Step 8. Decide on the best legal structure for your business
The Axa business insurance quote wizard is a good start. It will tell you which insurances you need and which you should consider. Specialist brokers can be great for niche businesses and Trade Associations often arrange big discounts for their members. If you have dependants then make sure you get life insurance in place too. Search Google and Companies House to see if the name you want is available.
You need a business bank account if you set up a company, as it is a separate legal entity to you. Make sure that you satisfy all regulatory issues eg. This only takes a few minutes and is straightforward for most start-ups. Appoint an accountant or set-up your own simple book-keeping system. As a minimum keep records of all sales and costs.
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If working from home , make sure you understand:. If you work online or using a laptop most of the time, you might want to check out co-working opportunities in your area, where you can rent a desk for a few hours or full-time. Maybe a little bit of a push, but you could certainly do most and maybe even all of that, in one day.
7 Steps to Small Business Success For Therapists
But, of course, you are much more likely to be successful if you start with firm foundations:. For most this is a choice between being a sole trader and a limited company. This should include a marketing and sales strategy and financials. A business plan is vital if you need to raise finance. Start a cashflow forecast and update it with actual achievements very regularly. A simple spreadsheet is usually adequate. Here is a great free cashflow tutorial and download. Until your business model is established and you are making good sales, keep your spending as tight as you possibly can.
If you do need a loan to get started, check-out the government-backed Start-up loans company.
How to Start a Business: A Startup Guide for Entrepreneurs [Template]
Those loans are unsecured, with very reasonable interest rates and you will be supported by an adviser and mentor. Beg, borrow and shop around for IT equipment , office furniture and transport.
Develop a brand identity that reflects your values and the way you want to be perceived by your target customers. Get a logo designed and use a consistent colour scheme and fonts across all your materials. Set-up a website and order business cards and stationery. Make sure customers can find you by phone, email and on relevant social networks. Start with the social networks where your customers hang out.
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- 7 Steps to Selling Your Small Business.
Your brand identity should be consistent across all the social networks, with the same icon and strapline — you want to be instantly recognisable. If you need to do a lot of social media marketing, use a tool like Crowdfire to schedule and manage your accounts.
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7 Steps to Success
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