20 Jul New Business Starting Up? Check out our Check List!
Posted at 15:52h in News
This checklist is for general guidance only. It considers key issues involved in starting up a new business but please seek advice tailored to your own circumstances.
- Check out what guidance and resources are available for new businesses.For example, https://www.gov.uk/business-support-helpline
- Decide on the business structure – sole trader, partnership or limited company
- Research a business name and make sure it’s available to use
- Research your business idea – does anyone want your services? Check out the competition. What’s your USP?
- Where are you going to operate your business from? Home or premises based and what are the costs?
- Prepare a business plan – include the business objectives, strategies, it’s market and financial forecasts. Seek help with this if you’re unsure where to start.
- How much money do you require to set up? Decide how you are going to finance your start-up business. Bank loan? Grants?
- Write a marketing plan. How are you going to target your potential customers and win business?
- Ask friends and family for help. Get independent feedback on your business plan as others can often see things that aren’t obvious to you.
- Speak to others who have set up their own business and learn from their experiences. A business mentor can be invaluable!
- Seek professional legal advice – do you need formal documents such as shareholder agreements, trademark registrations or terms and conditions for your customers? If you’re going to employee staff, make sure you’re up to speed on employment regulations such as national minimum wage, sick pay and holiday pay. Employees will also need an employment contract.
- Seek professional accountancy advice – do you need advice on bookkeeping and tax? Do you need to register for VAT? You will also need to run a payroll if employing staff. Get some early tax planning advice as well!
- Select and open a business bank account. Key things to consider are transaction and borrowing costs, facilities offered and the type of relationship you want from a bank.
- Arrange the necessary insurances for your business such as public liability and business property.
- Make sure you register with the necessary authorities which are relevant to your business and obtain the relevant licences.This may include data protection and professional or trade bodies.
- Put your IT and business telephone line into place.
- Organise your website and email address.
- Order your business stationery such as business cards.
- Start trading and enjoy!
- Review your business plan regularly to make sure the business is meeting the initial aims and objectives.