Congratulations! You’ve started a new business! You should be rewarded for your efforts so far and taking the plunge but aren’t there always a million things for you to think about and often being a one- or two-man band it can feel slightly overwhelming!
We’ve put together a list of top things to consider when starting your new business:
1. What’s your USP?
Your Unique Selling Point be obvious, and you may even already have it in mind – that’s great. But you certainly need something that defines your business and makes it different from the competition – once you have it, sum it up and try to memorise it. It’ll come in use when you talk to future investors and potential customers and can form part of your company ethos.
2. Create a business plan
Such a useful tool to summarise your business as it stands now and plan out what the future will look like. There are lots of free business plan templates out there but the best place to start can often be your financial backer, like the bank.
3. Register trademarks
It’s a good idea to speak to someone with legal experience about registering your business name or trademark in advance of fully committing to a business name. You may find that a competitor already exists with a similar name and it’ll be back to square one. Registering a trademark can lead to registering a website domain name and any other assets you might need.
4. Money, money, money
There’s lots to consider when it comes to financial support for your business such as ensuring it will be profitable for a start! But things like setting up a business bank account, arranging business insurances and registering for taxes, VAT and PAYE if you plan to employ staff are all part of the list.
5. Promoting your business
If you’re a bit more advanced and ready to go, consider setting aside a budget for marketing materials that you might need, like a website, logo, paid promotions, etc.
6. Hiring your team
Finding the right people can be challenging so be sure to seek support where you need it. Writing a job description, advertising the role and interviewing can all be time consuming tasks, but imperative to ensuring you have the right people supporting your brand-new venture.
Here at activ, we’re champion for small businesses and business start-ups, that’s why we’ve developed some business start-up packages to support you on your journey. Take a look at how we can help.
You may also benefit from our activ marketing academy subscription. Come on a journey with us and learn how to effectively market your business. Find out more here.