6 Things You Should Consider When Setting up a Business

1. Create a business plan

Create a business plan before you start your business. The plan will physicalise your idea, it will help you find gaps you may have in your idea. A written document will also play a part in helping you raise finance, banks and other lenders often request a business plan before approving funding.

2. Contact HMRC and an advisor

Notify HMRC, let them know you intend to go self-employed. Speak to an advisor, whether that be a business advisor, a solicitor, another business owner or an accountant. Your advisor will be able to give you objective advice and help you realistically plan.

3. Research your industry

Research the industry, see what other firms are doing. How do they market? What is their service delivery like? Find out what the norms are and ask people what they want from your industry.

4. Focus on marketing

You may be amazing at what you do but if you don’t market no one will know who you are or what you are. Marketing does not have to be expensive, you could pay for a 1-page website and create social media accounts for your business.

5. Make sure your finances are in order

Not only does starting a business require time it requires funding. It can be difficult raising funds as a start-up, it is important that you have enough money to stay afloat whilst your business is starting up. If you plan on re-mortgaging or taking out loans for your business make sure you do this in advance of starting your business. Your finances will play a large part in whether or not your perceiver with starting your own business or decide to go back to work.

6. Be realistic

You need to be realistic whether this is in regards to your finances, the time commitment or the effect it will have on your personal life. Things never happen as quickly as you may expect. It will take time to get your first customer and start building a consistent stream of new business, it is one of the hardest issues you will face as a new business owner. The key is to work hard, take action and be realistic.