When starting up a new business, you need to consider a number of factors to ensure the best chance of success.
As well as your product or service, you will need to think about what you will call your business, what sort of structure it will have and how you are going to run it. You should also think about how you are going to attract customers and where the money will come from for setting up while the business finds its feet - see step-by-step guide to starting a business.
Your business plan
Planning and thinking about your business is a necessary process to undertake before, during and after you start.
The headings in a business plan can be simply thought of as a checklist of questions you need to ask to reassure yourself that your venture will work. Writing the plan down is just as important because it helps to clarify your thinking and demonstrates your commitment to move forward. It also identifies where you intend to get to and how you intend to get there. See write a business plan: step-by-step and what to include in your business plan.
What are your start-up options?
Before you start trading there are several important decisions to be made about your start-up business. See develop your business idea to help you make these decisions.
Tax and legal issues for start-ups
Once you have decided to start a new business, you need to make sure that you have all of the legal formalities in place.
The following guidance can help:
- legal structures for businesses - an overview
- get started with business taxes
- protect your business and premises
Finding and keeping your customers
When you start up your new business or become self-employed, you will need to have a clear understanding of what an ideal or typical customer looks like - see market research and market reports.