There are so many steps involved in starting a business, here we list the top 9 areas to focus on from writing a business plan to the legal aspects of running a business.
Writing a business plan is an important part of starting a successful business. A good business plan should provide an outline of your business, the market in which it will operate and how much money your business is aiming to make. More importantly it should answer the key question on why your business should succeed when so many other new ventures fail. Market Research will play an important role in your business plan and will influence who you plan to target.
Choosing a business structure
Your business structure will affect the decisions you make and the growth of your business. There are four main start-up structures which are.
- Sole Trader
- Limited Company
- Limited Liability Partnership (LLP)
There are various pros and cons of each structure including ongoing filing and tax implications therefore it is important to consider which company structure is right for you.
Choosing a Company Name
Choosing a company name will be one of the first tasks to consider when setting up a new company. Naming your business will be one of the first decisions that you will make. Carrying out research will be crucial to choosing the business name for your company. It is important to make your company name count as it takes more than a great business idea to make your business a success.
Branding Your Business
With technology now the preferred method of communication for the majority of people such as social media channels allowing us to acquire information quicker than ever before, it’s never been as important to get your message across to consumers in as little time. Your logo and brand are a powerful tool in achieving this. One great way to achieve this is by ensuring that your logo represents your business. Your logo can tell your customers about the industry you serve and the products and services you sell. A good logo has the power to reach out to your customers whilst creating a recognisable brand for your business
Financing your business
Raising finance your business is one of the first considerations when starting a new a business. There are various methods to raising funds for your small business including Business loans, Investing, small business grants and start up loans.
Manage your accounts
Hiring an accountant is a sensible move when starting a new business. Find an account who will be able to get into your business and show an interest in it as well. This way they will be able to provide the right advice. Having a professional accountant who can help advise and manage the finances to your business will be important when starting up your business. As your business grows, the complexity of managing your business finances will grow therefore having an adviser to help manage the financial running of your business will be advised.
Finding your business premises
Finding the right space for your business depends on the kind of business you are intending to run. Just like choosing a business name, finding the right premises will be a key starting point for launching your business. The amount of space and the contents of the premises will again depend on what business you are intending to run.
Understanding the legal bits
When starting up your new business, you must make sure that you are up to speed with all the legal aspects of running a business. It is important that you understand the laws and regulations that will affect your business. This includes tax laws, employment regulations, intellectual property law and insurance to name just a few.
This will of course be one the most critical factors that will determine whether your business is a success and ensuring that it is sustainable. Learning to sell will be crucial. There are various ways to sell your products whether direct selling, selling wholesale or telesales and online sales. You may choose to use several methods of selling. Whatever method you use, make sure you plan correctly to ensure you selling techniques are successful.