Seven Top Tips for starting up your own business

Starting your own business requires careful planning, research and preparation. Here are seven Top Tips providing you with key advice should you embark on starting and setting up a business.

1. Start-up business plan essentials: Testing your business idea

Market research should be an important part of a start-up’s preparation and business planning; it helps to shape your marketing, resources and business plan and can influence how and who you plan to target, what pricing point you choose and even alter your business idea to become more profitable.

2. Choosing the right business structure

Now you are ready to start your new business, have you considered how the decisions you make now will affect its growth? Unless it is part of the business plan to raise significant funds on the stock exchange within a defined period, you probably won’t want to start off as a public limited company (PLC), so it’s a four-way crossroad:

  • Become a sole trader
  • Form a partnership
  • Incorporate a limited liability company
  • Or partnership (LLP) at Companies House

3. How to choose the perfect name for your business

Choosing a company name is one of the most important things to consider when forming a business. It is also one of the very first decisions that you will have to make – as a result, it is always best to do your research and plan thoroughly before choosing one.

4. How to create a logo that properly represents your business

Your logo has the power to do so much more than simply make your business look professional. It can tell a customer about the industry you serve and the products you sell. A good logo can also convey the personality of your brand, which in turn can build a customer’s emotional attachment to your business – important for retaining loyal customers.

5. Applying for a Start Up Loan: What to expect

Start Up Loans is a government-funded scheme that funds and mentors entrepreneurs:

You will be assigned a delivery partner by the Start Up Loans Company, who will help you develop a business plan. This will be assessed and funding decided by the Start Up Loans Company. If approved, you will then be awarded a low-cost unsecured loan, business mentoring and a range of business support products if your plan is approved.

You must pay the loan back within 5 years, and you will pay a fixed rate of interest. Capital repayment holidays are available, but you must pay interest each month

6. How to choose an accountant

A good place to start is to ask other small-business owners for recommendations or you could do some online research to find good local accountants. For peace of mind, you could research members of organisations such as the ICAEW or ACCA.

Free Initial Consultation
Here at Botting & Co Certified Chartered Accountants, we offer all new customers a free initial consultation. So come and see us for a coffee and let us see if we can help you.

There are many good reasons to use our services:

  • Established for over 60 years
  • Regulated by the Association of Chartered Certified Accountants (ACCA)
  • Friendly, professional, highly trained and experienced team
  • Online access to your accounts 24/7
  • Here for you all year round, not just to organise your annual accounts

7. What to consider when choosing office space for your business

A universal answer to the question of what makes the perfect office space does not exist. The kind of space you need and will be comfortable in, depends entirely on the type of business you are running. The same goes for the amount of space needed per worker. If you are an office based business, all you may require is a small desk and a phone connection, you will not need masses of square footage. However, if your office also acts as your shop floor and a place to meet with clients – you will want a bit more space and possibly a more attractive and accessible location.

For further information on starting a new business, or to arrange a free initial consultation, contact us today on 01903 713508.

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