If you’re thinking of starting a business, there are many things you must consider ensuring the greatest chance of success. Whether you’ve already started making plans or you’re just looking into the viability of running your own company, here are things you need to think about.
Company Structure
What kind of structure will work best for your business? Will you be working alone, or will you take on employees? Do you want to create a limited company and be a director or would you prefer to work with a partner? The structure you choose will have implications, such as the kind of paperwork you need to complete, your tax situation and other financial responsibilities.
Research and Creating a Business Plan
Ensuring that you’re going to have a viable operation is an important step in creating any business, whether large or small. Take time to thoroughly research the market and use this information to create a plan that shows how you’re going to run your business. Your plan will need to include details of how the startup will be financed together with short and long-term financial forecasts.
Your Company Name
It may seem trivial, but your company name can tell potential customers so much about you. You may want it to clearly indicate what your business does or choose something more abstract. Find out whether there are already others with the same name. You don’t want to be constantly confused with another company.
Gaps in Training, Skills or Experience
You must be realistic about the skills and experience you have and whether you need to invest in further training to put yours in the best position. For example, do you possess the skills to create an online presence for your company or is this something you would need to outsource?
Space and Equipment
Whether you just need a quiet place to work from home or need premises and lots of equipment, you need to identify a suitable space. Almost all will require equipment, whether that’s a computer for homeworking, tools for a building company or specialist software. A haulage company may decide to invest in AI dash cams for its fleet. These dash cameras with GPS not only provide safety but can offer other benefits such as in-cab alerts in high-risk situations, protecting the most important assets: your vehicles and employees behind the wheel.
Finance and Accounting
No matter what kind of business you run, you’ll need to keep accounts. If your business is small, you may be able to handle your tax returns and accounting responsibilities personally. Larger or more complex operations will need an accountant or dedicated finance professional to ensure you meet your tax obligations and to make the most of your finances. There will always be tricks scammers use to steal your money and appointing someone, or a team of people, to monitor and manage these risks can certainly be worth the money.
Marketing
Your media reputation is important and all businesses need to market themselves to get visibility in their marketplace. Therefore, you’ll need a marketing plan to demonstrate how you will promote your products or services. This may include using social media and email marketing, more traditional routes such as advertising in the press or local radio, flyers, leaflets, business cards and more.
Licensing, Legality, and Insurances
Will your business require a special license or permission from a local government body? Will you need to prove you have the relevant qualifications? Do you need to be on an official register? What kind of insurances do you need to ensure you, your customers and the general public are covered? Always ensure you have the correct licenses permissions and insurances in place.
