Taking the plunge and starting your own business

Starting your own business is an incredibly exciting journey that is filled with highs and lows and the wonderful satisfaction that knowing you are your own boss. For many people this can come as a result of being disillusioned with the traditional way of working for another company and for others it could be identifying a gap in the market and developing a way in which a product or service can help to fill this gap.

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Although it can be incredibly tempting to register a company and jump in feet first with building your business it is important that you have a plan in place that covers some of the areas mentioned below.

 

  • Business type – it is important that you think carefully about the legal status of your business. This will very much depend on the types of products and services that you are going to be providing as well as what your future plans might be for the growth of your business in the future and whether you will be employing staff of your own.

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  • Accounting – once you have decided what the legal status of your business will be you need to think about the legal requirements for how you report and monitor your business finances. Again this might differ depending on the type of business that you are establishing. It is important that you comply with the deadlines that are specific to your business as well as general tax and VAT deadlines.

 

  • Insurances – having the right insurances in place means that you can protect your business should a claim be made against it. Again the types of insurances that you need will be dependent on the market that you work in as well as the legal status of your business.

 

  • Marketing – getting your products and service in front of potential customers in a variety of different ways is how your business will grow and thrive. A Marketing Strategy Consultant can help you to identify your niche area of the given market as well as look at all the marketing methods that would be appropriate for you to utilise.

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