Starting a new business from scratch is a huge undertaking and there are so many things to consider and as with anything worth doing planning in detail is the key that needs to be done to give the best possible chance of success. The five things listed below are absolutely essential for businesses success.
Financial projections are a must for any business, not just a start up as it’s obviously key to know where the money and therefore the profits are coming from. You need to take into account seasonal trends, where the customers are coming from and the cost of sale to work out you profit levels for the whole year and see if it the business idea is sustainable or not.
Think About Premises
When starting up it’s important to consider what type of premises, if any, you will require for your new business. If it’s a retail business then obviously you’d need a shop or if you store large machinery or stock you might need a warehouse or storage facility. But in other circumstances you could work from home saving a bundle in rent costs.
Choose A Business Name
The business name is a major decision as it will maybe say a lot about what you do or give an impression of the type of company you are. It can be a good idea to check if your chosen name has been taken by anyone else by checking the national register of companies and if it is free you might want to think about protecting it via trademarking, and there are things to think about before getting a trademark even once you know it’s available.
Hire Any Staff
Hiring staff is the next big thing, you will want to ensure this is done correctly as if you become stuck with poor staff it can easily bring the whole business down despite everything else being done properly. It’s important to thoroughly research their background and check references and once you’ve chosen them be sure to give a decent trial period and monitor performance and progress so that you can let an employee go in good time if it is clear that it is not going to work out.
Sort Out Banking & Insurance
You’ll need a bank account and also to make sure any insurances are in place as you’ll maybe want contents insurance or public liability in case of any legal problems with customers. It is really easy these days to compare online business insurance.
Get You Promotion & Advertising Sorted
Once everything else is in place then it’s time to let potential customers know you exist as otherwise it will all be for nothing, you could have all the best products and services in the world but if no-one knows about them you’ll soon run out of funds. These days you are spoiled for choice with ways of promoting, with social media advertising being hugely popular as you can easily create visual posts that capture the imagination.