Your business start-up checklist
Posted on 18th June 2020 at 12:58
Did you know that almost two thirds of working people would like to start their own business?
If you’ve been working from home or have been furloughed recently, then the starting a new business yourself might be a tempting idea.
Whether your passion is fun, food or fashion, there are a lot of things to think about when you are planning to start a business.
Here’s a checklist that you might find helpful.
Your new business checklist
1. Tell your story
Make sure you can clearly explain how you can solve a specific problem for your customers. Give people confidence by explaining why you are an expert in your field. Don’t just tell them what you can do, tell them how you do it too. That will give them a good reason to choose to work with you.
2. Understand your customers
If you really understand what your customers need and want you won’t have to be the first, best or cheapest to succeed. Investing your time in detailed customer research is worthwhile. It will give you the best possible chance of succeeding where your competitors have failed.
3. Plan where to start
Self-funding is the low-risk approach to launching your new business idea. Richard Branson reportedly started out with just £300. When you can show that your business is viable, you will have a much better chance of obtaining funding to help you grow. Even if you have really big plans, it might be a good idea to start with your most basic product or service and move on from there.
4. Get the right advice
Don’t spend time doing things that can be done better or more efficiently by someone else. Make sure you get good legal, marketing and financial advice. If possible, find someone whose business is already growing to act as your mentor
5. Write a business plan
In three years’ time you will be surprised how many things you got right in your business plan, and what you didn’t. However, if you don’t have one, you’ll never know. More importantly, having a good business plan is the only way you will be able to check that you’re keeping on track.
Spending time, writing, reviewing and revising your business plan is time well spent. It will also help you to decide whether you should start out as a sole trader, limited company, partnership or LLC.
6. Use realistic financial forecasts
If you are going to build a successful business, then you must always have a clear view of your financial performance. Cashflow is one of the most common problems faced by new businesses, so make sure you can keep track of all your income and expenditure, and include your start-up costs, sales, and projected profits.
7. Love what you do
It takes a long time and a lot of hard work to build a successful business, so it’s important that you really have a passion for what you do.
You don’t have to work alone. As well as online forums and networking opportunities you can work with a bookkeeper and accounting software in the Cloud, so that you always have an up-to-date picture of how your business is performing.
We really enjoy working with new businesses so, if this is your dream, please get in touch.
Share this post: