The excitement around starting your own business is undeniable. The thought that your seed of an idea is finally coming to fruition as a fully-fledged business plan can make all of the stress seem completely worth it – but where do you go from there? To give you a helping hand in the creation of your first business venture, we’ve gathered together 5 things you should remember to do to ensure that your start-up is a successful one.
Do Your Research
We can’t stress just how important doing your research truly is. While you’re likely to have researched everything there is so know about the business you’re creating, have you thought about investigating your competition? How about working out whether you need any specific permits?
While all businesses will need to ensure that they have some form of insurance prior to taking on work, there are some trades such as being a builder or electrician where having insurance can also protect your customer from any liability if something was to go wrong. Finding appropriate tradesmen and electrician insurance can be simple, and you are often able to get a quick quote online to find the best prices. Whether this is public liability insurance, or employer’s liability insurance if you are hiring employees, there are many different types of insurance that you are going to need to look into as a start-up. This should be one of the key considerations during the research stage of starting your business.
There are many other things that you will also need to consider, which you may not have even thought about when building your initial business plan. There is a full guide on setting up your own business on gov.uk, and is definitely worth reading!
Pay Attention To The Legal Aspects
The legal aspects of starting a business may be the most tedious, but they’re also the most important, if only to keep you out of trouble. Understanding what regulations you’ll need to follow, licenses you’ll need to have and taxes you will need to pay is a good place to start. If you have the funds, it’s advisable that you speak with a lawyer and an accountant to confirm your understanding.
Track Your Finances
Keeping track of your finances is vital when you’re starting your business, if only to prevent running out of money during the set-up process. Budget your funds from the beginning, and understand that it’s unlikely you’ll make a profit in your first year so you’ll need to be able to cover any businesses and living costs. Of course, it’s not always likely that you’ll start out with enough money without seeking out funding of some form. From seeking capital with friends and family, to finding angel investors and venture capitalists, you can find the right support you need. To keep away from any potential trouble in the future, make sure you stay on top of your finances!
Choose and Register Your Name
Choosing your name – the fun part, right? But were you aware you have to register your name too? In fact, it’s better to own your name, so make sure that the company name that you choose is available to trademark and has an available internet domain name. It’s not as simple as just googling – you’ll need to do a trademark search.
Make Sure You Have A Support Network!
Finally, and perhaps most importantly, try and ensure that you have some kind of support network. Whether that’s the emotional support from your family, or physical support of extra, if only part time, staff. Support is arguably the thing that makes a business successful – after all, having people there to keep you up when times get hard will help keep you in good spirits, and your work in good form.
Whatever the nature of the business you’re starting, as long as you make sure you’re thorough in the preparation, success will come your way. From keeping up with legal requirements, to ensuring you have the funds to complete your initial start-up process, preparation is key – and hopefully our five tips will help you do just that!