Published on August 15th, 2017 | by Editor0
What Should You Consider When Starting A New Business?
Starting a new business is a really exciting but daunting exercise. Once you have decided to take the plunge what should be your next steps?
Our seven vital steps will help you along your journey and get you heading in the right direction.
Assess your commitment to the cause
Before you begin to put a business plan together, be honest with yourself regarding the business; is self-employment something you can stick to? Do you have the drive to make it work? If the answer is no, then don’t. Starting a new business is exciting, but it is also incredibly hard work and will demand most of your free time and dedication, especially in the early days.
Find an accountant
Arrange a consultation with a recommended accountant. A good accountant can help with with the financial responsibilities of running a business. They’ll make sure you understand your tax liabilities so you don’t get caught out, provide you with invoicing software, advise you how to manage your cash flow, set up your business correctly and make sure payroll is completed in time should you require this service.
Use your funds wisely
Funding a start-up can be tough and if it is your first enterprise you may find it hard to get lenders to take you seriously. Whilst racking up debt is never a sensible idea, manageable lending for business items such as utilising interest-free deals and paying for vital business goods monthly could be a way to get you off the ground with minimal initial overheads. For example, if you are planning on working in a trade where you require a van, a long term van hire or lease arrangement may put less pressure on you in the early days of your business.
Create the right first impression
Take time to decide on your brand; put brand guidelines in place and ensure you stick to them. Also, take some time to consider how you are represented across social media platforms and online review sites. Ask your first customers for testimonials of you work and ensure that you remain professional at all times online and when you are out representing your business. A word of mouth recommendation goes a long way, but a negative review goes further.
Form business relationships
Visit networking events and partner up with other local businesses that you can work alongside or create a recommendation scheme with. If you know fellow business owners, don’t be afraid to ask them for start-up tips; they all started somewhere.
Budget for self-promotion
Many start-ups overlook how important it is to keep some funds aside for promotions. Weigh up your competitors and their marketing, to give you an idea of how much time and money it is going to take to rival them. Also, be honest with yourself as to whether there is a big enough gap in the market for you to make your mark.
Above all, enjoy it
Starting a new business is an adventure, hopefully one that will be worth the hard work and pay off for you in the long run. Try to enjoy the time you’re investing in your business, it’ll be much easier if you do!