Starting a business sounds like a daunting task but it is actually easier than you think. Of course, having no idea on business does not instill the greatest confidence but like many entrepreneurs, we can always try to learn and gain the knowledge. It is well known that the better understanding of a subject/business, the more it is likely to gain the confidence into actually starting something up.
All it takes is a bit of patience, time, and research to learn about what is involved in running a business and then we can assess for ourselves whether it is a viable or realistic option. A good place to start is to visit the Companies House and HMRC websites online. They provide plenty of information and resources on all aspects of starting up. These basic steps below gives a simple and brief idea of certain aspects of starting a business that will help you get on the right track.
What's Your Idea
One of the most important first steps to make for any venture is to think of a good idea in what to do. Perhaps think of something what you want to do or something what you have experience in. The idea can even be partnered with a friend or relative and something they are good at too.
An important part of coming up with an idea is to come up with something that is realistic and achievable. For example, wanting to be a barrister in a supreme court when you possess no qualifications is not exactly a great idea unless you are willing to put in the education of course. Remember, the easier the idea in terms of what you are able to do, the more likely it will be possible.
Finding out what you want to do is probably the hardest part of starting a business, as we need to consider all the aspects of the business and see if it is achievable. Getting the first step wrong and hitting an obstacle after not thinking it through can lead to a lot of hard work and time wasted. For example, if you choose to be a pub landlord and then realise half way down the line that you can’t get a license is not well thought out plan. It cannot be stressed enough that thorough research and analysis must be carried before embarking on any kind of venture, which conveniently leads us on to the next point.
Research & Analysis
As mentioned, once an idea has been realised it is then probably a good idea to research all the aspects involved in the business or company. Make a full in-depth list of all the necessities to run the business and all the different things that you will need. These can include legal requirements, solicitors, suppliers, shop to let, office to rent, licences, accountant, website, vehicles, marketing, advertising, insurance, funding, employees, tax, HMRC, Companies House, payments, terms and conditions etc. A good tip to make sure all ground is covered on this subject is to picture actually doing the job yourself, this way it will make it slightly easier not miss anything out that you might require.
When a full list has been completed and drawn up, we can then put all the aspects in a priority order i.e. which are the most important points that would need to be accomplished for everything to work. For example, who will be your supplier, have you agreed terms and will it be realistic for them to supply to you. Once a general list has been thought through and there are no major obstacles to be seen, then you can probably make a start with a more in-depth business plan. However, if there is a major problem in a plan that is impossible to resolve then it is a case of going back to the drawing board. Again, this is why it is so important not to skim through an idea at the beginning as problems will be encountered in the future. Nevertheless, do not be disheartened if there is an obstacle that arises as even the greatest entrepreneurs have made this simple mistake in the past. This simple factor is probably why they reached their success today or in the first place.
It is very common for anyone embarking on a business venture to write up a business plan. A business plan involves a plan of what needs to be done and a perhaps a schedule for when to do it. This kind of plan is the foundation of any company or business and can really make a difference in an approach to completing the venture. It is also a good reference point for us to remind ourselves what needs to be done and when.
For a business plan, it is advisable to make a folder with sections of all the different aspects of the business in priority order. For each aspect, we can then write a description of what each point would entail. Once we have completed this stage and are confident with everything in the business plan it’s now time to gather your thoughts as it’s probably time to start executing your great idea into reality by registering the business or company.
Registering Company and Tax
Registering a company or business is quite an easy process and all the relevant information can be found at Companies House on their website. You can even call or email them direct. For tax implications, HMRC is the point of contact. On their website, information and advice can also be found or you can choose to call/email them too. It is well advised to find out information about how to start up a company and all the tax implications that need to be in place. It is also a good idea to research how an accountant works too. A good port of call is the ACCA Accountants website, this is the global body for registered accountants where you will get a general idea on how they work. You can also find or look up a qualified accountant on their website too. Getting one’s head round taxes and accountancy is very important so it is a good idea to speak to a few accountants to broaden your knowledge. Talking to a few can also be an advantage too as you will find that you will probably understand or connect with one better than the others.
So now you have a little insight in how to start a business why not take that first step. You do not have to dive straight in but just do a little research in your spare time and see how it does from there. You never know, maybe there is an entrepreneur hidden somewhere inside of you.
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