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What are the start up costs for a new business?  

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start ups

In today’s business world, the phrase ‘go digital or go home’ couldn’t be more apt. If you are an entrepreneur looking to launch a new business you are going to need a digital presence. It goes without saying that in order for your business to turn heads you need to make investments upfront. Knowing what to invest in can make all the difference, so read our top tips to clarify the costs for a new start up business.

Get going

So how do you create a company that gets attention? Well first and foremost you need to determine the needs of your clients and how you are going to meet them. Market research is vital so that you know what they need and you also know how to provide a solution that is superior to your competitors. A start up needs to consider the costs of comparable product/service analysis, consultancy fees, prototype manufacturing and testing and other expenses.

Get digital

The world operates on devices, so like it or not, it is vital that you offer digital services. To stand head and shoulders above the rest in the marketplace, companies are developing bulletproof branding and bespoke software. Bespoke software can be a big outlay for new start ups, so look for Software as a Service (SaaS) providers. This enables you to provide the same digital service at a fraction of the cost as you will not need to develop or host the software yourself.

Get noticed

Once you have found the software to meet your client’s needs, you need to market your solution. Investing in Digital Marketing is the fastest way to reach a growing audience. Agencies work with you to develop your brand and deliver a consistent digital marketing strategy from the start. Agency fees vary wildly depending on their experience and the level of services you require, so shop around to find one that is the best fit for your business and your budget.

Get protected

Business and software insurance is essential for all start ups. Most banks will not entertain the idea of supporting your venture without it, therefore you need to factor these costs in to your budget. SaaS escrow offers peace of mind when it comes to protecting access to business-critical software in the cloud. LE&AS have created Access Assure, a unique SaaS escrow plan that monitors your host and software providers allowing early detection of changes to your provision. Should your provider cease to trade, AccessAssure upholds your SaaS access for up to three months while you review your providers. This way your business-critical software remains in place and your business remains operational.

Want to know more about protecting your start up investments?

Simply call LE&AS today on 0800 456 1115.

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