18 March 2024

Starting a New Business? Here Are 5 Crucial Areas You Can’t Afford to Overlook

Diving into self-employment and starting your own business is by no means an easy feat. With that being said, however, it does come with many benefits! 

If, like many aspiring business owners, you are motivated by being your own boss but are being held back by the “where do I start?” fears, this mini-guide is for you. 

Here are 5 areas that you should be focusing on if you want to start a business.

Market research

Do you know if there’s a real appetite for your idea? If not, you should start with some market research. When starting a business, you need to get to know your future customers inside out. What do they need? What are they missing? What are their desires? And where do they “hang out” online or find their information? Once you have this invaluable information, you can start to build the foundation of your business on solid, informed ground.

Business planning

Starting a business without a real plan is a recipe for disaster. Even if you do not need to secure funding, it is still a good practice to keep you on track—and we recommend reviewing your business plan annually.

A robust business plan should cover all bases, from your vision, goals, and market analysis to your budget, financial plan, and organisational structure.

Legal considerations and registration

Whether you’re flying solo as a sole trader, teaming up in a partnership, or setting up a limited company, each option comes with its own set of rules and implications.

Registering your business with Companies House is a rite of passage for limited companies, while sole traders and partnerships register with HMRC.

Financial management

Effective financial management and securing funding are pivotal to your business’s success, and we’re not just saying that because we are accountants. We have worked with many business owners who don’t have simple financial processes in place from the start, so we highly recommend doing these from the get-go to avoid messes down the line.

For example, start by setting up a dedicated business bank account to keep personal and business finances separate. This ensures smooth cash flow and accurate record-keeping, which will simplify tax management, including VAT and corporation tax, and safeguard your financial health.

If you’re looking at securing funding, it’s also important to explore all your funding options at this stage. Whether it’s a bank loan, grant, crowdfunding, or angel investment, each avenue offers unique benefits, and you can talk these through with your accountant. They can help you choose the best option for your needs, as well as assist with your pitch.  

Networking and building relationships

Last but not least, don’t underestimate the power of networking! Whether it’s being active on LinkedIn or attending networking groups and events, start engaging with fellow business owners, industry professionals, and potential clients. Any conversation could become the catalyst for collaboration, partnerships, and even referrals that drive business growth, so start creating your own opportunities.

Need help starting your business?

With a solid foundation, a clear vision, and the right support, you will be well-equipped to build a business that supports the lifestyle you want. 

Get in touch today to see how we can help. Whether it’s goal setting, budgeting, or strategic planning, we can support you with it all.

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