Starting a business has always looked a mountain to climb to most people who want to start one. But not to worry, this checklist will help you in step by step process you have to perform when starting a business with ease. This list that we have compiled together, will assist you in starting your business idea so you can get going.
WHAT YOU NEED TO DO
The following tasks listed are necessary if you don’t want to build a house with a good foundation. Let’s go through them one after the other so you can know why they are necessary.
- How viable is your business idea: here we need to face reality. Before you can start a business you need to consider the environment you are, do not worry if the same idea exists in your locality already. What matters is that your business idea must be a problem solving one and lucrative. Since you will be running the business for a long time, try to make your business a viable one so you can continue to live with it no matter the competition.
- Research your business idea: coming up with an idea is not enough, you also need to test it to know if your plan will work in all levels. You need to put something into consideration, find out the market size. How often will people need what you want to be selling, will your business continue to be people’s demand as time goes on, how easy is it to acquire a customer, at the same time you need to consider if you will be capable of managing pressure. Just as we have helped a lot of people on how to go about their business, we always advise that they should not let market research be a stumbling block if they already know how to go about winning people’s heart. Therefore, if you know your market, please move on.
- Choose a business name: selecting a good business name is worth sparing a reasonable amount of time to come up with a catchy name that can easily ring a bell in the mind of customers each time they have a problem your business can Solve. During your research, you will see a lot of names at first then you will realize they are not quite right. Write out names you felt will be good enough for your idea, and do an online check to see if the names are available against the register of companies at company house. Getting a unique name for your business can be stressful at the initial stage, but if eventually, you can come up with a good one it will always bring smiles to you each time people call the name. Finally, before you register a name, ensure your proposed business name is not the same as an existing registered trademark. Online trademark register is available for free online.
- Legal Structure: giving a thought to the kind of legal structure that will suit your business is essential. There is the sole proprietorship which is meant mainly for individuals who runs personal liabilities for all debts. Sole proprietors pay income tax and National Insurance on your earnings every year after registering with HMRC. Limited Liability Company is another famous legal structure after sole proprietorship. Such businesses are legally owned and managed by one person, although shareholders partake in decisions concerning the company and are taking as a collective responsibility.
- Company logo: your company’s logo and business name will create your brand identity. It has to be something memorable as explained earlier own. These are what will always ring a bell in the mind of your clients mind each time they have a problem that they need you to solve for them. Ideally, you can’t do everything yourself, coming up with a business idea business name and the slogan is not an easy task that is why you need a sound graphics designer to help you out in designing a logo just as unique as your business name.
- Business Address: most importantly, it is always a good idea starting a business as a sole proprietorship, so while doing that you will need to provide a trading business address for HRMC. The business address will also be a plus for your customers to locate you most especially if your business has to do with physical products.
- Office Setup: customers need a conducive environment where they can feel comfortable while they make purchases of what they want. A reputable and modern office furniture by Urban Ladder is recommended and can satisfy your demand as much as you want.
- Social media promotions: we are gradually moving to the last stages of the checklist for your business plan. A perfect opportunity available to everyone all around the world that can give your business a quick boost is the social media platform. Setup a website and promote it on social media, the sky becomes your limit as people will want to give a try at your business as they come across it such that even those that are not ready to participate will look forward to hiring your service in the future. For some people, your business is not standard mainly if you don’t have a social media presence. Keep an up to date social media account, post relevant and engaging contents on a regular basis. Engage your customers to build trust, confidence and healthy relationships in what you do.
In conclusion, we know with the little checklist that we have made available for your startup, we believe you can do a lot and take over the world. Also, remember that you need modern office furniture to make your office look standard and well equipped because clients put things like this too into considerations most especially when they want to visit you and see if your business can convince them enough for patronage.