Starting a business doesn’t come as easy as some people think; there are many things which can try and test you, but if you stick it out and follow these simple tips, you can be sure you are heading in the right direction.
When starting up you need to ask yourself the following questions:
1. Do I have a plan?
Firstly, have a business plan and of course test it out. It’s no good having a business plan, if it doesn’t work! Testing your plan can help you come across any boulders in the road early on to ensure that when going into business, these teething problems have already been sorted. (Check out our top tips for writing a business plan.)
2. What should my business structure be?
There are numerous ways of forming and structuring your business. What best suits your needs? This would be a good time to consult us at Green & Co, and speak to one of our partners to discuss maybe starting a partnership, a sole trade, an LLP or a Limited Company. This is something we specialise in – helping clients choose what is best for them.
3. What shall I call my business?
Choosing a name and coming up with a logo for your company can be a challenging task, but a very important one. The name you choose is not only a name, but a brand, and once you become well established, it is something you want to be happy with and not resenting. Changing the name down the line can be very costly.
4. How much will this cost me?
Saving money is extremely important when starting a business. You need to make sure that you cut costs as effectively as possible and that you do your research on getting the best deals. Starting a business is a very expensive time and the last thing you want to do is to spend all your money straight away when you may need it further down the line.
5. Can I get any financial help?
There are numerous grants widely available and with enough research, you will be able to see if you are eligible for any of them. There are many conditions with grants, including location, what type of business you have and how many people you employ, but there are more organisations out there willing to help you than you might think.
6. What space am I going to use?
Getting a premises can also be extremely difficult, as you need to ensure that you have the right amount of business space and that it’s in the right location. You don’t want to be opening a bakery next door to a bakery that has been open and established for years. Research is the key.
Do you even need a premises to start with? Can you work from home and save on costs until further down the line when the business is more established? Maybe look into a Virtual Address, so as to appear as though you are based at another location.
7. Are there any rules or regulations I should be aware of?
There are a number of things that some people don’t realise which come with the joy of staring up a business, such as abiding by laws and restrictions and making sure you have the right insurances/licenses/council permissions. These are essential to start-up businesses, as the last thing you want is an unexpected fine for, say, not abiding by fire regulations!
And lastly of course, make sure you choose a good accountant :)!
Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.