Should you register as a Sole Trader or as a Limited Company? Making sure you set up your business in the right way in a key step to take.
Starting a business can be a daunting prospect! There are various things you need to think about, prepare and implement to get you up and running.
It is likely that you will be aware of some of these element and may be able to implement some of them yourself, whereas others you may need advice and support on the best route to take.
Links4Dorset provides the support your business needs to get started. Providing advice that is simple and services that you need.
Here are our recommended first steps to take to get your business off the ground:
Without having the finances in place its difficult to get your business off the ground. Whether you are funding your venture yourself or you have an investor, you need to budget for the setup costs and running of your business.
Market research is one of the most valuable things you can do. You need to know that there is actually a market for your product or service.
Writing a business plan is an essential task. It is a written document that describes a business, its objectives, its strategies, the market it is in and its financial forecasts. It will help you set targets, collate all your ideas and plan for the future.
Having a recognisable image that represents your business will attract customers. You logo may be used in many places so a design that matches your image is important.
Choosing a name for your business can be difficult. Professional, creative or different, it needs to reflect your style and nature of business. Think about it carefully as it is difficult to change without incurring costs.
Selecting a bank account for your business needs will depend on your requirements. Most banks offer free business banking for a set period of time to get you started. Having a good relationship with your bank is also important.
There are a number of legal requirements you need to consider when starting a business, these depend on the product or service you are offering. Do you need to obtain a licence? What insurances do you need?
Creating a website enables you to promote your products or services. Having a website that is professional-looking will ensure that your business is taken seriously.
Choosing the right IT equipment to run your business can be tricky. There is plenty to choose from. It is best to plan and think about your requirements before spending out unecessarily.
Where are you running your business from? This will depend on what your business is. It may be that you will operate from home, or you could require a shop or business premises.