/3E5qVUE