5 Things to Consider When Setting Up a Business

Setting up your very own business can be both challenging and exciting. There are a whole host of things you will need to consider before you launch your company, so don’t try and run before you can walk. Here are five things you will need to think about first:

1. Finances

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Have you registered correctly with HMRC and set up a separate bank account? Do you have accounting software so that you can keep track of your income and expenses? Monitoring your finances is a crucial aspect of being a business owner and planning ahead is of the upmost importance if you don’t want to get yourself into any debt or tax troubles.

2. Marketing

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Digital marketing is a popular strategy nowadays and having an optimised website is vital, but don’t shy away from traditional marketing tactics if you think they might work for your company. Branded merchandise is one great example of this and can help you retain existing customers, in addition to attracting new ones. Experiment with your marketing efforts until you find something that works.

3. Location

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Will you be operating your business from home or do you require an office space? Perhaps you going to be opening up a store or restaurant, in which case you will need to choose a location where there is heavy footfall. After all, you’ll want your target audience to actually be able to find you.

4. Staff

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Perhaps you’ll be operating as a one-man-band for the time being, but you’ll need to have a plan in place for what you’ll do if your company gets too big for you to handle on your own. Will you be able to outsource some of the work or will you have to hire staff to help? Consider speaking to a recruiter who knows what to look for.

5. Brand Values

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What’s important to you as a business owner? Perhaps you want to operate an eco-friendly company or maybe you’d like to work with charities so that you can give back. Consider your values and make sure that your business embodies them.

The above tips and suggestions are just a snippet of what you’ll need to consider as a business owner, but hopefully they’ll get you in the right frame of mind so that you can start your journey. 

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