Starting a New Business

Starting a business can be a daunting task but forward planning will help the process go more smoothly. Unfortunately many start ups will fail in the first few years but that shouldn’t put you off if you have a good business idea.

You will need to be fully committed to your business as it will end up taking a lot of your time. Study your market and make sure you have enough money put aside to cushion you for the first few months.

If you are setting up a limited company you will need to register it but there will also be aspects of employment law and health and safety law you will need to comply with so you should seek legal advice.

When starting a new business you will need a start up business plan. This is to ensure that everything stays on track in terms of goals and budget. Having a credible business plan means that any bids for financial support that you put forward to banks are as professional as possible which will help you to secure the money that you need to progress your business. You may be able put a comprehensive plan together by yourself or you may need the services of a business plan consultant.

You will obviously need to source some suitable premises if you are not able to work from home. You will need to weigh up whether being in a central location with high rent and possible parking issues is better than being further out of town with cheaper rent and easier parking but further away from the business hub of the area and your customers.

Many start up companies will be one man bands but others will need to think about employing staff. Personal recommendations are good but an employment agency can help you get the right staff. Seek legal advice if employing anyone.

If you make products you will need to ship them out to your customers and will have to consider worldwide logistics. Using a regular postal service may work well for you but you may also want to look at a business courier for important items.

Security is an important and sometimes overlooked consideration. This involves the security of your premises but also for your data handling. Information security is essential. The practice of managing information-related risks is called information assurance. Companies offering this service seek to protect and defend information and information systems by safeguarding confidentiality and authentication of information in storage, or that is being processed, or transit. They safeguard against accident or malice.

With good planning, setting up a new business can lead to great success.