Our Top 3 things to research before launching your business

Welcome to The not-so-hard-To-Do List

Team Transmit have supported more than 15,000 entrepreneurs (!) and we love looking back at the inspiring success stories of people who've used a Start Up Loan to turn a bright idea into a business.

From Panther M*lk - the creator of oat milk cocktails - to international translation agency My Language Connection, our most successful customers have something in common: they know their market really well.

If you're planning to start a business of your own, our top 3 To Do's for this week are: research, research, research.

1.Skill gaps, experience and training

So you think you can run your own salon because you've had a lot of haircuts? Hold those scissors for just a minute!

Even though you may have a?killer business idea, you need to work out whether you have the experience and skills to execute it.

If you haven't, it's worth considering getting some hands-on experience in your chosen industry before you start your own business. You'll pick up valuable insider knowledge which will make it easier to write your business plan.

To further develop your business skills, take advantage of the free learning available at our sister company Smarta, where you'll find business courses for entrepreneurs, sole traders, startups and growing companies.

2. Your competition

Competitor analysis?will help you understand who else is doing what you're planning to do. (And work out how you can do it better!)

By studying the competition, you can learn:

• what customers appreciate
• how much people are willing to pay for your product or service
• how you could enhance the current offerings.

If one big player dominates the market, focus on what they don't do so well, or a group of customers they don't cater for. If you can provide a superior service you could grab a share of their space.

3.Funding options

In an ideal world, you'd have enough money to self-fund the launch of your new business.?But, for the majority of people, that's not an option (hence the side-hustling!)

Business grants are hard to come by, but brilliant if you manage to get one. You may be able to spot where businesses in your local area have been awarded government funding, and work out whether you're eligible.

If you can't secure the funding you need to launch your master plan, start small and prove the business works - then take that evidence to the bank or investors.

Don't want to wait?

To borrow between ￡500 and ￡25,000 at a fixed 6% interest rate, get your Start Up Loan application into Transmit Startups before 31.5.23.

You could be one of our Success Stories in a few months' time.

Thanks for reading. See you next week,

Team Transmit