How to Start a New Business
In 2019, one of the biggest aspirations for many is to own their own business. To escape the monotony of the 9 to 5 and give themselves somewhere new to aspire to. Giving yourself the chance to do so can be one of the best ways to grow yourself, not only as an entrepreneur but as a person as well.
As a result, there are a number of things which you must check and double check before starting your very own business in order for it to be legit.
Register with the Government
The first thing you need to do is to register with the government for tax purposes. This may or may not come after setting up your business name, depending on whether or not you want to operate as a sole trader or a limited company. You will need to pay both business and personal tax, so you can get advice on this at this point if you’re unsure about anything.
Decide on Your Business Name
In order to establish yourself as a proper business, you will need to make sure that you have a good business name. It should be catchy, it should be memorable and it needs to be something no one else has used. You could find yourself on the line for copyright infringement if you don’t choose something unique, so this is an important step.
Check your name isn’t taken by either checking Google or Companies House when you go to register it.
Set Up a Business Plan
Once you have everything registered, you are ready to actually start tackling the larger task of actually getting your business off of the ground. And for this you need a comprehensive business plan.
A business plan doesn’t need to be an intricate document for investors to pursue, especially if you don’t plan to seek outside investment at all. Instead, it can simply be a step by step guide to how you yourself will be setting up your business and running it in the next two-to-three years. This needs to include your business structure, the key players, the product/service, sales and marketing plans, everything you need to successfully run a business basically. Once you have this laid out before you, it should be a much simpler case of getting the business off of the ground.
For some businesses, you will also need to ensure you are following extra guidelines or regulations set out by an independent body. This means planning everything in that area twice over. So, if you’re selling things like supplements–from thyroid support to EPA fish oil–make sure that you have everything registered. Don’t forget or you could find your business on the line as a result!
Decide on Home/Away
A big decision that you will have to make is whether or not you want to set up your own office or if working from home/a smaller unit is how you want to start your business. For many, this will be a simple case of choosing based on budget. If you have the budget for an office at the start of your business, then it may be a positive choice for you. However, as most fledgling businesses have little to no budget, this is unlikely.
So, don’t be worried about starting up in your back bedroom or even on the dining table.
Start the Business
Once you have all of your legal structures in place and know where you call home, it’s time to start the business in earnest. At this point, you should have everything set up in place in order to actually get your business off of the ground. Which means that everything you do from here on out is just in support of growing and establishing this business further.