For entrepreneurs everywhere, a new year holds an abundance of opportunities particularly if you are attempting to set up a new business, whether for the first time or otherwise. With news that the UK is set to bounce back from a struggling economic time in 2014; those attempting to step into the business world could potentially have one of the most fruitful years the British economy has seen in a long time.
Whatever your business idea, whatever your goals and ambition for the coming year, it is important to ensure that you first get off to the right start. No business can simply be created at the click of a finger, there are specific steps to be taken, I's to be dotted and T's to be crossed. Setting up a business is no easy task but below I have broken down what I personally believe to be the main three steps that should be taken.
If 2014 is set to be the year you setup your enterprise; be sure to keep the following areas steps in mind...
Business Plan- The essential first step to any business is ensuring that a solid business plan is in place. In fact, no business can be set up without a business plan that highlights the aims of the business, the goals, operating procedures, KPI's and the finances you may need to obtain. Not only is a business plan vital for rallying support from investors and lenders but it will give you a clearer understanding of what you will need to do.
Financial Management- It is important that you are aware of the financial obligations your business faces from the get go. From bookkeeping, to registering for tax returns and payroll; there are several legal obligations that your business must comply with so the more you know, the better chance you will have of avoiding any hassle. A small business accountant is often the safest route to ensuring your finances are taken care of the right way.
Marketing- It is important that you establish a plan highlighting how your business is going to reach your target audience. There are several ways in which a business can market itself to its audience however, it is also essential to ensure that you are getting quantifiable results for your spend therefore it is important to ensure that you are aware of the importance of monitoring marketing work and tracking results. There are many ways to do this and even a small business can market itself successfully without the need for a massive budget.
If 2014 is the year you take a step into the world of business, make sure you give yourself the best chance by doing everything as expected, in return giving yourself a real fighting chance.
By B Black. More ideas? Try this
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