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What to consider when setting up a business from scratch

One great idea can lead to the development of an innovative and successful company, but if you’re planning on breaking away from the 9-5 and pursuing your own dreams, it’s important to seek advice for new business ventures and plan everything through properly. There’s a lot to get your head around, but here are several things to consider when setting an organisation up from scratch.

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What is the purpose of your business?

While you might have a good idea of what you want to achieve over the next five to ten years, take the time to create a detailed business plan to ensure you fully understand the concepts and strategies behind your company. Not only will this help you to focus on your main goals but it’ll have you thinking about implementation techniques that are both clear and purposeful.

How will you market your company?

When it comes to marketing, understanding your target audience is of paramount importance. You need to appeal to those who will be genuinely interested in what you’re doing, so try to carry out extensive market research and get to know your customer base or clientele.

If your business is aimed at teenagers, for instance, marketing online via social network platforms could be the way forward as younger people tend to spend many hours a day online. Alternatively, if your company is tailored to older people who are perhaps not up to speed with technology, you may choose to blend digital marketing with traditional methods such as press advertisements.

How will you approach financial challenges?

If you plan to go it alone and start a business from scratch, you must think carefully about your financial situation. Will you borrow money to finance your start-up costs or will you put money aside in order to sustain yourself before you to start to make a profit? While many entrepreneurs use their own funds, it’s very possible that all of the financial jargon associated with business will cloud your mind and therefore seeking financial assistance may be appropriate.

Financial experts such as Charter Tax – chartered accountants in Goudhurst – can assist with all financial aspects of setting up a business including opening a bank account, registering with HMRC for VAT, taking care of employment taxes and payroll submissions and other essential tasks such as bookkeeping.

Where will you be located?

During the start-up process, think carefully about whether you need to occupy a physical location or not. While hair dressers, beauty therapists and the like will need a decent space from which to carry out their work, shoe retailers may be able to take their business completely online. If you do decide to run an internet-based company, you will save money on rent but you’ll need to think about creating a fully-functional and well-optimised website that’ll attract your target audience. And of course, there’s no reason why a business with a physical site can’t also have a website too.

Setting up a business is far from easy but with plenty of thought and determination it’s also perfectly possible – and highly rewarding.

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