Checklist for starting up a new business

Checklist for starting up a new business


Research your Business Idea:

Make sure your business startup idea is viable before investing too much time and money.

  • Examine the market and industry you will be entering:
    • Is it sustainable or dwindling, saturated or under-served?
    • Is there significant demand or a real need for your product?
  • Analyse the competition.
    • What do they do well?
    • Where are they failing?
    • Can you compete with them?
    • Use your findings to your advantage.
  • Research your potential customers.
    • Where are they located?
    • How will you reach them?
    • Analyse their demographics to obtain useful insight.

Read More Here

 Create a business plan:

It’s easy to convince yourself that you don’t need a business plan, but creating a business plan with financial projections forces you to think through details. Keep your plan a living breathing thing that you revisit and adapt regularly.

If you’re setting up on your own and don’t intend to approach third parties for assistance, it’s still a good idea to write a business plan. It will help you to stay organised and monitor your progress.

Choose a business name:

A business name that is appealing and memorable can do wonders for a business.

Don’t rush the business naming process. Give yourself time. Write down everything you think of. The most unlikely thing could lead to that winning name. Business name help here


Choosing the right business structure:

You’re ready to start your new business, but have you considered how the decisions you make now will affect its growth? One of the earliest is company structure: we look at the pros, cons, ongoing filing and tax associated with the four main start-up structures, to help you decide which is right for you.

Unless it’s part of the business plan to raise significant funds on the stock exchange within a defined period, you probably won’t want to start off as a public limited company (PLC), so it’s a four-way crossroad: become a sole trader, form a partnership, or incorporate a limited liability company or partnership (LLP) at Companies House.

More help here

Choosing the right business structure:

Once your business has been registered, you can set up a business bank account. This is the best way to manage your finances effectively.

Avoid using your personal bank account when your business is up and running unless you are a very small sole trader. It will just complicate matters.

Compare business bank accounts here

Set up a Business website:

Get your website up and running as soon as possible. Today, it’s necessary for credibility.  Even if your product is not yet built, you can start with company information.

Take a look at websites for inspiration. Are they visually pleasing, easy to use, responsive, informative? Based on your findings, you can think about how you would like your website to look and behave. If your website is unappealing or difficult to use, people will leave. If I find a website confusing and I can’t find what I am looking for within a few seconds, I shut it down. It’s important to get it right or you’ll lose potential customers.

You can choose to build your own website (If you have the time and skills) or if you want some advise and help then please contact us at Think Big Online, We offer full website design and hosting for at very affordable prices.

Good Luck with your new business and If you need any help with your website design, social media or any digital marketing then please contact us at Think big Online Banbridge   or if you would like a fast quote click Here

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