1. Set your goals
Before anything else is done, you need to set your business goals. It doesn’t matter whether this is a small one year plan or something a little more detailed (like 5 or 6 years). Ensuring you’ve got a clear and solid plan on how you can achieve your goals is important. However, before setting out your goals, making sure these are achievable and realistic within your timeframe is key too. For example, if you’ve never set up a restaurant before and your year plan is to gain premises and make over 1 million pounds, this isn’t going to happen as quickly as you may hope. Perhaps seek advice from experts who know how to effectively set out a business plan that is set for success.
2. Decide on your business name and purpose
Whether you’re creating a brand or you simply need a business name as a placeholder for business records, you’re going to need a solid business name that people will remember. This is especially true for anyone who is setting up an eCommerce business and needs to have a brand that stands out from the rest. Plus, ensure you have the main purpose of your business clear. There are countless businesses out there that offer a range of services or products but don’t focus enough on these to perfect them. If you’re able to narrow down your choices, then you will end up with a better product/service in the end.
If you’re struggling to think of an appropriate name, think of something that means a lot to you, and this could help kickstart the creation of your business name. You want people to positively associate your business within the relevant sector so ensuring your name reflects this is key to success.
3. Choose an accounting system
Decide how your business is going to be structured, will you have employees, or is this something that will only come with time? Whatever you decide, you will need an accountant or some sort of system that allows you to do the accounts without any prior knowledge. This way, you can pay salaries (yourself included) in both the long and short-term. Plus, you will need to take this time to choose the perfect business bank too. The likes of Natwest and Barclays have available business accounts, but if you’re wanting something more specific, you may want to research the best business bank cards out there.