What to Think About When Setting Up a Business (AD)

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Setting up a business isn’t the most straightforward pursuit you’ll ever embark upon, but it will no doubt challenge you in a positive way and hopefully bring you success and fulfilment. There are obviously lots of things to think about, most prominently your brand name, target audience, product or service, logo. You’ll also have to consider staffing, finances, location etc. Grab yourself a trusty notepad so that you can jot down any of your plans and ideas, as it’s easy to forget certain things when you have a lot on your plate.

Once you have decided on your company name, you will need to register the business with HMRC. Track any expenses you’re faced with including things like office equipment, such as computers and printers, and employee salaries, as you won’t have to pay additional tax on them. It might be worth hiring an accountant for some professional financial support, to avoid any mishaps with the ‘tax man’. When it comes to your finances, you’ll need to be careful in the early days before you start making a profit, so have a look for some bargains and maybe second-hand products. 

Where will you be operating your business from? Do you need an office, or can you operate from your guest bedroom for the time being? If you need a store or restaurant, make sure it’s in a spot that’s popular for potential customers, otherwise no-one will find you. This might involve an investigation to calculate footfall of a few areas.

Speaking of customers finding you; you’ll need to consider your marketing strategy, as it’s crucial for reaching your target audience. Marketing comes in many shapes and sizes and what works for one business might not work for another. Do some competitor analysis to figure out what’s working for other companies in the industry. Some companies opt for more traditional marketing, like signage or flyers, while others go for the modern options, like social media ads. It might be worth contacting an SEO agency for some support regarding your website and making it visible in the Google Search Engine Results Page (SERP). 

If you are planning to hire staff, consider what qualifications and experience they might need. Will they receive on the job training or will they need to have a thorough CV. How much will you be paying them and will you provide any other employee benefits? Speaking with a HR specialist will help you with these kind of decisions, and they’ll also be able to support you with any legalities. 

Of course, the above comments are only just the beginning; there are so many more aspects to operating a business. It will take time and patience, so don’t give up at the first hurdle. With a lot of hard work, persistence and support from those around you, you will likely end up with a very lucrative business that you can be proud of.