If you are planning to launch a new business in the near future, there is a lot to consider. Assuming, of course, that you have done your market research and have established there is a market for your products or services, here is a checklist to ensure that nothing important is overlooked.
- Accounting – Rather than waiting until the end of your first year of trading, you should enlist the services of an experienced accountant. “Where would I find accounting firms near me in St Albans?’ you might be thinking, and luckily, an online search is all it takes to contact a local accountant who specialises in setting up new businesses.
- Business Plan – It is essential to create a business plan, and this will very much be your guide to forming the business. The plan should include company vision and mission statements, as well as detailing the various marketing strategies you will implement.
- Adequate Funding – Many small businesses fail within the first year due to lack of funds, so you should crunch all of the numbers, and even have some money set aside to support you through the first few months.
- Necessary Resources – Depending on the nature of the business, you will need certain resources, such as office equipment, any relevant tools or machinery, and, of course, transportation.
- Insurance – As a business owner, your job is to minimise the risks, and that means taking out several insurance policies. Public liability insurance is compulsory for every business, no matter how small, and if you plan on hiring employees, you will also need some employer’s liability insurance.
Once you have all of the above covered, with a lot of hard work and a little luck, your new business will gradually become an established concern that serves the local community.