If you are considering setting up your very own business, you’re probably feeling a range of emotions from anxiety to excitement. There are many things to think about before you begin so try not to rush into anything before you’re ready.
- Ensure you’ve dealt with the financial aspect of owning a business; be sure to register with HMRC and track all of your expenses. Think about your outgoings as well as impending income. If you feel out of your depth, it might be worth talking to a professional accountant for some support.
- Think about your branding, including your company name, logo and even your website. You may need to consult a web development agency for some help in this area but it’s certainly important to build an online presence in this day and age.
- Do you plan to hire staff or are you going to outsource? Perhaps you’ll just operate a one-man-band for the time being, but it’s definitely worth considering what you’ll do in the long run if the business becomes too big for you to handle alone.
- Where are you going to operate your business? Is it something you can do at home or will you need an office or store? Location of shops and restaurants is very important, as you’ll want to make sure your target audience can find you.
- You’ll need to experiment with some different marketing strategies until you find something that actually works for you. For instance, you may want to go with something more traditional like flyers, or perhaps something a little more quirky, like branded merchandise.
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These five things are just a snippet of what owning a business actually consists of, and you will have a lot more to consider. However, they will hopefully get you started and on the right track. Take a deep breath and invest in a decent notepad so you can write down all of your thoughts, ideas and questions.