Depending on what sort of business you are looking to start, the essential elements will differ slightly, but even so, some things will be the same no matter what the industry. Ask most people and they will tell you that to be successful you will need at least three things.
- Money
- Market Research
- A Business Plan
Each of these are interlinked in various ways. To make any sort of business plan (even a theoretical one) you will need to carry out research of the market you intend to carry out your business in. In order to start that business you will need assets of some sort. Most new businesses will require a loan in one form or other and in order to get investors to willingly inject their funds into your business you will need to present them with a business plan. You can see that these three important elements are circular in nature. One is nothing without the other and all three are necessary for a good business to start up, let alone succeed. Yet they are not the only factors to consider. The following are things you might not have thought about, but could be equally as important to the success of your business.
Regulations/Laws/Guidelines/Standards
Depending on your industry, your business might well be governed by various legal requirements. Let’s consider as an example the food industry. If you are planning to set up a restaurant business, you will have to be aware of various regulations and standards. Obvious things include food hygiene and safety, everyone will probably realise that a restaurateur will have to meet hygiene requirements in regard to the preparation and storage of food but there are other things to consider as well. Regulations governing the environment might also affect the business. For example there is a requirement not to cause a “nuisance to neighbours”. Then there are licensing issues to consider. Planning to sell alcohol? You will need a licence to do so. What about playing music? You will need a licence for that too. There might well be things you haven’t thought of. For instance, did you know that you need a licence to have CCTV on your premises? It’s worth doing thorough research in this area, according to your intended market/industry. Business link has some very helpful information on the various legal requirements.
Accounts
In order to keep an eye on your business you will need to monitor your finances. Hopefully money coming into the business will outweigh the money going out and at the end of the year you will make a profit. Either way the Inland Revenue will want to see your books and work out how much tax you owe them. It’s important to keep on top of your accounts for this reason. You might be able to hire a good accountant (have a look at our accountancy package) or perhaps you will be able to do it yourself, in which case you will need the relevant software (we can supply you with FREE Accountacy software). Accounts aren’t just about tax, getting them right and keeping them up-to-date will help you to monitor how successful the business has become. They might also be helpful as a tool to persuade investors to further fund your enterprise.
Banking
Picking the right bank account is just important in business as it is in any other instance. Different money lending organisations will offer different incentives and options. It’s important to do the research and work out which is best for your needs before committing. It’s a simple point, but it might make a big difference in the long term. Our team work with leading banks to find the most suitable free banking for you.
Business Cards
Something so simple and small it might well be overlooked. Business cards are an important part of any business. An easy way to advertise your contact details to people you might meet or network with. A visually pleasing business card and accompanying logo will make you stand out from the crowd. The Company Warehouse offer a corporate design service to meet your needs in this area.
Website and Domain Name
Another simple way of advertising and getting your business exposed to the world is to have a good website and matching domain name. For the domain name it is important to remember that something simple is best. People will forget or mistype long, complicated web addresses and this might well lose you business. The website they then find themselves on will be your business front on the internet. Even if you aren’t a web-based company it is still important to remember that people will judge a book by its cover and first impressions mean everything. You do not want the first thing people see in relation to your business to be a shoddy, poorly constructed, aesthetically displeasing website. Hiring a professional designer to help here always a good idea. At the Company Warehouse, we can help you acquire a good domain name for as little as £1 and we’ll even help with your website creation.
Software
Being a new business, you will want to keep costs down. On the other hand you will need to use the right software for the job. Programmes like Microsoft Office, Adobe’s Photoshop and even virus protection can cost significantly, depending on the number of licences you will need. If you are starting small, you might like to consider using “open source” software. These are programmes created by members of the public interested in sharing good quality products for free. If you google it, you can find a wealth of free software which act as alternatives to the products you might already know. Open Office is a smashing alternative to Microsoft Office. Paint Dot Net is a good alternative to Photoshop. Just be aware of the licences for each piece of software. They might well vary for business purposes.
Virus Protection
Firewalls and anti-virus software are important parts of any business that uses computers on a daily basis. Most companies will use well known companies like Norton but there are other alternatives who might offer better services for a better price, the key is to hunt around. Each company will have different needs. Companies like Avast offer free solutions for the home user with a professional version for the business user, so you can try before you buy in essence. AVG is another good alternative with trials available.
Search Engine Optimisation and Advertising
To get traffic to your website you will need to consider the benefits of search engine optimisation and advertising. Most commonly people use Google’s Adwords as a method of advertising online. There are free methods and ways to get your website high in search engine listings by optimising your website and carrying out other techniques which will get you good “natural” (or organic) results. You will have to weigh up the cost of paying for the adverts versus the time it takes to improve your natural rating. You might want to get professional help in this department or follow our guide on the subject. We can help you on your way by getting your website submitted to all the relevant search engines (try our Search Engine Submission Service).
Insurance
Just like with every other aspect of life, business activities require insuring. Whether its protecting your employee’s or members of the public, you need to consider the costs involved and what sort of cover you might need. Certain elements of your business might require public liability insurance or perhaps you need insurance for your works vehicles. There are many areas to consider.
Legal Structures
Hopefully if you are reading this you already have an idea of what sort of business you wish to run, but do you know what the best structure is for your Company? Are you planning to be a sole trader or a limited company. Our blog article (“Sole Trader or Limited Company”) will help your weigh up the various pro’s and con’s of each.
Location
Everyone knows that location is a key factor to the success or failure of any business. For some businesses it might well have more relevance than others. If you plan to start a restaurant or retail business, a key location in a town or city centre might well be the best option, but then you will have to weigh the costs of council tax and other related fee’s against the position in the market. This is one of the reasons why market research is so important.
Telephone Numbers
Seems like an obvious point, but you need a way for your customers to be able to get hold of you. In modern times it’s important for a business to have a “non-geographic number”. Simply this is a phone number that is not specific to area, so instead of the usual area-code a customer will dial 0800 or 0845. These numbers are good for several reasons, not least because they give the impression of a bigger “national” company to the smallest company. They are cheap and easy to set-up and yet can easily improve your business image and increase calls to your sales team. Have a look at the services we offer in this area (NGN FAQ).
Trademarks
Every company needs a brand name. It is important to ensure that you have a trademark that is individual and distinct. It will act as your symbol distinguishing your product in the marketplace. Once you find something, make sure you register it and stake your claim. Try out our FREE tool to work out the costing and speak to a member of our team to work out what is best for you. Bear in mind that goods and services will fall into different trademark classes. So a company could easily have the same name for a product that another company offers for a service. You might be able to think of overlaps in everyday life.
Office Equipment
Everything from fax machines to photocopiers, keyboards and mice to water coolers. There are many things needed to run a business day-to-day. You will need to take account of these costs in your business plan and consider what is best for your needs. Again, all these things will need to be insured. You will also need to balance quality with cost as with any other area of your business.
Postage
Depending on your business and the products and/or services you plan to offer you will have to consider whether you will be posting to clients and if so, what and how? You might well only be sending out invoices to clients, even then, you have to think about being professional, using the right envelopes and perhaps a franking machine to mark your envelopes in just the right way. You might well be shipping large and bulky products out to customers and in that case you will have to consider which courier to use. Companies like DHL and ParcelForce are well known and offer account systems and discounts to regular customers. Its worth doing the research and weighing up your options.
Payroll
If you plan to employ staff to help run your business day to day, you will need to be able to pay them. There are a few options in this area, but whatever you choose you will need a system to ensure it is done properly and everyone is happy. Including the tax man. We offer a Payroll Service to help manage your employee’s pay from as little as £1.89 per employee per month!
Taking Payment
Have you given any thought as to how your customers will pay for the services/products you plan to offer? In today’s society its more and more unusual for customers to actually want to pay cash. More often than not, especially for online business, people will want to pay using debit or credit card. You need to have a system in place to offer them the ability to do just that. We can help you set-up a system to do just that with our Credit Card Payment Service.
Conclusion
As you can see, this is just a brief list of some of the elements of running a company. There are many things to consider. It’s important to research all these areas carefully before you get started so you do not get taken off guard by unexpected expenses or worse. For specific industry types we have specific guides available for download in the My Company Warehouse section of our website, available once you register with us. Once you have a plan, remember, we are here to help you get started. Register your company and get help with the wealth of services we offer @ www.TheCompanyWarehouse.co.uk
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