Starting your own business

Amongst other subjects, starting and managing your own business is something I will cover in great detail.

With over 20 years of business experience under the belt, I completely understand how daunting the idea of running your own company can be. Important business decisions need to be made from the outset, so having the right information is crucial.

I’m not an accountant, nor can I give any binding legal advice but what I can do is share with you what has worked for me in the past, why I took certain routes and why I choose to do certain tasks myself and outsource others.

In later posts I will explore all the points below in more detail, with some valuable tips, tricks and money saving advice.

Below are just some of the considerations you need to make before starting on your venture.

  • A company name
  • In what legal entity is the company going to be formed
  • Who are you going to bank with
  • How to choose an accountant
  • Do I need to register for VAT
  • Do I need to register as an employer
  • Where to run your business
  • If working from home, a postal address and business phone number
  • Do I need to work mobile
  • Accepting payments online and offline
  • How to invoice & bookkeeping
  • Logistics
  • Fraud Management
  • Terms of business, COD, 30, 60 or 90 days
  • Working capital – How much have you got to get things up and running
  • Website design, domain name and email setup
  • SEO (search engine optimisation)
  • What social media platforms are you going to use
  • Who is your target market
  • What’s your USP (unique selling point)
  • Know your product and industry
  • Marketing, which methods
  • GDPR (General Data Protection Regulation)
  • Amount of time you can commit

The list could go on further but I don’t want to overwhelm you so i’ve kept it to a modest size

Look out for the 1st of many posts in this series coming next week – Signup below to be notified as soon as new posts are published.