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5 Tips for setting up your business

Once you have your killer idea for a product or service that will fill a proven gap in the market, you’ll need to go about setting up your business. Hopefully you’ll have done your business planning, if you need some tips on this, do look at our other post here. http://www.sliqtools.co.uk/blog/general/hands-up-who-likes-business-planning/

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Here are 5 practical steps you’ll need to consider to actually get the show on the road:

1. Get the name right. Make sure it’s a name that sums up what you offer, either your product or what you want to be known for (your brand values).

There are some useful resources on this website: http://www.start.biz/business_names/

2. Register with Inland Revenue for your Tax and National Insurance payments. You can find more information about that, PAYE and importing & exporting here http://www.hmrc.gov.uk/startingup/

3. Assuming you already have the finance you need to start your business, you’ll need to keep track of your money. Regularly recording both the money going out (purchases or expenditure) and the money coming in (sales or income). You can hire a book-keeper to do this for you (if you’re the sort who likes to keep your receipts in a carrier bag and hand them over to someone else!). Or you can log them yourself in a spreadsheet or specialised software. Don’t forget, if your business issues invoices, SliQ Invoicing Plus is perfect for start-ups as it’s very quick to set up and simple to use.

4. Get yourself noticed. Think about who your likely customers are and the best methods of reaching them. Promotion could include the more traditional leaflets and local newspapers which would be effective for a local trades person for example. If you go the online / digital route, make sure your website appears high in the Search Engine rankings. You may need to hire a professional to advise you here. Regarding social media, it’s worth considering a training course or again, hiring a professional. There are some great tips on digital marketing here:

http://www.smartinsights.com/digital-marketing-strategy/customer-acquisition-strategy/digital-marketing-no-budget/

5. Tap into one of the many sources of business advice just to make sure you have everything covered. The Federation of Small Businesses (FSB) http://www.fsb.org.uk/ and the Governments business support https://www.gov.uk/browse/business provide advice on all aspects of running a business.

For more business startup tips, read http://www.sliqtools.co.uk/blog/uncategorized/business-start-up-checklist/.

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