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| English: Business Plan Presentation at FSG 2009 (Photo credit: Wikipedia) |
Start with a business plan
Before you start it is essential to have drawn up a solid business plan, not just to lay out details of your business, but also to help you secure finance from your bank or other lender. Your business plan should contain an overview of what your business is, in addition to other information such as its objectives and how you plan to finance and market it.
Consider serviced offices
Many fledgling business start-ups launch from home and later move on to an office or other business premises, though this in itself can be a daunting process. Leasing a building often means a commitment for a number of years and doesn't leave much room for expansion, or the sudden need to downsize. A good compromise could be to rent a managed office for a short time, or hire a unit in a serviced office complex. Either way, it will provide you with a professional base until your business gets off the ground.
Don't forget insurance
Professional indemnity insurance is a must for many businesses, particularly if you offer advice or provide any form of consultancy. For some professions it is a legal requirement. Mistakes happen and if you make an error during the course of your work which results in a financial loss to your client, you could be hit by a compensation claim against you, for which you will need to be covered.
Consider outsourcing
Taking on staff brings responsibilities. There will be salaries to be paid each month, not to mention holiday pay, overtime and deductions to calculate. Outsourcing routine tasks such as personnel, accounting and payroll can free up your time so you can concentrate on the important stuff - growing your business!
Marketing matters
Marketing lies at the heart of business success and is one of the most important considerations when you are first starting out. It is up to you to introduce your product to new customers via your marketing strategy. A good strategy will combine such elements as PR, advertising and digital marketing. Once the awareness is out, you can start to rely on word of mouth and a good reputation.
Starting a new business can be a daunting process and there are a host of reasons why new businesses fail to get off the ground. Often it is simple things such as inadequate market research or over-spending that can set a business on the path to financial ruin. Failing to take out business insurance could also cost your business dearly and is something that is easily overlooked.
If you are launching a business, make sure you check out the professional indemnity insurance from Hensure.com, who can provide immediate quotes and cover for most businesses.
