Here are 10 steps you need to take to get your business idea up and running– from evaluating your business idea and choosing a company name through to designing your business cards, developing a website and, finally, getting ready to launch.
1. Start-up business plan essentials: Testing your business idea
Field research is a key part of analysing your market and will help you build a successful business plan and brand. Seriously: a bit of good research (not just something that will make you feel good) is invaluable. You may gain an insight that might give your start-up an edge over existing competitors.
2. Choosing the right business structure
Sole trader, partnership, limited company or LLP? Check out at how to choose the right legal structure for your start-up. (Might be good to look at point 4 at the same time).
3. How to choose an accountant
Whoa, I hear you say. I can’t afford an accountant! Well, that is where you would be wrong: getting a good accountant on board early on will pay for itself. Seriously. They can advice on good ways of structuring your business, expenditure etc that could say you thousands at the end of the financial year.
Tips from Startups on how to pick the number cruncher that’s right for your small business. Me, I followed a word by mouth recommendation by a friend to pick my accountant.
4. Red tape checklist: What your small business needs to know
Well, they call it red tape. It is about business basics really. Be aware of your responsibilities when it comes to:
- Tax law – See point 3
- Intellectual property law – See point 2
- Employment regs (if you have staff) – See point 2
- Digital (or data) regs – See point 2
- Insurance – See point 3
5. How to choose the perfect name for your business
Choosing the right start-up name is extremely important. But it is also challenging. A lot of businesses launch – only to find that they are infringing on the legal rights of another company. There is nothing worse than having to back track and fall back on plan B.
6. How to create a brand that properly represents your business
These days there are bots that can whip up a logo for you. Or some freelancer in India will do it for $5. It is up to you.
But consider this: will the bot or the freelancer in Bangalore (nice place, by the way) think like your potential customers do? You see, a brand is not just a logo: it also encapsulates your business idea, ethos, aspirations – and needs to reach out to your customers, and inspire them into action.
7. Applying for a Start Up Loan: What to expect
Looking to raise finance for your new business? Join the 30,000 plus Start Up Loan recipients today……
8. Need office space?
As with most small startups, I chose to work from home. Because I could. It obviously saves you a fortune in initial overheads. Bu tif you want to expand or your line of work needs to house equipment etc, eventually there will be a time, that you need to look at other options. So, what exactly do you need to consider when looking for the perfect premises?
9. How to save money on business software when starting out
Now I don’t know what kind of business you are planning on setting up, and there are an awful lot of apps out there. So specific advice, well, you probably know bets what specialist apps you need. But for core apps, I would really recommend setting up a google business platform, which not only gives you all the office apps you need, but synchs you with cloud space, and any other collaborators/team members in a virtual office environment, Wherever you are. And then there is data storage. Myself, I use Dropbox. It is invaluable in backing up all my files, allowing me to work anywhere with instant access to them and allows me to share and collaborate with selected teams.
10. Going to market
So, you’ve got your start-up all ready to go? Your market research (you did do some, didn’t you?) has told you who your customers are. You have a brand tailored at that market – so now you just need to talk to them. But what is your key message, h how do you reach them and how much will it all cost? Oh, and before anything else, you need that website up and running as soon as.
Where to start?
Well, obviously here. Do drop me a line, and I can give you some no-obligation advice on getting your inspiring marketing communications started.