Starting up a new business can be very frustrating at first. It’s not easy to come up with a list that will work with everybody, especially when you are bombarded with lots of ideas and you feel overwhelmed with it all.
Most people don’t know how to start, if to start or where to start; from coming up with a business name, to what type of industry or company’s location. It looks like there are so many things to cover. Truth being said, jump-starting a business involves rigid planning, financial management, and a completion of series legal documents. To get your feet on track we’ve laid out some steps that lead toward owning a business.
Step 1: Make a blueprint
Definitely, this is the part that majority would avoid because it takes a lot of work, a lot of time, and a lot of research. But just keep in mind, this step is very crucial in the success of your startup business.
Come to think of it, it’s like going to the super market when you don’t know what to buy? Say for instance, you looking for ingredients for a Quesadilla. The catch is, you don’t know how to cook Quesadilla. You don’t have any knowledge of what it looks like, how it tastes or what makes a Quesadilla? So first thing you need to do is search in the web. Same with starting up a business, you do your research. Then, you list out all the things that makes up the recipe or ideas for your business. Of course, there will be a case that you wouldn’t necessarily need some of the elements. So you narrow down the key elements and retain the most important ones. With your startup, narrow down your ideas so they can fly all.
Step 2: Get Business Assistance
What if, your plan is already there in front of you. Everything is set but you still feel you need help. Just like when you are inside a store, buying items for the recipe, you feel the need to ask for directions. It’s true, even if you have all the ideas in the world you still need professional advice. Do you ask a fellow shopper who doesn’t know where things are stored or do you ask store personnel who knows exactly where to find the item? In business planning and asking someone who knows how to run a business and who has expertise will help you face the direction. What will happen if you ask the wrong type of person for advice? You end up wasting your money, resources, and time. How about coming up with the best brand name and logo? You can never go wrong with professional graphic designers and there’s a lot of help you can get out there. Whatever stage your business is at, take the advantage of free training and business services.
Step 3: Choose a Business Structure
If planning was hard, this next step you’ll need to put your thinking cap on. What type of ownership you are going to pursue? You can either choose: sole trader, limited company, or business partnership. Having a business structure will define your legal and tax implications. What if you decide to change your business structure? Can you still change to a different one? The answer is, yes! Until you find the better one that suits you. Learn about the different types of business structures and hope you find the best business structure you like from here.
Step 4: Choose a Business Location
Let’s say your plan is already in motion and you’ve matched with professional advice. Now where would you like to start? This depends on what you are selling or what service you are providing. To a customer local businesses are still an important aspect of life. People like to feel like they are buying from a place they trust. Trust comes from what is known and being in a local area or the same country is a plus factor. Get some smart advice on how to find the right spot for your startup business. It doesn’t necessarily need to be a next to Google’s offices, as long as it is a customer-friendly location with a great website you are good to go. Would you choose an old unattractive location which definitely scare away buyers? Would you trust an odd looking website which looks like it’s a scam? Of course not! You want people to keep coming in to buy your service or merchandise. Find the right location for your small business. Take an afternoon to get out and view some collaborative working space for your local business. If your workspace is flexible and you’re going help about growing an online business, there is a great resource here.
Step 5: Get Finance and Business Support
Starting as an entrepreneur, jump-starting a business may take a lot of money. But before you even go down of getting a bank loan. You can check out and try other options like fund raising, crowd funding, overdraft, invoice financing, grants, equity finance, leasing and asset finance. Also on the list, government backed loans; venture capital and research grants are on our side. They provide generous tax relief for investors who are ready to support new businesses.
Many startups self-fund and use part timework to fund their projects. If you want to avoid getting buried in your daily invoices go get yourself an accounting system or simply go get yourself a competent accountant. If you also want to grow your business beyond the VAT threshold, learn to use some basic schemes to ensure you keep costs as low as possible.
Step 6: Register your Business
Just like any other enterprises naming a business is an important branding exercise. Whether you’re a sole trader, limited company, and business partnership form of business; you will need to register your startup. Depending upon what type of business you are setting up there will be different sets of steps and criteria for its registration process. Don’t wait, check this out!
Step 7: Growing and Protecting Your Idea
As your business grows so will the number of your competitors. To make sure your ideas are well protected, you will need intellectual property protection. There are different types of intellectual property rights of which you can implement in your business i.e. copyright, designs, patents, service mark, and trademarks. These forms have different functions, like for Copyright it protects artistic works, Designs protects shape and the configuration of objects automatically, Patents protects invention while Trademark protects the source of goods and service. They are all equally important because they protect different parts of property assets. Through this you keep people from stealing away your unique concepts. So set up your rights for your assets. Also avoid from unintentionally stealing ideas and lookup Gov. records: patents, designs, to see if something identical or similar to your brand is already registered.
Step 8: Set up a bank account
You’ll definitely need to store your money and to set this up. You will need to have a bank account for your business and most importantly you’ll need a local address before opening a bank account. It’s always a good idea to keep your money separate so you know what is personal and what is business.
Step 9: Employing great people
Well of course when setting up a business you will need to place basic employment terms, rights, responsibilities, and conditions. Credentials should be well checked as well if someone has the legal right to work in the UK. According to gov.uk There are 7 things you need to do when employing staff for the first time and here they are.
Step 10: Enjoy the journey
Viola! You’ve finally made it to the last part. Truth being said, there are so many variables in starting up a business from the initial steps to the crucial parts and don’t get disheartened. It’s a continuous process. It may not seem very easy at first but as you progress it will be all worth it. As they say “no pressure, no diamonds” so if you want to get there, it will take a lot of dedication and hard work. There’s no easy way to go around the rules unless you come up with your own.