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Help for new businesses
Starting a new business is an exciting time. It is important to make sure things are set up in the right way to suit your business now in the early stages and also in preparation for when the business grows and becomes more established.
You’ve got a business idea but what are the next steps?
Follow the step-by-step list below to put all the foundations in place you need to start a successful business.
1. Market Research
Make sure your business idea is actually viable, and refine it if necessary. Ask yourself 'does my business idea work? before you begin to avoid pitfalls later on.
2.Business Structure
There are several different business structures you can adopt for your business and you need to decide which one is best for your business. You may want to start small as a sole trader, or are you intending to work as a partnership with someone else? Alternatively a limited company or limited liability partnership may be the best option for your business.
3.Business Plan
A well-thought out business plan will not only provide your start-up with a clear direction and contingencies in the case of unexpected events, but it can also be vital in securing investment. Visit our business plan basics for more information
4.Choose a Name
An effective, memorable business name can be the difference between failure and success and should reflect the type of business you wish to be.
One of the mistakes to avoid at all costs is creating confusion with competitors, which can lead to lost sales and legal action. You should check online and at Companies House to see if your name is already being used.
5.Design a Logo
A logo is often the first thing prospective customers see, and is therefore crucial in making the right impression.
6.Register a domain and build a website
After you start out in business, customers will want to investigate more about you on the web, so make sure you get in early and register a domain name.
7. Get your finances in order
Getting an accounting system in place should be a priority as soon as you start trading. As well as preventing you from being inundated with paperwork at year end, it will, if properly set up, give you useful and up to date information on how the business is performing.
There will also be other issues to consider such as VAT. Will you need register for VAT, or even if you do not need to register for VAT will you be better off registering.
You may also need to raise finance to get your business started or to provide cashflow as you grow.
More helpful advice about setting up your business...
I have found MJ Books to be practical and easy to use.
I have found MJ Books to be practical and easy to use. For example the double entry system has a formula in the middle column that signals if both sides are not balanced. This simple device makes it hard to make an arithmetic mistake. The other real benefit has been the VAT calculation. You enter your data as you go along and when the letter arrives from Customs and Excise you simply click on the VAT tab and your calculations have been done for you.
MJ Books has saved me a great deal of time and given me the reassurance that I am keeping my accounts up to date and accurate. It is worth having a go with it.