How many of you decided to start a business in 2016? Congratulations! Putting your creative ideas into motion, and building a company is a great life choice. Open the window of creativity and perseverance, and break free of the 9-5 boredom. A new business could unlock your financial future, and allow you to indulge your passions in life. However, before you jump straight in at the deep end, take a second to slow down. Setting up a business requires a few boring admin essentials. Let’s run through them quickly, and then you can get started on the fun stuff!
- Name and Branding
The first thing you need is a strong name, logo, and brand identity. In this modern world, there are thousands of companies out there, many will compete with yours. Your name and branding is a chance to stand out from the crowd. It’s a chance to show your creativity, and establish your identity. Think about the biggest names in business. Apple, Coca-Cola, Red Bull. The all have strong, powerful branding and identities. They use powerful colors and brand associations. What will yours be?
- Business Plan
You wouldn’t set off on a road trip without a map, so why set out in business without a plan? A business plan is your roadmap to success, and you’ll quickly get lost without it. No-one ever tells you this about your home business, so we’re letting you know! The biggest companies got to where they are today by setting realistic goals and objectives. They set out timelines, and worked towards specific targets. Most importantly, they outlined exactly how they would make money from the very start. You’ll need a strong business plan if you want funding or investment, so get started!
- Professional Website
The first place any client or customer will look is your website. Whatever your business, you need a professional, well-designed website. You can create one yourself using platforms like WordPress or Wix. However, it’s often best to commission a professional web designer to create one for you. Remember, a good business is all about first impressions. Your website is where you’ll make your sales, and convince customers. Make it count!
- Business Address
You can’t register a business without a legitimate business address. If you’re running a company, it’s worth getting a virtual mailbox. This sets you up with a real business address that you can put on tax forms and registration documents. It also helps you look more professional in the eyes of investors and clients. At the same time, it’s worth setting up a landline telephone number that will forward your business calls.
- Finances
At the end of the day, business is all about money. It’s especially vital in the early days of your company. Every penny is crucial, and must be spent wisely. Start by making a budget of your startup costs, so you know how much you need to get started. Then, make a clear timeline for revenue generation, and figure out when you will start turning a profit. You might need loans of funding to get started, so you’ll have to apply as soon as possible.
Photo by Yanko Peyankov
Mia Guerra
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