- 08 Mar
What You Need To Know When Starting A Business
Before You Begin
• Do your market research. Ensure you know your market well, it will help you establish early on if you business idea is a viable one.
• Complete a business plan. This is key, not only if you need to secure funding for your business idea, but as a road map of where you are starting from and where you see the business going.
• Establish a brand. This will be the cornerstone upon which your business is built, ensure that you take time to think about your business name, logo and business stationery. Remember first impressions count.
• Establish a web presence. Ensure that you have a well designed website that complements your brand and is a compelling sales tool.
• Understand your finances. Ensure you understand how to deal with bookkeeping and cashflow issues, you may choose to work with an accountant to help you with this.
• Take time to understand the basics about setting up a company, there is plenty of help available for this.
• Contact HMRC to inform that you are starting a business
• Set up a business bank account
• Decide on what equipment you will need to get started and factor this in to your business plan
• If you are setting up from home, consider whether a virtual office is right for you
• If you need premises think about whether you will buy, lease or enter services offices. Think about the location and ensure you have explored every option before committing yourself.
• Ensure you are aware of what regulations apply to your business before you start.