Starting a new business can be one of life’s most rewarding experiences. From planning your business model to working out advertising/promotion strategies, sourcing the best deal from suppliers, and kitting out new premises, the run-up to opening a firm can be a truly exciting and intoxicating process.
However, while you plan your forthcoming commercial greatness, there are some sensible steps you should take to protect the substantial time and investment you’ve put into your firm. Before you launch your company into the commercial wilderness, below are a few points you should consider.
Structure your company
Companies can take many different forms, from sole traders to limited liability firms, partnerships, etc. Before you start trading, you should think of the merits of each and choose the model that best suits your firm and how it’s going to trade.
Running a company as a one-person-band sole trader may outwardly seem the easiest structure to follow, but this type of business doesn’t protect your personal assets and may result in higher tax payments. Further down the line, you could end up ruing the fact you didn’t set up as a different type of company if you face legal action but if you’re running a family business, it’s might be best to check the Positively People site to learn more about family governance.
Make sure you write a comprehensive business plan
While these days many younger, keener entrepreneurs often view a business plan as antiquated, having a clear route map to follow will help you identify Strengths, Weaknesses, Opportunities and Threats (a so-called SWOT analysis) and will also give you a map to follow as you start making your concept a reality.
Find a reputable attorney
You may not need a lawyer now, but the chances are high that, at some point, you will need legal advice or representation. Getting onside with an attorney early in the process will save you frantically searching around for representation should problems occur later.
Take out business insurance
You already insure your home, car, family, etc – so, really, why should your business be any different? Mistakes can and do happen (both on your side and on the part of third parties), so having adequate insurance cover should be a given. Check online for specialist business insurance providers like kbdinsurance.com to find the best deal that offers the most comprehensive cover.
Invest in an accountant
While it’s certainly true that it’s now easier than ever for companies to look after their own accounts using dedicated apps and software, you will still benefit from having an accountant onside for everything from your end-of-year accounts to seeking financial advice. A good accountant will also be able to offer ideas on ways to minimize your tax implications and can be a huge help when it comes to making bigger monetary decisions that may face your firm.
Protect your business data
Data makes the modern world tick and is now such an integral part of everyday life that many industry experts suggest it has become the world’s most valuable commodity – outstripping the value of traditional heavyweights like gold and oil. To give the best protection to your firm’s data (and that of your clients), you should consider partnering with a cloud computing supplier that will look after your sensitive information 24/7/365.