10 Things to Consider When Setting Up a Business

By Joanna Puczkowski

Do you have a business idea but not sure where to start? Here are 10 things you should consider to help get you started.

1. Vision

  • Your purpose behind setting up a business?
  • Your business idea?
  • What skills do you have to help you run a business?

    • 2. Research

  • Your business idea – what’s different about it (unique selling point)?
  • Is it a product / service?
  • The market – who are / where are your potential customers / competitors / suppliers?

    • 3. Planning

  • Comprehensive business plan (strategy, objectives, company values)
  • Short term & long term
  • Strengths, weaknesses, opportunities, threats, risks
  • Budgets – Set up costs, forecast sales / turnover, estimated costs / expenditure
  • Cash flow

    • 4. Finance

  • How will you finance the business?
  • What are your options?
  • Specialist knowledge / advice – bank manager, accountant, other?

    • 5. Premises

  • What facilities do you need to run the business?
  • What options do you have?

    • 6. Legal

  • Company name
  • Business structure e.g. sole trader, limited company etc
  • Specialist knowledge – legal advice

    • 7. Legislation / Statutory requirements

  • E.g. Employment law, data protection, health & safety, financial legislation, insurance, other?

    • 8. Marketing

  • Unique selling point
  • Marketing strategy

    • 9. Training

  • Training for you / your staff?
  • Buy in / trade specialist knowledge & advice

    • 10. Management

  • Long term strategy & vision for the business
  • Financial management
  • Operational management - efficient & effective business processes
  • Risk management

    • And remember to ask for help when you need it!

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