You are here: Home / Business / Starting a Business: Ten Things to Consider

Starting a Business: Ten Things to Consider

Posted by .

s1

If you’re considering starting a new venture this year, you need to consider all the angles before you take the plunge. Walking into a new business blind certainly has its pitfalls and making sure that all bases are covered so that you can set off on the right foot is essential. From heading online to get a quote for public liability insurance to brainstorming your marketing strategies, there’s a lot to think about when you’re a start-up business but if you tackle the checklist systematically, you’ll be up and running in no time.

  • The Product – Most people will have a fair idea of what their business will entail before they start taking the steps to make it a reality. Establish whether there’s a gap in the market that will suit your business perfectly and settle on your Unique Selling Point (USP) that will make you stand out from your competition.
  • The Business Plan – This is essential if you’re hoping to apply for some financial backing but it’s also extremely useful to draw up anyway. Include information about what your goals are and how you plan to achieve them.
  • Legalities – From informing Inland Revenue of your new venture and keeping on top of your National Insurance contributions and tax to making sure you take out all the necessary insurance from Hiscox that will cover your back should you face compensation, there’s lots of legalities that you need to adhere to in order to stay above board. 
  • The Premises ­– If you plan to work from an office, you need to consider this in your monthly expenses. Working from home can often help you to omit this issue. Remember though, that working from home isn’t always favourable, with many people struggling to focus and separate their work and home life.
  • The Brand – You need to think of a brand name that will be timeless, catchy and memorable. Make sure you register your company with Companies House to protect the name. once you have the name, it’s up to you to start building your online presence based around it, including a website, social networking sites and advertising.

Being at the helm of a fledgling business can often be the making of you. Grasp the opportunity, stick to your checklist and enjoy the venture.

 

Leave a Reply