To help budding entrepreneurs in and around Droitwich, we have compiled the following business start up checklist. This checklist outlines the essential steps business owners must consider when starting a new business.
Outline your business goals, strategies, target market, and financial projections.
Decide whether you'll operate as a sole trader, partnership, limited liability partnership or limited company.
Regardless of your business structure, you will need to register your business with HMRC for tax and VAT purposes. JRMA can advise on all areas related to setting up and submitting VAT returns. If you decide to become a limited company, you must also register your business with Companies House. To do this, you must make sure your business name is unique.
Depending on the type of business you intend to operate, you may need specific qualifications, licences and permits for your business operations. This may require you liaising with your local council, trade associations and professional bodies to confirm what is required for your business.
Choose a bank and open an account specifically for business transactions.
Select and set up accounting software that meets your current needs and will scale up as your business grows. JRMA has an accounts training and set up service, which you may find helpful.
If hiring employees, you will need to decide whether to outsource the payroll function to a local bookkeeper or accountant (such as JRMA) or buy suitable payroll software enabling you to do your own payroll.
Assess your business risks and obtain appropriate insurance. This may need to include employers and public liability, but also insurance of vehicles, equipment and property.
Seek advice from an accountant or bookkeeper to help get you started and to give you tailored financial guidance. JRMA is happy to help budding entrepreneurs based in and around Droitwich and Kidderminster to realise their business ideas. Contact us to book a free initial consultation at 01905 796512 or email info@jrma.co.uk.
Develop a marketing strategy to promote your business and attract new customers. Consider your target audience, how much of your budget you will invest in marketing, and what activities would best help you communicate with your target audience.
Depending on your business and your target audience, you will need to create a professional website and/or use social media platforms to market your products and services and to help your business be found online.
Your business type will dictate whether you need physical premises (shop, industrial unit, etc.) or an online sales platform, or possibly both. Setting up a physical workspace will require research into buying or letting premises, business rates, utility costs, etc.
To succeed with your business, you must engage in ongoing training about your industry and network with other professionals. This may involve attending trade shows and exhibitions or local business networking events.
Starting a new business requires careful planning and attention to detail. Using this start up checklist as a guide, you can create a sound base for your business and position it for success. Remember, your early decisions can significantly impact your business's future, so take the time to get them right.
For more information about starting a business, please see our blog, Practical Tips for Setting up a New Business.
JRMA can help you turn your business idea into reality. The above start up checklist gives you an excellent starting point of the different elements you need to consider. We would be happy to hear about your proposed new venture and suggest how you can make this happen and what steps you need to consider. Please get in touch to arrange a free consultation.
