Five things to consider when starting a new business
Starting up a new business? Then there are a few things you need to bear in mind. Here we’ve put together a checklist of five key things you need to consider when setting up your business, read on to find out what they are.
1. Understand legalities
First and foremost you need to understand the regulations that your new business will be operating within. If you’re not sure which regulations pertain to your sphere of work, then do seek legal advice, so you understand your responsibilities. You’ll also need to ensure you have all the relevant insurance and licences in place before you start business, especially if you are taking on employees or working with the general public. If you are doing the former, the ACAS website has a lot of advice and resources to help you. Also, join the relevant trade association and your local chambers of commerce, both of whom will be able to give you expert advice relevant to your new business and help you to make useful contacts.
In addition to the law, keeping on top of your financial responsibilities is key to making your business a success. Understanding the tax you need to charge and pay is crucial, so again seek professional advice to ensure your firm is on a firm financial footing.
Another aspect of finance you need to consider carefully are your overheads, what will running your new business cost you? When it comes to the initial outlay, there may be grants available to help you start up your business, though there are no guarantees, it’s worth looking into the possibilities.
Hand-in-hand with your initial outlay you need to consider your ongoing overheads including your utility bills. Shop around to get the best deals for your business and talk to Planet Numbers about the most economical and effective phone set up for you.
Consider the skills you have and those you need to obtain to make your business a success. It might be you’re trying to turn your passion into a business and have in-depth knowledge of your sphere of work, but lack knowledge of the nuts and bolts of running a business. If you want to plug the gaps and develop your business skills, the Open University offers a number of free open learning courses to help you learn the basics of bookkeeping, accounting and other business skills. If you are taking on employees, then follow the maxim of hiring people who are better and more skilled than you are.
4. Your brand
Before you finalise your business name, check both the trademark and domain name are available to you. If they are, register them quick smart to protect your brand. There’s a whole host of advice on how to register a trademark on the government website. To operate under your business name, rather than your name, you need to register your “doing business as” name so you can open bank accounts.
5. Plan for the future
It’s never too soon to start thinking about the future, so do bear in mind what you want to happen to your business in years to come, protect its future and that of those dearest to you by creating a living trust. Do get professional legal advice in this regard, but it is one way to make your wishes known whatever happens in the future.
So there you have the five things you need to consider when starting up a new business. We hope your business goes on to be a roaring success.