Are you starting up a new business? Then you must have a ton of questions. Where do you even begin? Starting a business is a very exciting experience but can be overwhelming if you don’t have the right approach from the outset.
There are things to consider that will help you start on the right foot, from creating a business plan to registering, launching and expanding your business. In this blog, we walk you step-by-step through the process.
Choose the right structure
Whether you are looking to register your business as a sole trader or a limited company, you must make sure it’s the right structure for your business.
Each business structure serves a different purpose and impacts your daily operations, personal assets and the amount of taxes you owe. To find out which suits your business the best, you need to research the advantages and disadvantages from a legal and financial perspective.
Finally, if you are still not sure what is the right structure for your business, we recommend speaking to an accountant.
Think about your online presence
In today’s digital age, there is no excuse for not advertising your business online. Online presence is one of the best forms of advertising, and with social media, it’s free too. But when it comes to social media presence, it requires consistency and regular posting. Otherwise, the algorithms will not work in your favour.
While consumer habits switched to online purchases during the pandemic, online shopping post-Covid is more popular than ever. This means having a website for your business is important because it’s what most potential clients will look for when choosing who to use.
However, creating a website means following certain legal requirements and one of them is website compliance.
Not all web designers will ensure your website is compliant, which is why we added a Legal Website Compliance Check to our website. This website compliance check is not mandatory, but it’s an excellent tool that will benefit your business and prevent you from paying fines for non-compliance.
Get Protected and Compliant
Registering your business with the ICO is another important step in starting a business. The ICO – Information Commissioner’s Office is the UK’s indepedent body that governs data protection. Most businesses have to register and you can find out if you need to by completing this online self-assessment.
You should also consider what insurance protection is right for your business. Will it be professional indemnity, public liability or both? We always recommed that you have insurance as a business owner to cover you if things go wrong.
Also, you need to focus on getting the right legal documents in place, such as a contract with clients, employment contracts, sub-contractors, tenancy agreements, terms & conditions, and NDAs.
The next step is protecting your business. By protecting your brand with trademark protection, you are legally preventing other companies from using the same or similar brands without your permission.
Networking – grow your connections
Networking is an excellent way to expand your professional network and build strong and long-lasting relationships. By growing your connections, you get more job opportunities and knowledge and you get to socialise with people who think alike.
Today, online networking is easily done through social media platforms like Facebook, LinkedIn, Instagram, and Twitter. Online networking is one of the most effective ways of growing your business by increasing your buisness connections and followers.
Online networking has many advantages to in-person networking, such as cost-effectiveness and less time consumption. During the Covid pandemic, online networking was a key activity necessary for business success, career growth and personal progress. Still, it continues to be as effective even post-Covid when social gatherings resumed.
Get help if you need it
If you have more work than you can handle, you should consider outsourcing. Outsourcing, as opposed to employing someone, is more efficient and cost-effective, and if done right, it can be rewarding.
However, outsourcing comes with risks because if a sub-contractor does something wrong, the client will come to you for a resolution. In turn, you need to make sure you can then pursue your sub-contractor. In order to do this, you should be insisting they have insurance and that you have the right liability and indemnity clauses in your contract with them.
Either way, it’s important to have the right legal docs in place, such as a sub-contractors agreement or for anyone that you employ, an employment contract.
Will your business need premises?
Finally, when starting up a business, you may need a place from where your business will operate. When it comes to business premises, there are various options to look into, such as sub-letting, licensing or assigning.
You may also want to consider making money from a commercial property you own or lease already. Sub-letting and licensing are excellent ways to earn extra income, and by assigning the lease, you sign away your financial obligations. Either way, it’s necessary to have an agreement in writing which distinguishes whether you are sub-letting, licensing or assigning.
Takeaway
Starting up a business can be overwhelming, but with the right guide, you will know which step to take next and when.
For this reason, we added a Business Guide Startup Mastery aimed at businesses in the UK, which you can find here.