Starting a new business can be exciting. But it can become challenging if you set it up in a place you are not familiar with. Often, all you need is to have the confidence to take the leap.
Thankfully, the UK is considered one of the most business-friendly countries in the world. If you open a business here, the process of setting up should be quite easy, especially in Scotland, where several systems have been put in place to help new businesses, from funding and tax incentives to finding interested investors.
But before you get too excited, read on to find out some of the most important things to consider when launching a business in Scotland.
1. Get Funding Support from Scottish Enterprise
So, you have a brilliant idea for a new company to open in Scotland. Now, you need to hire people, build a website, or rent some office space. But where do you get the money to fund all these? Remember, the only way to get your business started is to have enough funding.
The good news is that some organizations in Scotland are willing to provide support and financing for new companies, such as the Scottish Enterprise.
Scottish Enterprise is the national economic development agency of Scotland. The organization is committed to helping improve the Scottish economy for the benefit of everyone through the establishment of new companies that can further create more jobs.
If you are setting up a business in Scotland, they can connect you to various funding options. They can also offer support and advice on things like business plans and managing debts and help businesses access a variety of funding sources, including co-investment funds.
2. Get Advice from Scottish Business Experts
Your business is more likely to succeed if you seek and listen to the advice of Scottish business experts. Even if you have already established several companies in the past, you still need the help of local business advisors.
Hiring business advisors can save you some money and time in various ways. For instance, when it comes to managing your business finances, the business advisor can help ensure that your finances are efficiently managed, which keeps you from committing financial mistakes that could cost your business a lot of money.
The business advisors can also help you in making informed decisions in running your business. As you go on with your business, there are various decisions that you have to make along the way, and it can be stressful to decide on your own.
Sometimes, you could end up making the wrong decisions that could lead to the failure of your business. Business advisors can help to ensure that you are on the right path when faced with difficult decisions for your business.
3. Know Your Target Audience
Even though Scotland is part of the UK, it’s important to remember that it has a totally different culture from England, Wales, and Northern Ireland. So, if you plan to set up a business here, you must familiarise yourself with the market and determine who your target audience is.
So how do you find your target audience? First, analyze your customer base by looking at who is already buying your products or services in Scotland. Find out their age bracket, where they live, and their interests.
Conduct market research and determine which aspect in the industry is unfulfilled and find ways to fill that in. Look at the market trends for similar products and services in Scotland and find out where your competitors are focusing their efforts. You also need to look into your competitors’ marketing strategies and what they are doing right or wrong.
Be very specific in determining who your target audience is and who isn’t. Are your demographic men between the age of 30 and 50? Or women in their senior years? Knowing your target audience can prevent you from spending money on marketing ads that will not yield any returns since they are not geared towards your target market.
4. Hire a Local Talent
Whether you are expanding your existing business to Scotland or opening a new business, hiring local talents can benefit you in many ways.
For instance, HR professionals are often the driving force behind a company’s exponential growth and if, for example, your company is based in Edinburgh, putting out for HR jobs around Edinburgh and recruiting a team of local human resources can further enhance your revenue growth.
The local talents understand the Scottish culture, allowing them to enter the market easily. They can easily navigate the cultural differences, which helps with customer acquisition and improve diversity within your organization.
Also, hiring locally will give you access to a bigger pool of talents. The local hires are native speakers, which is an added advantage when reaching out to your local target market.
When hiring a team of local talents, consider hiring a local recruitment agency that can look for highly qualified talents in Scotland on your behalf. Since they are familiar with the area, they can easily and quickly connect you to local talents.
5. Make Use of Scotland’s Entrepreneurial Hubs
One of the best things about setting up a business in Scotland is that it’s home to a wide range of Entrepreneurial hubs, which bring together innovative individuals and companies to provide an ecosystem of peer support. Many of them offer business support services helping young companies to establish their business successfully.
These hubs bring together like-minded organizations to learn from each other and offer support to new companies, especially in refining their business propositions and commercial viability.
So, use these entrepreneurial hubs to your advantage. Scotland has long been praised as a nation of innovators. It’s home to a talented pool of talents, world-leading innovations, and a supportive business environment, making it a perfect place to establish or grow your business.
Thanks to a diverse range of sectors that have established roots here, the Scottish economy is growing fast. In fact, world-leading companies like Amazon, JP Morgan, and GSK, as well as several fast-growing tech startups, have chosen to do business here. If you want to follow their steps, it’s time to launch your business in Scotland.