There are lots of benefits to starting a business. You can become your own boss, you can decide your own hours and you can follow your passion – but before you decide to start your own business, there are a few things to think about.
After all, starting a business isn’t easy; in reality it is normally time-consuming and stressful, especially if you haven’t prepared in advance. Luckily it is easy to reduce feelings of stress with a little preparation.
Here are seven things to consider if you want to start a business.
1. Things To Consider If You Want To Start A Business: The Location
If you want to have a business with a physical location, spend some time finding the most suitable location. It can be tempting to go for the cheapest location on offer, but this could affect customer traffic and your business image, so try to choose a location that looks professional and is in a busy area.
2. Registering Your Business
You will also need to register your business with the UK government before you begin operations – and if you don’t, you could be hit with a hefty fine. Visit the gov.uk website to find out how you can do this.
3. Funds And Essential Assets
It is also important to think about your funding and essential assets. How much money do you have to start a business with? Will you need to take out a loan? What are your essential assets (such as a laptop, an office and a printer)? How much will this cost?
Answering these questions will make it easier for you to create a realistic budget. It also means you are less likely to overspend or borrow too much.
4. Business Bank Account
You may also want to consider setting up a business bank account. You don’t legally need to do this, but it makes it much easier to keep an accurate record of your business expenses (and it also means you don’t mix your personal finances with your business finances!).
5. Meeting Government Regulations
Every British business must comply with the current government regulations. This includes filing taxes and business expenses, as well as yearly payments (and occasionally applications for permits). You can find out more about this on the official government website, or you could speak to an accountant who specializes in small business regulations.
6. Hiring Employees Or Outsourcing
If you are thinking about hiring employees, you have a choice; you can hire employees to work in an office you have provided, or you can outsource the work to virtual admin support. Virtual admin support is normally much cheaper as you don’t have to pay for office space, so it is ideal for businesses with a tight budget. However employees being in the same physical location can be useful, especially if you are all creating something together (such as soaps or jewelry).
7. Accounting and Earnings Analysis
Finally it can be beneficial to consider hiring an accountant for accounting and earnings analysis. They will provide you with monthly reports that will help you to understand more about the financial side of your business. For instance, you may discover you are overspending in some areas, or you may find out that one product is selling much better than others. This will make spending and budgeting easier in the future.
Do you want to hire virtual admin support to help establish your business? Get in touch with us today to find out more about how virtual admin support can help you and your business.