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[23.04.2019]

Start-up Series: From the beginning

Last year Northampton was named the third best location to start a small business in the UK. Factors that help include our great transport links, vibrant business community and the support of the Northampton enterprise zone. We have in-house expertise and experience in assisting with new business start ups and helping them become established and grow.

So you have had a great idea for a new business and have researched the market to establish that your idea is viable. But what’s next? There is a lot to do and consider when starting a new business and it can feel overwhelming. Listed below are a number of important areas to consider when starting your new business. Not all of the points below may be relevant and there are likely to be other matters to consider, specific to your business entity or industry sector. We recommend you use this as a guide but also speak to your accountant on what is best for your business.

Starting out

  • Assess the competition
  • Determine and develop your Unique Selling Point (USP) – what makes you different?
  • Consider what help will you need to bring in from others? Professional support, business expertise or help from family and friends
  • Draw up a brief business plan – include goals and projections
  • Name your business – check on Google and Companies House to ensure the name is unique

Finance

  • How will you finance your new business? – will you self finance or require external finance?
  • Set up a business bank account – it’s essential to keep business finances separate from your personal account
  • Hire a good accountant
  • Discuss tax planning and payroll with your accountant
  • Review the status of the business finances regularly

Business

  • If you are setting up a Limited company register it with Companies House – your accountant can do this for you or support you with the process
  • Register patents and/or copyrights if applicable
  • Investigate and apply for any license’s applicable and necessary to your industry
  • Investigate and purchase relevant business insurances

IT

  • Register a website domain
  • Ensure your hardware meets your business needs and upgrade if necessary
  • Ensure your IT systems are fully secure and upgrade security software if necessary

Marketing

  • Social Media – You don’t have to use them all, just focus on those that best suit your business and reach your target audience
  • Build your brand
  • Network to gain business connections
  • Market and advertise your business

Start up Blog Series

This piece marks the start of our series of blogs on start-up businesses. Over the coming weeks we will cover topics including business structure, writing a business plan, retaining records and what taxes small businesses are required to pay. Starting a new business can be daunting and overwhelming at the start but it is also an exciting time. We would like to work with you and help you establish your business so that it can grow and flourish. For more information on how we can support your new venture please contact us.

Ian Lowry

 

 

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