Starting a new business checklist
Starting a new business gives you the opportunity to chase your entrepreneurial dreams and work on a project that you are genuinely passionate about.
In fact, there are many reasons as to why you may wish to set up your own company. This includes:
- Increased financial security
- Greater professional freedom
- The opportunity to make a real difference to a specific industry/customer base
- The chance to try something new and challenge yourself
- Opportunities for personal and professional development you would not get at your previous place of employment
- Flexible working hours/schedule
- The chance to do something you truly love
However, running a company, even a relatively small one, is not easy. There are many things you have to contend with every day, from unexpected costs to disgruntled customers, and success is not always guaranteed.
Despite that, there are certain things you can do to set yourself on the right foot.
So, with that in mind, here is a checklist of things you should do before launching your company to give yourself a head start!
Starting a business checklist:
❑ Come up with a catchy, memorable name for your company/brand. Make sure it is reflective of the product you sell, or the services you offer.
❑ Register your business with HMRC online. This will help you later when it comes to paying taxes and keeping on top of payments. (There is a £1000 gross trading allowance which you can earn before registering. Find out more information here.)
❑ Ensure that you have the appropriate insurance to protect yourself and your employees. For example, if you run a building or construction company, you will need public liability insurance. This is used to protect you in the unlikely incident that a visitor suffers an injury or damage to their property as a result of your work. You can obtain industry-leading public liability insurance online, from companies such as Rhino Trade Insurance.
❑ If you are launching a particular product, participate in market research before the official product launch. This will allow you to fix any mistakes and will give you a clearer picture of your target audience.
❑ Build a website for your company. This should include images and product descriptions and a link to an online store. Be sure to include an ‘About’ page that explains your reasoning behind founding the company - this helps you build a relationship with your customers.
❑ If you're moving into a building that another business has vacated, double check what the status of specific utilities are, especially water & electricity. It is all too easy to be setting up in a new location and not even think about whether you're inadvertently paying the water bills for the previous tenant. Also, it's a great idea to read up on switching water supplier, just to see if you can get a cheaper bill; something every new business needs.
❑ Focus on developing a social media presence, by setting up accounts on popular channels such as Facebook, Twitter and Instagram. These platforms could be instrumental in your success and connect you with customers across the globe in just a few clicks of a button - so do not underestimate how useful they can be.
❑ Set up a designated workspace in your home. This does not necessarily have to be a separate room, but an area where you can work comfortably without distraction. Ideally, your office should not be in your bedroom.
❑ Write down a list of things you want to achieve by the end of the year, and display it somewhere you will see often. This will help you remain focused and give you something to work towards each day.
Find more great articles here:
- Successfully run a home based business
- How to achieve a great work-life balance
- How to make money online at home
- The best UK side hustle