STARTING A NEW BUSINESS

By One Stop Accounting

Some new business ideas never get off the ground and, with a high percentage of those failing within the first 2 years coupled with the fear of losing a regular income, you can see why. Even if you have a good idea, setting up your business needs careful planning, as mistakes can be costly.

Here are 3 things for you to consider;

Where will you work?

Working from home is a lifestyle choice but is that really practical for you? Will clients come to your home? How much space do you have? Will you be able to ignore those family interruptions? Although it inevitably increases your costs, being based with other businesses has the benefit of being visible, which may be vital in getting customers.

How will your business stay legal?

Make sure you have all the right insurances. If you’re employing staff, ensure that they have proper employment contracts. You also need to comply with any relevant health and safety regulations. Get a solicitor to draw up your terms & conditions and talk to an accountant about how to keep good records for the taxman!

What marketing will you do?

How will you raise awareness about your business? Look at things you can do without spending a fortune. Try out your local networking groups where you’ll get to meet lots of people who will know lots of your ideal customers.

To start a business you first and foremost need to have a good idea, but that really is just the start…

_{If you're thinking of starting a business, have started already or even if you already have plenty of experience, you're welcome to contact Barrie Dutnall at One Stop Accounting for a free consultation - or check out their website first at www.onestopaccounting.co.uk}

This article was created on Saturday, 15th November 2008.

This is the 34th issue of Flea Magazine in Watford. The on-line version of the articles includes additional content that we couldn't fit into the printed version. You can see the individual articles and additional material by selecting from the titles below.

View the printed version of the Watford flea magazine on line in pdf format.

You will need Adobe Reader to see it. In case you don't already have that, you can download Adobe reader here

Inside Watford Flea 204

Advertising