Starting your own business can be an exciting yet nerve-wracking journey. There are many components that contribute to preparing the launch of a brand. Before delving into any entrepreneur venture, it is important to get to grips with the fundamentals. Continue to read and we will provide you with a step by step guide on how to start your own business from scratch.
1. Generate your business idea
Every business begins with an idea or proposal. You need to have a solid concept before developing a brand and marketing it. Once you have generated ideas, you need to narrow down the function of your business and who your target market is. The best ideas are ones that solve a problem or make life easier for potential customers.
2. Research the validity of this idea, who are your competitors?
An important part of starting your own business is making it unique. Why does it stand out from the crowd? What makes it different and innovative? If similar businesses exist, you must do thorough research in order to understand who your competitors are. Nobody wants to invest in something that has been done several times before, so having a fresh and new approach will make your business more attractive.
3. Creating an initial business plan
There are many templates online which help you structure a business plan. Read here to learn more about how to write an effective plan yourself. This is an essential document when starting out, as it outlines all the necessary information about your brand. It gives investors and banks a comprehensive overview of the purpose, market and financial requirements for your business.
4. Setting up the right legal structure for your business
You need to be aware of what legal structure your business will fall under. Are you a sole trader or limited company? This can make a difference in what tax legislation will be required from you, as well as the business’s management layout.
5. Understanding financial/legal/tax obligations
Owning a business can come with many admin responsibilities. It is necessary to seek advice and research about all your costs when it comes to financial, legal and tax obligations. Getting it wrong can result in unwanted stress, so it is better to get to grips with all the ‘boring’ stuff so you can focus on developing the business.
6. Insurance to protect your company from legal matters
Having the right insurance under your belt for various things can protect you from damages and accidents. Business insurance is essential, especially when you start to grow and employ members of staff. Getting into the middle of a legal case if anything was to happen, can be a whole lot easier if you are insured and covered for any expenses.
7. Build a brand name/website
Now the fun part! Designing your new business is a key way to make it noticeable. Creating a fun, eye-catching logo and a memorable name is a great start. Make sure that it reflects your product/service without compromising on creativity. A part of marketing is looking for traffic and engagement, building a website will help bring attention to your business and help customers understand it better.
8. Funding options – investment, grants, loans and more
You will need to have sufficient funds before starting a business. Whichever way you go about attaining the right amount to get your idea off the ground, you should consider different funding options.
9. Devising initial marketing/sales strategies
How are you going to promote your new business? There are many platforms online that can help you advertise your product/service. Marketing is the driving force behind a successful business as it leads to sales. The more you invest in marketing strategies, the more likely you will engage clients.
10. Building your initial team – recruitment/employees/company culture
When starting out, you may be on your own and eventually employ a team behind you to help build up the business. It is important to not overwhelm yourself with all the different components that starting a business can involve. Here at Carrington Blake Accountancy, we take control of all your accounting needs so you can focus on developing and growing your business. Stay organised, and keep a record of all the necessary tasks which take priority.
At Carrington Blake Accountancy we constantly review your accounts and the systems utilised to keep them up to date, while keeping an eye out for systems that will streamline the process even further. We also keep an expert eye on your books, financial forecasts and spending to spot any potential problems before they become actual problems.
To find out more about accountancy services, contact us today on 0207 537 6628 or leave us an email at email@example.com. If you have a question or would like further information, why not chat with us now.