Setting up a new business is an incredibly exciting process, but as a new business you have a lot to consider. Whether you’re a fresh start-up and have no previous business experience, or even if you’re a veteran of the business world dipping into a new venture, you’ll have to think about a number of factors to ensure your business gets a running start! Hopefully by the end of this article we’ll have given you some helpful hints as to the various decisions you may need to make during your inception, and maybe even learn how we here at Simply Business Finance might be able to support you as well!
Your Concept
Perhaps most importantly, the first thing you need to know is: just what is it that the business you’re trying to build is going to be offering. Are you a fashion designer with views to opening your own label and storefront? Perhaps you’re a tech-genius who’s ready to impart your IT wisdom on local businesses currently in technology limbo, or maybe even you’re a HR manager ready to take on a team and deliver fantastic human solutions to businesses externally. The list (and possibilities) are totally endless, and because of this you need to understand your core idea first, and decide what’s going to set you apart from the rest!
What’s out there already
So you have your concept and are ready to release it to the world and start building a reputation for your business. But before you do, it’s always important to take an analysis of what currently exists in your industry and understand what their messages and strategies are, in order to better understand where you want to place your own business and better organise your own business plan.
Legal documents
Making sure you have all the necessary legal documentation is absolutely vital, and should be one of the first things you consider when looking to go into business. It keeps you and your clients and customers protected in the event of any discrepancies down the line.
Premises
As your business grows in its first few years you’ll have to decide where you want to base yourself and your staff. It may be necessary to have office space or a unit from day one, but it may be that you only require commercial property as you expand. Simply Business Finance can ease your transition in to commercial property acquisition with our Property Finance solutions.
Equipment
Your business is halfway to being successful when you have a determination, passion and a winning product. But before you can effectively scale, grow and succeed you need to ensure all of the equipment you’re going to need is up-to-scratch and of a standard that parallels the rest of your business. Whether this is office furniture, technology and software, or even equipment used for manufacturing and development, Simply Business Finance can help with our Asset finance and Equipment finance options.
Financial process
How you process payment and begin to earn capital as a company can depend entirely on the service you provide. There are a number of options to consider, including speaking with us about our Invoice Finance options, which could help you access your hard earned invoices in a more efficient manner.
Positive attitude
Perhaps most importantly to remember when starting a new business, is to remain positive and never stop working to be better! It’s rarely an easy path to walk, but with the right foundations and a strong mindset for success you can’t go wrong.
