Partner Article

Checklist for Setting up a Business

So, after much thinking and evaluating, you have decided to work for yourself…

What you need to consider, and what needs to be put in place, will depend largely on the nature of the business. However, here is a checklist to get you started:

1. Ensure that you have a business plan. It is important to be flexible and leave room to adapt to the inevitable obstacles that will get thrown in your way, but make sure you have a plan of action written down and thoroughly prepared in order to give you an organised start and a vision.

2. Do your Research. Ensure that you know what you are getting into. What does your target audience look like? Have you segmented your target audience? Have you conducted a competitor analysis? What is the normal route to market? What are your competitors unique selling points, and strong selling points?

3. Business financing. If you need capital upfront, where will this come from? Make sure as well that you are bookkeepingfrom the get-go and organised with your finances in general. Ensure that you have a business account and an accountant if necessary. Look into any grants or funding-schemes that may be available to you.

4. Insurance and other legalities. Does your business require insurance?

5. Marketing - have you got a logo, website and social media profiles? Is your company name available as a domain name? Do you have an online marketing plan if the internet is likely to be an important route to market? Have you registered your business with Google Business Pages?

6. Choose a business structure - are you going to be a sole trader or a limited company?

7. Business premises - consider a virtual office if this is an option and a telephone answering service.

This was posted in Bdaily's Members' News section by Andrew Griffiths .