What You Need To Know When Starting A Business

  • What You Need To Know When Starting A Business

    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.

    Setting Up

    • 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.

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