Starting up a company is a major accomplishment. However, it also takes a great deal of hard work. There are so many things you need to think about before you can go ahead and start up a business. If you’re looking to get started, then below you’ll discover five things you need to consider.
1. Where will the business be based?
The very first thing you need to think about when starting up a company is the location of your business. Is it something you’ll be doing from home or are you going to need actual business premises? Searching for commercial property to rent is a major task that needs to be given a lot of consideration. From ensuring there’s plenty of space to making sure it meets health and safety requirements, it’s important to take your time to properly inspect the property before choosing it as a base for your company.
2. Be aware of total start-up costs
Thanks to the internet, it’s a lot more affordable to set up a business these days. However, all businesses are going to need some funds to begin with. It’s important to take into account all of the costs you’re likely to face to avoid being hit with any nasty financial surprises later on. The cost of equipment, setting up an online presence if you need to and paying employee wages if applicable are just some of the costs to take into account.
3. Branding
Some experts claim you shouldn’t bother too much with branding at the beginning, while others claim it’s essential. One thing is for certain – you are going to need a logo and business cards at the very least. A website is also important in this day and age. So, it’s worth putting a lot of thought into how you want your brand to look. It can be improved upon as you grow, but having a good logo will really help with your marketing efforts.
4. Have a good business plan in place
The key to success is adequate planning. It’s a good idea to have a solid business plan in place which highlights how you want the business to grow. This should include an analysis of sales, along with how you plan to market and what your advertising budget is going to be.
5. Tax and employees
When you start your own company, you have a limited time to register as self-employed with the HMRC. When you’re new to self-employment, tax can be quite confusing so it’s worth checking out the information published on the Gov.UK website. Similarly, there’s a lot to learn in terms of hiring employees. You’ll be responsible for paying wages, as well as registering them as employed with your business. Do as much research as you can before starting up to ensure you’re following appropriate guidelines.
Overall, there’s a lot to think about. The above are just five of the top things to consider.
Further reading on starting up a company
