Whether you’ve had a lightbulb moment, a brilliant idea, or you have had enough of your day job, if you are considering starting a business there’s a lot to think about.
From legal obligations to scaling the business – it’s going to take lots of work and it is a big deal!
At Soldi Partners we help lots of new businesses lift off and have put together a list of considerations before you take the jump!
If you are reading this article then you are already on the right track – research, whether it’s market research or looking into the best accountants in your local area, is imperative when planning a new business.
Coming in at number one is BUSINESS PLAN. A business plan is the structure of the outfit. Having goals set and how you will achieve them will keep the business steering in the right direction and enable you to visualise and detail where you are starting, and where you want to go. Not forgetting, if you want potential investors or bank loans you’ll need a solid business plan. It’s helpful to evaluate your business plan yearly to ensure you are on track to achieving the goals and outcomes you set out.
Don’t know where to start? There are some brilliant templates on Canva.com to get you started, and thousands of free resources on the internet. (Watch this space for downloadable resources coming to this website soon).
Once you have a plan, you are going to need to think about the LEGALITIES of starting a business. If you set up a company, you’ll have certain legal responsibilities to adhere to including filing important paperwork to HMRC and paying corporation tax. If you opt for self-employment, you’ll need to remember to file a tax return yearly or you could face penalties. An accountant will be able to talk to you about what the best option for your circumstance is.
Regarding accountants, the next piece of advice is to KNOW YOUR NUMBERS. It can be easy to go in blind when starting a business but getting a grip of your finances from the start will help you in the long run. You’ll need to consider your overheads and costs, whether you need investment, what your margins will be and much more. Hiring an accountant or bookkeeper will be invaluable for your business – and professional services are tax deductible. You can read more reasons to hire an accountant here.
If you have a BUSINESS PARTNER, it’s a good idea to think about a shareholder’s agreement. This will protect you both if there are any disputes down the line. It can and does happen! Business partners are often family members or friends, and it can feel unnatural to have these agreements in place, but nonetheless imperative to future proof the business.
Figuring out how you are going to MARKET your product or service is important. Do some research, look at what your competitors are doing, think about a budget and plan. Outsourcing things like logo’s, branding and website is beneficial if budget allows – making the right marketing choices will be hugely impactful on how successful your business is.
Finally, speaking to other business owners will be invaluable on your journey. Being a business owner isn’t a 9-5 – it can feel like a 24/7! You will likely wear many hats when you start your journey and networking with other likeminded people who can help, advise, or even just empathise is going to be a huge support for you. You’ll find plenty of UK business support groups on Facebook and there will be dedicated business networking groups in your area that not only provide support but often end in business relationships and referrals too.
I hope you found this helpful, and wherever you are on your business journey, Good Luck!
For more business start up support, Enterprise Nation have a wealth of information, advice, and events.
