Starting in business
Lost your job and struggling to find another, maybe you have decided it’s time to start your own business, which ever reason it is you are going to need help.
5.4 million small and medium sized UK businesses
In the UK there are current 5.4 million small and medium sized businesses, that means 99% of all businesses in the UK are owner managed, at least you’re in good company.
So how to go about starting your own business, here are some key considerations:
- The ‘Idea’, it may sound obvious, but what are you going to do?
- The ‘Test’, have you tested your idea out, is there a market for it, is it a product or service that someone will buy?
- Survival, how will you pay the bills while you get your idea off the ground?
- Business plan, have you got one, even the most basic one, without it how can answer points 1 to 3 above?
- Sole trader, partnership, limited company, limited liability partnership …. which structure is best for you?
- What will you call the business, this was easy for me, I used my surname and created Holden Associates
- Branding, yes even the smallest of businesses needs to think about branding, from a logo, stationery, business cards to your website, these say a lot about you and your business!
- Website, it is your 24/7 ‘shop window’, we all need one, once you have one how to get it listed on Google, this is SEO
- Funding, will you need funding to get going? Start up loans, overdrafts, grants … but which can you apply for and get?
- Location, do you work from home, it is the cheapest method but not always appropriate, do you look for premises to rent, office, warehouse or an ‘incubator hub’?
- Equipment, at the very least you will need a mobile and a laptop, if you have these already use them don’t waste money on the latest and newest must have
- Software, this can range from software to direct your business calls, Microsoft word, excel and outlook to bookkeeping software, but which is best for you?
- ‘Red tape’, it has to be said, ‘there is a lot of it!’, but getting number 11 right will make a difference to how red tape impacts on you
- Accountant, that’s right, you will need one of us, but get it right, the right choice will help your business, the wrong choice will do nothing but cost you in their fees!
Although it is hard to list everything you need to consider I hope I have at least given you some ideas, I have also attached our new business kit to this posting here.
For any help or advice from Holden Associates please do not hesitate to contact us.