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Start your business right

  • Blog
  • 25 August 2016

Starting a new business can be daunting. Launching that business and looking like you were born to it is the way to make it stand out right from the beginning.

You’ve got the idea, done your research, and you’re rearing to go. Here are our tips to start your business in a way that makes you look like an old hand, building customer trust that you are in it for the long run and know what you’re doing right from the get go.

Start your business right

Pick your name

This may sound obvious, but your name has a lot to do with how your business is perceived. It will be on your premises, all your literature, your website, across social media.

Pick a name that suits your business personality. Don’t feel like it has to be funny, or serious. It has to be a name that’s appropriate for what you do, and memorable for your customers.

There are certain rules that apply to choosing a name for your business so double check and make sure you’re not picking something that will get you in trouble.

Register your business

You need to pick a legal structure for your business and register it with HMRC. Most businesses register as a sole trader, which means you don’t have to register with Companies House. You can find out more about your responsibilities as a sole trader and the other options available here.

Check the rules

Make sure you’re aware of what rules apply to the type of business that you’re setting up. This applies to insurance, licensing, taking on staff and also if you’re selling goods online or abroad.

You should also check the rules for running your business from home and renting a property that you’ll use as a business premises.

Remember, if you’re and FSB member you have access to 24/7 legal advice and a legal document library with many of the most common documents available in downloadable PDF format.

Register your website

Having a website is an essential part of running a business these days. Most people will go online first when looking for a new product or service, so make sure you can be found.

Even if you’re not 100% rerady to set up the whole site, make sure you register your domain name. Make it easy to remember and type into a mobile phone, too!

Pick your side

Sometimes it’s easy to be muli-passionate and start your business with too many feathers in your cap.

Remember, you will stand out more if you focus on just the one thing. Pick your speciality, and focus on doing  it really well.

Write a one page business plan

You need to know what you want to do, and what you need to do. Your business needs to be easy to understand and explain, so focus on getting it all down on one page.

Include the necessary detail but don’t get too carried away on things that may or may not happen.

Your plan needs to cover your:

  • Vision: the what
  • Mission: the why
  • Objectives and strategies: the how
  • Action plan: small tasks you will do along the way to achieve the objectives

Set a budget

Make sure you set a clear budget from the get go. You need to know what’s happening to your money at every step of the way so you can adjust course if necessary.

Be sure to plan for everything you know about and keep something aside for the unforeseen. Have a backup plan, too. If you need extra money, do you have an idea of how to get extra funding? How long it will take? Make this part of your planning process.

Starting your own business can be very exciting but also overwhelming. Make sure you set up a plan, stick to it as much as possible and you can be sure that you’ll start off with the least amount of chance that something will go awry.

 

 

 

 


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