Starting a business is incredibly exciting, but equally it can be a very scary and uncertain time. While you have every hope and will make every effort to ensure it is a success, you can’t guarantee it will be – only time will tell. But with that in mind, make sure you don’t forget the following things and you will be off to a flying start – giving your business every chance to be all you hoped and more.
Do Your Research
More specifically make sure you do market research – this will enable you to see if your business idea is viable and allow you to make changes if needed and where necessary. While doing this look at competitors both for inspiration and so you know what you are up against.
Choose A Business Structure
Have you looked at the four main start-up structures and decided whether you will be a sole trader, a partnership, a limited company or an LLP? If you haven’t, you definitely should. Take a look at this article, which goes through the pros and cons of each, and should help you to make the right decision.
Create A Business Plan
Do not start your business without a plan – this will provide your business with a clear direction and back-up plans should the unexpected happen. As well as this, a business plan is vital if you want or need to secure investment.
Get Your Finances In Order
Talking of investment, you must get your finances in order. It will cost you a significant amount of money to get your business off the ground and it may be some time before you start to reap the rewards. The first thing you want to do is to get an accounting and cashflow system set up so you don’t get stressed out and confused by invoices and receipts at a later date.
Choose A Name & Design A Logo
Now you need to choose a name for your business – make sure it is unique, relevant and catchy. An effective, memorable business name can be the difference between success and failure and should reflect the type of business you wish to be. Once you have a name you want to design a relevant logo that can be used across the business – again something relevant and eye catching is best. Make sure both are unique to you – you don’t want to risk legal action from a company who feels you stole all or even some elements of their company name or logo. Plus, if it is too similar this could cause confusion and you won’t stand out from the crowd.
Set Up A Website & Social Media Channels
Now you need a website and social channels, so potential customers can find out more about you and you can target the right people. Start by registering a domain name via somewhere such as Go Daddy – you might want to check that your company name is available when you come up with this.
Make Sure You Have The Right Equipment
Finally, you need to make sure you have the right equipment. It may just be you in your spare room at home right now with every intention of moving to an office and employing staff once the business is off the ground, but you still need to make sure you have the right equipment. That includes everything from the smaller items such as toner cartridges and paper to the large items such as printers and computers.
Now you’ve done everything you need to do to get started, you can focus on building your business and making it a success.