How to Get a Business StartedMonday, May 15, 2017
Starting a new business can be an exciting time. Being creative with your ideas and taking the first steps towards making money from them is a wonderful feeling. However, it takes a lot of hard work to make business ideas work and survive. Before getting ahead of yourself, you need to make sure you have everything planned so you aren’t stumped at each hurdle. The more you prepare yourself, the less can go wrong. So, what do you need to do in advance of starting your business?
A Business Plan
Before you do anything else, you need to create a business plan. A business plan is what will convince others that you have thought things through. For example, if you intend on borrowing money from a lender, that lender needs to know that your business is a safe bet. What are you selling? How will you market what you’re selling? Where do you expect the business to be in 12 months? It’s always safer to under-estimate rather than promise things you may not be able to deliver.
Once your business is off the ground, how will you expect people to remember you? Getting your branding in place before you start will ensure you have visuals that your customers and potential customers will recognise. For example, a logo that’s relevant to what you’re selling. Having branding that attracts people’s attention is a must have for businesses that are aiming to do well. Customers are much more likely to return to businesses that present themselves in the right way. A branding agency can do all the hard work for you, creating your entire brand so you’re ready to go.
Finance Your Business
The money you need to finance your business will depend on the type of business you’re planning on opening. For example, small home-based businesses won’t need much capital to get up and running but businesses that require premises or need to invest in large amounts of stock, may need a business loan. Do your research before going straight to your bank. There may be small business grants that you can make the most of or investors looking for a good opportunity. The aim is to get the most money for the least amount of return.
Register Your Business
Before you start selling, the government needs to know that you’re operating as a business. You’ll need to register your business name and register yourself as self-employed. If you plan on taking on employees, you’ll also need to make the government aware of this. You’ll be responsible for paying your employees tax, so it’s important you get it right. You may want to invest in an accountant to make sure there aren’t any mistakes. You’ll also need to get business insurance to make sure you’re covered in the event of a burglary, fire or another unfortunate event.
Starting a business isn’t easy and you may find it takes a while to reach your goals. Consider asking other business owners for tips and find out what else you need to do, to get your business running.