Wouldn’t it be great to quit your day job and be your own boss? Starting a business for the first time can be a mammoth challenge whether you’re self-employed or a business entity. There is much to consider including business name, website, legal status, accountant and even business storage plans among others. It may seem daunting at first but it doesn’t have to be.
If you have a process in place and follow sound professional advice, you’ll be up and running in no time. Whether you work from home or your own premises, give your business the best chance of success with these top business tips.
The Basics Of Starting Your Own Business
The first question that needs answering is “What will my business do?” Think of a concept, product or service to generate a steady income. It doesn’t have to a perfect plan or fit into a specific category but you must have an idea how it will work. Creating a sound business plan is the first step to getting started.
While many business plans are created to convince bankers or investors to lend money, others are not. They also determine whether or not a proposed idea can be turned into a viable business. Part of a successful business plan includes what to do in terms of marketing, financing, premises, staffing and business storage.
Naming your business is vital and the name should reflect what you do but it also needs to be available. Here are two places you can check if your name has already been taken; Companies House or Who Is lookup.
In terms of registering your business, most are categorised as sole traders, limited companies or partnerships. Each type appeals to different people and the rules will depend on what your business does. Here is some additional information on legal status and how to register your business.
Premises And Financing
You need to think about premises in terms of size, location and purpose. If your business relies on loads of paperwork and documentation, business storage should be a top priority. Self storage can provide you with all the flexibility you need in terms of secure, offsite business storage for expensive equipment, tools or stock.
When it comes to financing, you need to decide the best approach for your business and this is what it includes?
- Salaries – How do you plan to pay yourself or your staff? This may be dependent on the legal structure you set up but it’s still something you need to consider. More importantly, can your new business afford to pay you a salary in the early months? If not, do you have enough for living costs?
- Funding – If you need finance or funding to get your business started, how are you going to raise the money?
- Bank Accounts – You will need to find the best business account for you. It may be worthwhile looking for a bank that really understands your business.
- Accountants – Good accountants are more than number-crunchers and they can also provide vital business advice. They could see trends in your accounts that you may miss in the day-to-day running of the business.
Depending on where you are situated, there may be various government schemes to help business startups. You may prefer to approach your bank or choose another option like venture capital or crowdfunding. Most businesses will need at least a little startup income with the hope to break even after a year. It’s worth noting though that even successful businesses can remain in deficit for the first few years.
Business Storage Solutions
Business storage is essential when you work with loads of legal and accounting documents. Accountants or financial consultants need secure storage space, especially for confidential client financials. Although some data can be stored digitally, many need long-term storage to satisfy HMRC requirements.
At the same time, many eCommerce companies are also home-based and shouldn’t use their garage or shed for business storage. Stock can easily get damaged or misplaced which directly affects the bottom line. Many types of businesses rent a self storage unit and for good reason. Business storage is one of the most important aspects of being organised and it can even help keep initial overheads low when starting your new venture.
Remember, just because you’re starting a business, doesn’t mean you have to be an expert at everything. If you’re not an engineer, accountant or bookkeeper, hire the right people for the job.