If you have a great business idea and would like to explore the potential and eventually launch your own company, there is a lot to consider. Setting up a business demands a lot of market research to establish whether your chosen products or services are in demand, plus you have to create a comprehensive business plan, which will be your guide, and with that in mind, here is our business start-up checklist to ensure that nothing is overlooked.
- Business Plan – This is an essential first step that should cover every aspect of the enterprise, including marketing, start-up costs, projected cash flow forecasts and how the business is structured. There are free online resources to help you put together a comprehensive business plan and when you think is it complete, ask a business specialist to take a look, as they will likely find some issues that need to be addressed.
- Adequate Funding – You have to crunch the numbers to calculate how much capital you will need to launch the business, and should you find you are a little short of the amount you need, there is always Nimble's quick cash loans that can be spread over a few months. Far too many businesses fall at the first hurdle, due to insufficient funding, and it is very important that you have enough money to see you through the first few months of trading.
- Online Requirements – You will need a website, which will be your online portal to the outside world, and you can find a single company that will design, build and maintain your website, providing hosting services and online security. Once you have registered your domain name, the site construction can begin, and with the help of a good web designer, your digital platform will be professional. Here is a great article that looks at ways to create a suitable working environment, which is obviously important.
- Legal Aspects – You will need to register your business and if you seek expert legal advice, you can choose the best formation of the business, which might be as a sole trader, or as a limited company or even a partnership. You will need some form of public liability insurance, plus insurance for products and the business premises, and a business lawyer can help you to cover every eventuality. If you plan on hiring staff, you will also need employer’s liability insurance, and a broker can arrange for all the necessary cover to be included in a single policy.
- Digital Marketing – Most entrepreneurs fully understand the importance of digital marketing, and whatever your chosen industry, you will need to join forces with a leading SEO agency, who will put together an aggressive digital marketing plan. All of your rivals will be using professional digital marketing services, so you do need to follow suit, if you wish to capture your share of the market.
You will need untold amounts of optimism and determination, as you will face many obstacles, but with the right application and investment in digital marketing, there is no reason why your business won’t be a success.