Top tips on starting a new business
1. Talk to an accountant!
It’s really important to set the business up in the right way from the start (e.g. as a sole trader or limited company), and also to be as tax efficient as possible. So get advice first. It can be expensive/difficult to fix afterwards.
2. Check your domain name / URL is available
If you use a business name that’s already being used for a web address elsewhere, this could result in legal action. Plus your website/email options may also be limited.
3. Do some research
Carry out as much research as you can into your market, your competitors, and the demand for your offering. Talk to your potential customers and test your ideas.
4. Think about your premises
Your spare room may be a great place to start, but if you want to hold meetings you may need space elsewhere. Consider a co-worker hub or shared office space. They’re great for networking too.
5. Assess strategic partners
Going it alone can be scary and isolating. Strategic partners, or a support network, can boost your motivation when you’re flagging and offer support with your ideas. Why not think about joining the Essendon network ‘EAT Breakfast’?
6. The IT side of things
As well as needing hardware and software you need security. Your data must be secure and held in line with regulations to stop any hefty fines. It’s worth considering applying for the Cyber Essentials certificate that we have obtained.
7. Brand your business
A strong brand fosters loyalty and helps customers engage with your offering. It also provides the platform to extend your range in the future, so think about it carefully right from the start.
Cash flow matters. Take advice from your accountant about whether you should borrow. We have access to funding brokers who can assist you.
9. Write a business plan
It’s something that will focus your thinking and help you with longer term objectives, estimates, and forecasts. But remember, it’s not set in stone, and should always be evolving.
10. Make sure it’s right for you
Is your mind-set ready to start a business? Can you work the long hours? Can you take the pressure, accept failures, and still push on? Running a business can be very rewarding but it takes determination.
If you’re starting-up, or just have an idea you’re mulling over, please do come and have a chat with us. We’re big fans of watching acorns grow into mighty oaks, and would love to help.
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