Addicted To All Things Pretty

Top Menu

  • Home
  • About
  • Write For Us

Main Menu

  • Auto
  • Business
  • Education
  • Fashion
  • Health & Fitness
  • Love
  • Money
  • Travel
Sign in / Join

Login

Welcome! Login in to your account
Lost your password?

Lost Password

Back to login
  • Home
  • About
  • Write For Us

logo

  • Auto
  • Business
  • Education
  • Fashion
  • Health & Fitness
  • Love
  • Money
  • Travel
Business
Home›Business›Five things to consider when starting a new business

Five things to consider when starting a new business

By Caroline Shaw
May 15, 2017
3057
0
Share:

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.

2. Finances

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.

3. Skills

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.

 

Tagsbusinessbusiness tipsentrepreneurnew businessstart up
Previous Article

These are the best hours to trade ...

Next Article

4 things you should consider when hiring ...

0
Shares
  • 0
  • +
  • 0
  • 0
  • 0
  • 0

Related articles More from author

  • Business

    5 Ways in Which the Overhead Crane Has Become Indispensable

    May 31, 2017
    By Caroline Shaw
  • Business

    How to Use Front End Innovation to Turn Your Business into a Success

    April 29, 2017
    By Caroline Shaw
  • BusinessHealth & Fitness

    5 Tips for Dealing with an Employee with a Suspected Drug or Alcohol Problem

    June 9, 2018
    By Caroline Shaw
  • Business

    What Happens If I Don’t Get An EIN?

    April 12, 2017
    By Caroline Shaw
  • Business

    How to Select the Best Electronic Logging Devices for Sale

    November 25, 2020
    By Caroline Shaw
  • Business

    Two Key Things You Need to Grow Your Small Business

    May 11, 2020
    By Caroline Shaw

  • Travel

    3 Historical Landmarks in Texas

  • Health & Fitness

    3 secrets that will help you get a glorious night’s sleep with Nectar Sleep Mattress Reviews

  • Health & Fitness

    Instantly Make Any Workout Better

Recent Posts

  • Why Is Video Content Important In Digital Marketing Campaigns?
  • ‘Dogs Playing Poker’ And Other Iconic Paintings To Recreate With Your Pups
  • Will Installing Solar Panels Increase the Value of My House?
  • 7 Tips for Choosing a Solar Panel Installation Company
  • How Special Effects Makeup in Film Helps You Get Into Character

Useful Links

  • About
  • Home
  • Write For Us

Search