Are you looking to start a business and need some guidance? The business start up checklist below provides you with step by step pointers on how to achieve this. There will certainly be steps that are peculiar to certain areas of expertise, so you may have to make adjustments for this. When looking to begin the following should be taken into consideration:
• Prepare a business plan
After performing a thorough market research, you will need to prepare a business plan. This is a planning tool for start up, starting up and managing and operating your business. It should contain your business goals and the plan you have for reaching those goals. The plan should also contain some background information about the company as well as members of your team. Also important to include in here is information about your competition and how you plan to survive and stake your claim in the same market place.
• Forming your company
The process involves first choosing a name for your company and deciding on which legal structure best suits you. You then need to register the company
• Build a website and register a domain name as soon as is possible.
Although you can get away at the initial stage without a website (unless your business is solely web-based), it is important you register your domain name as soon as is possible and practicable.
• Register the company for VAT if applicable
You may not necessarily have to do this at the initial stage but if your start up costs are on the high side it may well be in your interest to register for VAT. However, it is mandatory that you register your company for VAT if your annual turnover reaches and exceed £64,000.00; up until then it is not a legal requirement.
• Apply for a business account
This is relatively easy to achieve. Usually a visit to the bank will shed more light on the requirements for this.
• Apply for business permits or licenses.
This usually depends on the nature of your business. Check this out with your local authority if in doubt.
• Lease office space.
You need to choose carefully where your business will be located as this can greatly impact the footfall to you business, if you are a retail outlet for example. You may want to ask yourself if you can start your business from home at the initial stage to keep costs down.
• Obtain the other services that are essential to running your business
Consider obtaining insurance, setting up your accounting system, payroll systems, telephone and internet systems and registering with the electricity and water companies in this category.
• Create business materials
You want to get all your business materials ready - this includes business cards, stationery, brochures and marketing materials with which you connect with your customers.
• Develop a marketing plan for your products or services.
It is essential that you have a well thought out and documented marketing plan. The information here should support the figures in your business plan. It should contain information about your marketing strategy and the actions you will take to generate your projected revenue and ultimately turn your company into a profitable venture.
A business start up checklist is an essential guide to see you through the daunting and challenging time of a business start up. The above steps will get you going in the right direction. After this you will need to consider promoting your business.
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