Some things to think about before setting up a new business

 

Here are some of the things I tell people who come to me and say they have an idea for a new business or are just setting up in business for themselves for the first time.

 

  1. Talk to an accountant/ business advisor and get some advice about your business idea. Is it realistic? Is it viable? Don’t just ask family and friends.
  2. decide what form you want the business to take ltd/ llp/ soletrader
  3. decide on a name/ brand identity for the business
  4. get a logo designed
  5. get a website domain registered and as a minimum a holding page with contact information in place
  6. Think about where you are going to operate from. Do you need premises straight away or could you initially operate from home?
  7. get business cards printed
  8. research networking events local to you and start going along even before you launch your business. You never know who you’ll meet who may be able to help you/ save you money/ support you and even be your first customer Think about where you are going to operate from.
  9. talk to other people locally/ online who do similar things to you. How is their business doing? How much of the market have they captured? Will you be fighting for the same clients? Carry out a poll using social media to make sure that people actually want what you are going to be offering and find out how much they are prepared to pay for it.
  10. write a realistic business plan, including some short/ medium and long term goals
  11.  open a business bank account
  12. get some training on how to maintain your accounts/ paperwork in good order from day 1
  13. register as being self employed with HMRC and for NI payments
  14. talk to an IFA about a pension
  15. Get PI/ PL insurance if your business is liable
  16. Get trading!!!

What did you do before you set up and is there anything you wish you had done?

Written by Philippa Bowen

Philippa is an enperienced business owner who has worked in the private , public & charitable sectors and for large & small businesses. Her passion is helping business owners to get the best from their businesses in the most efficient manner & using social media to do that. You can usually find her on twitter at @philippabowen
or you can contact her via:
www.business-benefits.co.uk
www.socialmedaithatworks.co.uk
07885 610228

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