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 whats 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!
Visit the Horizons Regained website to sign up for the free newsletter for Small Businesses.
Joanna Puczkowski, ACMA, LCH Dip
Life Coach & Change Consultant
Horizons Regained
www.horizonsregained.com
Specialising in Coaching & Change Consultancy for Women and Small Businesses
This article was posted by Joanna Puczkowski
View all articles posted by Joanna Puczkowski
http://www.horizonsregained.com
- Printer-friendly version
