Okay, so, you’ve had your lightbulb moment and thought long and hard about its potential as a viable entrepreneurial venture. Now you want transform concept into a reality but where on earth do you even start?
Starting a business is a long, often complicated and meticulous process which entails many, many different steps and processes.
You’ll no doubt find this out along the way but for now, here are some of the most important essentials you need to have covered.
A powerful, memorable and legally available name
First thing’s first, you need a name – a name that reflects the brand you want to become but isn’t already being used by another company. Duplicating a name could land you in some sticky legal battles further down the line.
The right legal structure for you
Once you’ve settled on a name for your business, the next step in carving its identity is to register it legally.
Are you a self-employed Sole Trader with personal liability for all business debts? Or do you want to be a Limited Company protected by limited liability and incorporated into Companies House?
We recommend talking to a qualified expert to explore all of your options here. Don’t forget – you may also be required to hold various licenses and permits depending on the type of business you plan to run.
Strong branding and a digital presence
A business identity is nothing without strategic branding. Most aspiring entrepreneurs will speak to a branding and design whizz to execute this stage professionally.
Your brand values and messages can then be translated into your business blog, emails, marketing literature and social media platforms.
Check out Team Organic and get a full digital marketing review of your website and brand.
A solid business plan and marketing strategy
Once you’ve got your branding, target audience and competition research on lock down, you can then use this knowledge to inform your marketing strategy.
You can then use all of the factors mentioned above to generate a solid business plan which you can then use to approach investors, banks, lenders or advisers.
Business insurance (boring but essential)
There is a whole plethora of policies that might apply to you – from Employer’s Liability and Contents Insurance through to Commercial Vehicle Liability and Professional Indemnity.
Do your homework now to avoid any unnecessary consequences later on.
Healthy financial foundations and a business bank account
Unless you are a very small sole trader who plans to keep things nothing more than micro, you’ll need to set up a business bank account.
You will also need to seriously consider how you plan to fund your venture and try to clear any outstanding personal debts that may hinder you as the business owner.
Once your business is all set up and ready to go, you will need to register with HMRC to ensure you’re compliant with the necessary tax, VAT and PAYE payments going forward.
You will also need to be on HMRC’s radar so that you don’t miss and crucial Self Assessment submission deadlines.
If you’re in the process of launching a brand-new business venture and are on the lookout for an affordable and experienced accountant to help with finances, look no further! Drop us a line on 020 3355 4047 for more info.