1st Choice Incorporations offers quick company incorporations at the lowest price and will provide you with the advice you need to ensure that your new company complies with its statutory obligations.
Where Do I Start?
So now that I have a business idea…
Here are a few things to think about:
The idea of the rewards, and the dreams however, make it all worthwhile.
It all starts with this brilliant idea, the dream – what you hope to offer and what you expect to get in return. In the majority of cases, the expectation of the return pushes or drives the idea.
Think carefully and research it as much as you can.
Where do you picture yourself and the business taking you in 5 or 10 years’ time?
That is the driver, the aim and the desire to achieve or accomplish the vision.
This is what you’re aiming for. Without a vision, drive becomes diluted and often subsequently fruitless.
Set your sights on a goal and never take your eyes off it!
It’s now time to balance your idea, your vision with a little reality. Do your research to find out if all you have been dreaming of is anywhere near reality.
In order for your business to be successful, it must solve a problem, fulfil a need or offer something the market wants.
Without initial research, there is a great potential for dismal failure in the early stages and a loss of valuable time and money. The moto should always be Research, Research, Research!
You need a plan in order to make your business idea a reality. A business plan is a blueprint that will guide your business from the start-up phase through establishment and eventually business growth, and it is a must-have for all new businesses. A business plan is crucial to the success of any business.
If you don’t anticipate seeking financial support, a simple one-page business plan can give you clarity about what you hope to achieve and how you plan to do it.
If you’re hoping to seek financial support, you’ll need to have a well-drawn out business plan to convince funders that you are worth their time and money.
Plan your finances
Put together a spreadsheet that estimates the one-time start-up costs for your business (licenses and permits, equipment, legal fees, insurance, branding, market research, inventory, trademarking, grand opening events, property leases etc.), as well as what you anticipate you will need to keep your business running for at least 12 months (rent, utilities, marketing and advertising, production, supplies, travel expenses, employee salaries, your own salary, etc.).
Your Business Structure
Your business can be:
The business type you choose will impact many factors from your business name, to your personal liability, to how you file your taxes.
You may choose an initial business structure, and then re-evaluate and change your structure as your business grows and needs change.
Your Business or Trading name
Your business name plays a major role in almost every aspect of your business, so you want it to be a good one.
Decide your business Location
Setting up your place of business is important for the operation of your business, whether you will have a home office, a shared or private office space, manufacturing or a retail location.
You will need to think about the overall setup, equipment requirements, and make sure your business location works for the type of business you will be doing.
You will also need to consider if it makes more sense to buy or lease your commercial space.
You may need registration for industry specific special licenses. Local Authority trading licenses may also be required. Do your research – find out what is legally required.
You will need these in place before you can start trading.
Getting your team ready – Management and staff
It is very important to analyse the initial staffing requirements.
If you are going to be a sole trader, you may not need additional employees, but you will still need your own support team. This team can be comprised of a business adviser, your banker or other people in a related trade. These can serve as your go-to resource for advice, motivation and reassurance when the road ahead gets bumpy.
If you are going to hire staff, outline the positions you need to fill and the level of expertise required for each position. You will the need to recruit suitably qualified staff.
Due to financial constraints during start up, it may prove costly to engage a recruitment agency. You may have to place ads in the local press and conduct the interviews yourself.
Promote your business
Once your business is up and running, you need to start and keep attracting clients and customers. Let people know what you do and where they can find you.
Your business will need to be insured and depending on your business, you may need public liability insurance, employers liability insurance (usually a legal requirement), buildings and contents cover etc.
Business Bank account
Your business will require a bank account. Your clients will make payments for your services to the account and you will make payments for your supplies etc. from the account. Many high street banks will open a bank account in your business name.
A merchant account will allow your business to be able to accept payments by credit and debit cards.
Recording your business information and transactions
Please contact us if you need assistance with setting up your business or if you require any other assistance. We are here to help!
Author: Charles Ndoro