Starting a business checklist…

How exciting that you are thinking of starting a business – here is a checklist of all the things you need to think about before hitting the ground running:

· Let HMRC know you are becoming self employed (check out our previous posts for some important tax dates!) - https://www.gov.uk/set-up-sole-trader

· Sort out insurance cover

· Choose a business name! Double check google, and Companies House to see if the name you want is available. If you are unsure about your company name, don’t start printing any business cards, or other brand material until you are. Buy the website domain name as soon as you are sure.

· Set up a business bank account – make sure you shop around for the best deals.

· Get compliant. Check out http://www.greatbusiness.gov.uk/regulation/to make sure you satisfy all the regulatory issues.

· Start sorting out your bookkeeping – make sure you start accounting for all of your costs (check out our earlier posts on the different ways you can do this!).

· Sort out your work space – ideally start from home, but just make sure that is ok if you rent!

· Decide on the best legal structure, sole trader or a limited company.

· Write up a business plan, or just get some ideas down on paper. Set some goals and it will you something to work towards.

· Think about your cashflow – most small businesses fail because they don’t think about this. Set up a forecast, and try to stick to it!

· Sort out all the equipment you need – don’t go too cheap, as you will end up having to re-buy a lot quicker.

· Sort out communications – make sure your customers can contact you by phone/email.

· Set up a website – it is so important to have an online presence nowadays.

· Get started!

I hope this helps – and best of luck with your new business ventures!

AC :)