Business Blog

A Guide to Setting up a New Business

If you have finally decided to put that business plan into operation and take the plunge by starting your own business, there is indeed much to consider. You must be 100% sure that your products or services are in great demand, while also having a good idea how you will market the business, and once you have reached the stage where you crunch the numbers, here are a few aspects to take into account.

  • Running Costs – You will, of course, need an office, and rather than settling for the spare room at home or a tiny office in a back street, you can talk to a local firm that provides serviced offices, and they can help you set up an office in the prestigious CBD district, and at a very affordable price. Office running costs can literally eat away at your profit, but with serviced offices and a telephone answering service, you can be anywhere and you won’t miss an important call.

  • Business Formation – It pays to get some professional advice prior to forming a company, as there are many different ways to set up a business, and a qualified accountant can help you to choose the best method that brings you tax advantages in the future. You might want to be a sole trader, or perhaps partner up with a colleague who also has something to bring to the table, or perhaps set up a limited company, which does limit your liability.

  • Digital Marketing – Every business, regardless of the industry, needs a digital marketing plan, and with a dynamic website and accounts with all the major social media sites, you can begin to create an online following. SEO services are offered by digital marketing experts, who can make your website more prominent in an online search, and with a firm plan of action, your digital marketing partner can really make a difference. While there might be some things that are not absolutely necessary, digital marketing isn’t one of them, so you do need to factor this into your running costs.

  • Funding – So many businesses fall at the first hurdle, due to a lack of funding, so it is essential that you crunch the numbers to calculate how much money you need to set the business up and to run it for the first 6 months. You should not go ahead with anything until you are certain that you have adequate funds to get the business off the ground, and as many business gurus would confirm, you should have enough money to survive for the first 6 months without making a sale!

  • Outsourcing – Using the specialist skills of third-party providers, you can have many of the services that you need, which is much cheaper than employing people to do the work. You can, for example, outsource your logistics, which really helps if you are an online retailer, as it allows you to focus on improving customer service.

Setting up a business is not for the faint of heart, and with the right concept, a lot of hard work and a great deal of determination, you can become a successful business owner who has a bright future.




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