Starting your own business? Here are some key things to consider before you start out.
There are so many things involved when it comes to starting your own business. From the moment that you first get the initial idea that you want to start a business and become your own boss, right up to the moment that you’re ready to launch, there are dozens of processes involved and things you need to know about.
While you might be a little overwhelmed at the prospect of starting and owning your own business at first, it’s safe to say that you’ll probably also be incredibly excited to share your ideas with the world and hopefully help people out with whatever you’re putting out there.
If you’re just about to start a business, take a look at our expert advice and top tips below on all the things you should consider when starting your own business.
Make sure you’re ready for the commitment
Once you’ve got the idea of starting your own business in your head, it can be easy to try and rush straight into things without taking a minute to fully realise the big step you are about to take.
Starting your own business really isn’t a walk in the park and there are so many things involved that you need to be sure you’re ready to take on. The commitment of relying on your own endeavours to make money and pay the bills can be quite overwhelming, so it’s important you take a moment to really make sure that you’re ready for the commitment.
Do your market research
Once you’re absolutely sure that it’s the right thing for you, the next step you need to take is to carry out market research to see if the product or service that you plan to offer is something that people are actually looking for.
There’s no point starting a business if no one wants to buy your product or service or there’s no demand for it, so by carrying out market research and learning your target audience, you can be a little more confident that when you do eventually launch, it won’t just fall into the void.
Think of a great name for your business
The name of your business isn’t the be-all and end-all and it’s not necessarily directly correlated to the success of your business, but choosing a name for your business that people can not only recognise and remember but understand as well, is pretty important.
Register the business as a limited liability company
It’s then a good idea to consider registering your business as an official entity and at this stage, you’ll likely want to consider registering it as a limited liability company which will help to protect your personal assets with regards to the finances of the business if anything was to go wrong.
Set up a business bank account
While it’s not necessarily imperative to have a business bank account, especially at this stage, it can be a good idea to have one right from the off so that you can easily keep track of all the business’ finances and you know exactly what is coming in and out of the account.
Create a website and social media pages for your business
In today’s world of business, you’ll probably struggle to keep up with your competition if you don’t have a website and social media strategy in place for your company and while you’re not expected to be a social media guru and gain millions of followers straight away, having a solid online presence is very important.
Write out a business plan
A business plan is an important document to create as it can help you land finance and business loans for your company and any lender or bank will likely ask to see one. It also helps to have all your business goals, strategies and ideas in one document that you can refer back to at any time to ensure you’re on the right track.
Research what taxes will be applicable to you as a business
Any business is expected to pay taxes, but the kind of taxes you need to pay will likely differ depending on many different factors, so at this stage, you should be seeking advice on business taxes to make sure you’re playing by the rules from the start.
Get insurance for your business
Business insurance is another important financial decision to consider for your business as it offers you peace of mind that your business is protected should anything go wrong.
Put together an accountancy system
You’re not expected to know how to handle all the finances of your business and if you’re really not sure where to even start when it comes to the money side of running a business, it can be a good idea to hire an accountant once you’ve set up your business to help you keep track of things and make sure you’re paying your taxes correctly.
Hire employees (if you’re ready to)
At this stage, if you’re almost ready to launch your business, you might want to see whether you need to hire any employees. Hiring a member of staff or taking on a whole team might be something you want to do almost at the very beginning of this whole process, but if not, now might be a good time to see if you need an extra helping hand, depending on the type of business you’ll be running.
Market your business like crazy
Now is the time to market your business like crazy and get the word out about your new endeavours. Shout about it on social media and start promoting it wherever and whenever you can
By now, you should be pretty much ready to launch! Of course, there might be other steps involved and things to consider when starting a business, depending on the type of business it is and any previous experience you have.