Top Tips to Consider When Starting a Business
Here's our list of the top things to look our for when starting a
business.
- Appreciate that setting up and running a business
takes a lot of
time and commitment. The rewards can
be great but you have to know why you are starting your own business
and what you are getting into.
- Identify your strengths and especially your
weaknesses. Identify areas where you need to get advice.
- Decide on your
business structure.
You can trade as a sole trader, partnership, limited liability
partnership or limited company. They all have different tax
consequences and responsibilities and you should take advice on
which one is best in your circumstances.
- Produce a
financial forecast so
that you know what funding you are likely to need and be
conservative.
- Investigate the
competition thoroughly, don't take them for granted and look to take advantage
of their weaknesses. You must also constantly be on the lookout for
what they are doing.
-
Research your market to ensure
there is a demand for what you are offering.
- Decide on your
marketing plan.
Just because you have a good product or service doesn't mean you
will sell anything. Getting the marketing right can be the
difference between success and failure.
- Decide on what
staff you are
likely to need and what skills they need to have. You will have to
operate PAYE for any employees you have although your accountant can
help with this. You'll also have employment law and health and
safety law that you must be up to scratch on.
- A
business plan is an important
document to put together even if you don't need to raise finance. It
will help you to properly focused.
- Design your
business stationery,
ensuring it not only meets your legal obligations but conveys the
image you want to get across.
- Decide on how you are going to
keep your
accounts and get advice from your accountant from day 1.
- Make sure you register with all the
relevant authorities including HM Revenue and Customs and
decide if you need to register for VAT.
- Consider all the necessary
insurances you need including public liability, keyman, stock, business assets,
business interruption, bad debts, motor insurance, employer’s
liability (compulsory if you have employees), professional indemnity
and permanent health insurance.
- Use trusted
advisors such as accountants and
solicitors to help guide you.
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