Starting a new business is often an exciting time – the culmination of a dream for many people – and yet it may not go to plan unless you start out on the right foot to begin with. Of course, there are many, many different things that people who are new to running a business will need to learn as they go. Even if you have run your own business before and are starting a new one, there are lots of things you will still need to grasp anew. What are some of the most important considerations to bear in mind when beginning a new enterprise?
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Sometimes running a business can be done on a shoestring to prove something can work as a business model. Ideally, this approach will attract private investors down the line because you have successfully demonstrated the business idea’s feasibility. Other sorts of businesses need lots of working capital from the outset. Therefore, you should look for any loans or grants you can access. Regional development funds in your area might offer these. New enterprises in certain sectors the government wants to promote – like technology, for example – can also get funding this way.
Many new businesses fail not because they aren’t viable but because they just don’t get their name out there. One good way of making your business seem very professional – and even larger than it really is – from the outset is to get a virtual 0800 freephone number. These don’t cost much and offer you the chance to look very established even if the 0800 number you publish on your website merely redirects to your mobile phone. Telephony means people can reach you when they have an enquiry, of course, but an 0800 number increases the likelihood that you will get inbound sales calls, too. For any business starting out, sales enquiries are their lifeblood so why use your private mobile number for the business that won’t be so successful in generating these enquiries?
It may sound as though it is getting ahead of yourself to think about your business structure from day one but it can be crucial. Sole traders are the norm for small enterprises until they get to the point of employing one or more people. At this point, registering as a limited company may be better for you depending on how much money you intend to take out of the business either in terms of salary payments or dividends. This will affect your tax, so consult an accountant before making a decision.
It is surprising how many entrepreneurs don’t have a formal business plan. Without one, however, you won’t be able to establish how much of it you have implemented in the first quarter, six months or the trading year. This can mean you get blown off course dealing with the minutiae of day-to-day operations rather than thinking and planning ahead strategically. What’s more, would-be investors will soon be put off if you don’t have one to show them.
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