So you have a business idea and you think it’s about time to test your entrepreneurial skills. By now you probably know what type of business you are going to start, you’ve created your business plan, and you’ve managed to raise the necessary funds to get you through the first stages of your business’ development. So what’s next?
Before you dive into the business world, here are 5 things you should sort out if you want to set up your business.
The first thing you should probably do will sound silly but you’ll have to launch the business itself and this, in turn, means that you will have to consider a lot of things.
- Start by formally setting up your business
While you decided on the structure of your business during the planning stage, now you will have to set it up. If you’re considering starting a limited company, you need to do a little bit of research and find out how the registering process, the documents you will need and why you will require company officers for your newly founded company.
Should you decide to start it by yourself, you need to register as a sole trader. Moreover, you will need to learn the ins and outs of self-assessing your tax obligations. Also, you should probably find info on whether you need an additional license to begin trading. In addition, if you’re considering registering your business as a partnership, the steps you need to take are similar to those that need to be followed when launching your business as a sole trader.
- Create a business bank account
While this may seem as a simple task, it is extremely important. You simply cannot go into business without having one. You should probably know all the factors you should consider as a business owner when searching for a business account and the necessary documents that are required by the bank to allow you to open one.
- Buy the necessary equipment
Most business owners have probably already created the equipment list they will need to ensure that their company will run smoothly. Still, it’s important to be smart and not dive head first and buy the first thing they see. So before buying PCs, laptops, smartphones, printers or even broadband you should probably compare prices on different specialized websites. Also, if you’re looking for furniture, you could probably buy refurbished which is cheaper. It’s just as good and it will save you a pretty penny. Once your business will take off you can think about investing more money in all that. In the start-up phase it’s all about bootstrapping.
Moreover, companies that activate in the trading sector will need a van. Depending on the business you run, you should consider what type of van your business will require. Moreover, take into account the costs and the insurance part as well.
- Find the right moment and the premises to launch your business
Many people consider that there is no such thing as the right time to start a business. They just think that there is no better time than the present. Yet, if you were to launch your business during the recession, business probably wouldn’t be all that great. Also, at this point, you should probably know whether you’ll be working from home or from external premises. If you’re planning on starting a home business you should probably read these two articles: Planning Your Home Business and The Pros and Cons of Starting a Home Business.
If you are going to work from outside the home, you should consider the location, whether you’re going to buy the space or rent it and getting insurance for it.
And if you’re going to be a part of the retail business sector, location is that much important because you want to be as close as you can to your customers.
- Last but not least, take out business insurance
Running a business is risky so it is recommended that you take out business insurance so that your business is protected against any unforeseen problems that may arise down the road. If you’re not familiar with the types of business insurance available for you, you should probably ask for offers from different insurance brokers.
Assess which one fits the type of business you run, and choose accordingly.
Good planning is the key to good luck!