Starting a business can be tricky and there’s a lot you need consider. That’s why we’ve created this handy checklist to help you start thinking about actions you need to take to bring your dream business to life!
Creating a business plan, including financial budgets and projections, will help you to think through the details needed to future-proof your business. Regularly revisiting your plan will help you stay on track and avoid getting lost in the day-to-day running of your business.
View your plan as a guide – you can always adapt your plan as your circumstances change.
As part of your financial budgets, you should consider if you need financial support for your business plans. Businesses can take a while to become profitable, so you may want to consider finding a loan or grant to help you in the first few months. A great example of this is the Enterprise Action match-funded grants.
The all-important business name! You will need to select a name that will stand out in the mind of your target market but also suits the nature of your business. Try to avoid business names that are already in use, particularly by famous businesses. If you’re stuck for ideas, read our 8 Top Tips for Naming Your Start-Up Business.
You will need to decide which legal structure you want your business to have – sole trader, limited company or partnership. To find out more about the different options available to you, speak to one of our experienced business consultants or visit www.gov.uk/set-up-business.
Did you know that there is a three-month window in which you need to tell HMRC that you have started trading? Failure to notify the department within this period may result in a fine.
Don’t panic. If you join the Enterprise Action project, our experienced Business Consultants can take you step-by-step through the business registration process to ensure you get it right.
Business Bank Account
Open a business bank account to keep your personal finances and your business finances clear and separate. It will help you keep your tax records accurate, help create a professional image and even help you to develop relationships with the bank.
In a world driven by the internet and technology, if you want to thrive it’s important you have an online presence – most importantly, a website – to help people find you and give your business credibility.
For more handy advice on marketing your business attend one of our free Enterprise Action workshops available to SMEs and aspiring entrepreneurs based in the Black Country, Shropshire and Herefordshire.
Thinking of starting a business in the Black Country, Shropshire or Herefordshire and need a helping hand?
Click here to take our eligibility checker and find out if you could benefit from free support from the Enterprise Action project.