These days, it’s increasingly more viable to start up your own company. If you’re thinking of being self-employed, there’s a wealth of support and information available to you. However, it’s important to think hard about what you’re doing before jumping in with both feet.
Starting up a business is all about preparation. Without a good business plan and solid goals, being a success will be tough. As long as you’ve got a good time-managed scheme in place and enough money to support yourself during the difficult setup process.
You’ll need a good business plan to follow. Lenders will often require a business plan when you apply for a loan or secure investment. This should set out:
* Your objectives, financial forecasts, strategies and sales
* Your progress
* Your business idea
* Your short-term and long-term goals
Harness to power of the internet
The internet is an excellent tool with which to garner additional business. If you first set up a company online, you can get a good idea of what kind of audience your services have, and what kind of things work.
It’s not uncommon for online shops to move to bricks and mortar establishments after years of online success. If you get an online shop, you’re negating the cost of running an office and can give customers a speedy way with which to check your stock.
HMRC will need to be notified that you have started a company, and you will need to manage your accounts. Every expenditure and profit needs to be recorded.
Don’t be surprised if you need a few months in order to start earning a profit. Keep this in mind when sorting your finances. Take failings as they come, and learn from them.
Whether you’re starting an online business or you’re going straight to an office, keeping in touch with your business partners is essential. It’s all very well waiting for each other’s emails, but conference calling is increasingly the contact method of choice for start-ups in the UK.
With the growth of the popularity of conference calling services, it’s well worth start-ups time to look into this offer by Enterprise Nation, in collaboration with Conference Genie, to try out conference calling for three months before committing to the service. Trying before you buy is always a must when it comes to starting up a business.
Being able to see your contacts makes video calling preferable over telephone, and multiple employees can chip in on the call from different remote locations. This is just one investment which will become more useful as your business grows.
For long term projects, you can apply for a small business loan. The interest rates tend to be variable but competitive and are easy to apply for.
Always be certain that you can pay a business loan back when you need to. If you have a poor credit rating and no business plan, you’ll find it difficult to apply – so always approach a lender prepared.
You can get additional information on starting up a business from Business Link.