Home Sponsored Content 10 things you need to know about setting up a street-side business

10 things you need to know about setting up a street-side business

by LLB Reporter
17th May 22 8:32 am

Sponsored by American Express Merchant Services

Setting up a business seems like a Herculean task. You always feel like you have more chances of failing and losing money than scaling a fledgling business.

At the start of 2021 there were 5.5 million small businesses (with 0 to 49 employees), 99.2% of the total business. SMEs account for 99.9% of the business population (5.5 million businesses), according to statistics by the Federation of Small Businesses.

If you want to live your entrepreneurial dream of setting up a street-side business, here are 10 things you need to know:

1. Identify a gap in the market – You might be a brilliant baker and think that’s your business calling but does your locality really need another confectioner? Maybe not. But the retirement home around the corner might be interested in putting you baking goodies on sale for their next social meet-up. Identifying a gap in the market is crucial for your business as a unique identity can attract and retain customers.

Read more:

Shop Small: supporting small businesses in a post-pandemic world

Entrepre-hers: How women in business are chasing growth post-pandemic


2. Register your business – No matter how big or small, you must register your business with Companies House and seek advice as to what law and protocols you have to follow, what you owe in taxes and what you could claim in tax rebates and refunds. You must also safeguard your business and take out insurance.

3. Securing Capital – You need money to make money. Securing capital, be it through raising money through friends and family or raiding your savings, is a key priority of any business owner. You must start off with a clear idea of how much money you need to get your business off the ground.

4. Competition – Do a thorough SWOT analysis of your business to map out your firm’s strengths, weaknesses, opportunities, and threats and how it compares to your competition.

5. Write a business plan – It won’t happen, until you write it down. A business plan is crucial to getting clarity over what you have set out to achieve and, also, comes in handy when you are pitching to investors to get funding or attracting the best talent to grow your business.

6. Payment methods – Sorting out easy and sage payment methods are a key step to ensure your street-side business is easy to approach for customers, old and new. Research your options and use payment methods like Amex which can help make billing and payments a breeze for you and your clients.

7. Build a killer website – Your website is your shop front for customers and potential investors. Make sure your homepage packs in all the information you clients might need. Encourage them to sign up to your newsletters and receive offers for your products and services.

8. Team players – Who you work with will determine the success of your business. Hire wisely and give people with the correct attitude a chance to work in your team. Give your employees a sense of ownership in the business as they are vital to the success of your business.

9. Marketing – Be it through word of mouth or pamphlets on your local community noticeboards, be loud and proud about making a shout about your business. Have a social media presence and engage your customers while also building loyalty programmes to make your business fly.

10. Be nimble and agile – As a street-side business owner, you should be willing to be nimble and agile when running your business day-to-day. Change things that don’t work, do your homework such as giving workers a well-thought out job description and take tough decisions like switching to a more cost-effective supplier. If a strategy is not working, be flexible and change your approach.

Are you missing out the benefits of accepting American Express® Card payments? As part of their Merchant network, you’ll benefit from:

  • Opportunity to be part of Shop Small*, a campaign dedicated on promoting local businesses to our Cardmembers, fully funded by American Express at no cost to you
  • Transparent and competitive pricing where you only pay when you receive a transaction
  • No setup costs or hidden fees.
  • Speedy payment options
  • Complementary marketing support as be promoted via the Amex Map and Amex App and receive free branded signage material
  • Help prevent fraud through American Express® Safekey
  • Access to free tools, resources and insights like podcast videos and tutorials
  • *Eligibility Criteria Applies

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