9 Things to Consider When Starting Your Own Business

When it comes to starting up your own business, there is no denying that it will be a journey with plenty of ups and downs! But it’s a journey worth taking and one that will have plenty of rewards – especially when you start to make a profit! And the best bit, you get to be your own boss, no more holiday forms for you to fill out. 

When you are starting your own business, there are so many things to consider – do you need a website? What system applications are you going to need? How are you going to look after your finances? Will you need to employ people? So many questions, but by doing your research, bit by bit, you’ll find the answers and get there, ready for when you launch. 

To help with your journey, below we have put together our guide on eight things to consider when starting your own business. 

Will you require any system applications?  

There are so many different system applications that companies use to support their business. Graphic designers will require software like Adobe Creative Suite, Electricians may need electrical contractor software, sales teams will require a CRM system and all companies will need an email system. Depending on your business, make sure you dedicate some time to researching the systems you will need as they will all have a monthly cost associated with them which you will need to factor in. 

Do you require a website? 

In 99% of cases, yes you will require a website – especially in today’s world where we are all using the internet on a daily occurrence on our tablets, phones, and laptops! A website is a very powerful tool that you can use to promote your services. A website shows trust and allows you to expand as well as reach a wider audience. There are a variety of routes you can go down when looking to get a website created – you can use a freelancer, hire an agency, or have a go at building it yourself (there are many drag-and-drop builders that you can use). What it comes down to is the budget you have allocated to getting a website built. 

Will you need to employ people? 

Depending on the type of business you run, you may want to employ people to help start up your company. Employing people has a cost attached to it as well as a certain level of risk – you may employ the wrong person who it’s great at the job. When looking to recruit people, it can be beneficial to reach out to friends and family members for referrals. You could use job boards as well as social media channels. If you have enough budget, a recruitment company may also be an option. 

How are you going to look after your finances?

Have you started to look for an accountant yet? And have you done your research into account packages? Both are very important when starting up. An accountant can give you business advice as well as save on tax and avoid any unfortunate penalties. An accounts package like Xero or Quickbooks will help you stay on track with your invoicing, help you with financial reports as well as your expenses and payroll if you have employees. 

What laws do you need to be aware of? 

There are a plethora of laws that affect many businesses, which may have an impact on your businesses when starting up. If you serve alcohol, you may need an alcohol license to trade. If you are associated with the medical practice, you will need a medical license and so on. Licenses can take time to acquire, so give yourself plenty of time to apply for one, so that you don’t delay anything on your end when it comes to launching. 

Are you going to need marketing support? 

As a business that wants to grow, you are going to want to allocate some budget to your marketing (unless you can do it yourself). Marketing is paramount for any new business, as through successful marketing, you will be able to bring in new customers as well as spread the word about your new venture and build a long term audience. There are many agencies that will offer marketing support as well as freelancers who will support you but for a lesser fee than an agency. Marketing support will include several things, including PR, Email Marketing, Social Media Support, Content Marketing, etc. 

Creating social media channels 

As just touched upon above, as a new business, you will want to create social media channels to run alongside your website and marketing strategy. What social media channels you choose will be down to the type of media you will be creating. Instagram and TitTok are useful for short videos and images. Youtube is good for longer videos whilst Facebook and Twitter can be used for promoting articles and sharing your opinion. Other social media channels that may be useful include Snapchat, Linkedin, and Twitch. 

Have you got the necessary insurance? 

A business consideration that can sometimes be overlooked is whether you need business insurance and the different insurances you may require. Just like your licensing (if required), there is a myriad of insurance products that you can take out, covering you from Employer’s liability insurance to fleet insurance (if you require company cars). Some of the insurances offered are a must, whereas, others are there to provide peace of mind, in case something happens. If you are unsure of what insurance you should take out, give an insurance company a ring, as they will be able to advise. Alternatively, if you have any friends or family members who run their own business, they may also be able to help.

Have you written a business plan? 

When starting your own business, chances are you’ll need a loan to get going. This might be for physical premises, to get your products made or for something else. The important thing when implementing this is to have a business plan in place. This is what you can give to potential investors to show how you will use the money and why it will be profitable. You need to specify what the money will be used for, your goals, your targets and future projections both for the long and short term. Include how much you aim to make, the profit you will need to  break even and any other facts and figures that you think will improve your case. This can also be a helpful guideline for you to follow as your business grows to ensure you keep on track and hit those targets and trajectories that you’re hoping for. 

Summary

There are many questions that you may not know the answers to and that’s completely understandable – you have never started a business before after all. Don’t be afraid to reach out to your friends and family members to ask questions as well as other business owners who you may know of. Keep a list of questions as and when you think of them, this way you don’t forget and can find the answers. 

What sort of business are you thinking of starting up and what advice have you discovered that you think is really useful for someone starting their business? Which of the above tips did you find most useful? Is there anything you would like to share that will benefit our readers? Please let us know in the comment box below, we would love to hear from you.