Setting up a new business is as exciting as it is daunting. There are so many boxes to tick and things to remember to make sure preparations, your launch, and the first few months of trading run as smoothly as possible.
For a number of new people who are starting a business for the first time, especially in the current coronavirus pandemic, it will be run from home or using remote staff, and as many problems as possible must be tackled before you go ‘live’.
With that in mind, here is a useful checklist of what you need to know when setting up a new business. Starting from the absolute basics, imagine you are holding a pen and staring at a blank piece of paper, with just a great idea in your head and some research under your belt.
# 1 Create a business plan
This could be an entire article on its own, but here are the basics:
You need to map out where you see your business going, initially for the first couple of years, but if you can think as far as five years, that’s even better.
The key points to consider here are your total start-up costs, and at what point you think your business will be profitable. You can do this using accounting software to make predictions based on the research you’ve already done.
# 2 Source a financing package
You are going to need money to turn your dream into a reality, so that will probably come in the form of a business loan. With so many businesses falling foul of the current coronavirus crisis, many banks are taking a very risk-averse approach to lending money.
As you’re completely new, you may have to do more than just walk into the local branch of your bank and sign on the dotted line. More specialist lending may be in order, and companies like biz2credit.com exist to find you a tailor-made financing solution for your business.
# 3 Trademarks and online presence
If you have a company name and you haven’t already checked you’re the only one using it, do it now. You should also trademark the name to protect it. Once that box is ticked, you should go about securing your domain names.
Getting a website built isn’t an immediate priority but will need to be completed before you start your pre-launch promotions on social media. In the meantime, you will need to open those social media accounts and, if applicable, tie in with influencers or set up advertising campaigns.
#4 Identify outsourcing and employment needs
Doing everything yourself is a trick very few people can pull off successfully. Chances are, although you’ll want to keep overheads to a minimum, you’re going to need some sort of paid help.
Your first option is to engage freelancers to do one-off jobs like logo design and build your website. You can usually source a relevant person quickly and cheaply online, and they can have the jobs done for you in just a few days.
Although this is not a complete list, it does cover the essential points of what you need to get started. Most of all, this article can provide a light at the end of the tunnel for those who have a great idea but just don’t know where to start.