Things to consider if you’re thinking of setting up a business this year

As we head towards 2023, some of you may have ideas in mind for ways to start your new year. A new year can mean a new start when it comes to your career. You may be looking to change your current job, start some new training, or even looking at branching out on your own and starting your own business. This can be an exciting and ultimately a rewarding time, but, as with most things in life, it is not something you should approach without doing a lot of research.

If you are looking to start your own business, whether it be eCommerce, a business run from home, or an actual trade where you need premises and equipment, there are things you need to consider.

Your Premises

Where is your business going to be based. If it is from your home, you may want to set up a home office and working space to make this easier to manage. A separate phone line, or at least a different mobile number for your business could be useful, along with some sort of answer machine service to make sure enquiries are not missed. You could also consider having a virtual registered office address for privacy, as this can avoid having to out your home address out there, and is particularly useful if you are trying to protect a young family.

If you have actual premises for your business, be it a unit or an office space, you may want to consider a diesel generator from the likes of SGS. The ‘Beast from the East’ in 2018 shut down a lot of businesses as the cold weather swept in causing power cuts and outages, a diesel generator will keep your business going even when it seems like the country is on shutdown.

Suppliers

If you are looking to start an business where you actually sell a product, you also need to look at sourcing suppliers. For instance, if you are looking at a beauty supplement business, you may need to research about how to start a supplement company so that you ensure your products are safe and ethical, but also come at the very best price so you can make a decent profit and grow your business.

Business Insurance

Any business needs business insurance, whether this be public liability for someone who is now sub contracted, or business insurance that covers your company in the event of anything going wrong. This could be damage to your premises or equipment, legal fees if needed, and compensation in the event of legal action. This is even more important if you are working in a trade where problems can occur, for instance plumbing, electrical, or building work. In these cases there are specific insurance policies that provide tradesman liability insurance to ensure that should the worse occur, you have adequate support and protection for your business.

You can find lots of advice on the right kind of business insurance online, it can be tailored to your individual business needs, and you can match it to your price point so that it is also affordable.

Find an Accountant

There is nothing wrong with doing your own books and submitting them to the tax office, but if this job is overwhelming then you need to find a good accountant who can not only do your accounts, but will help you organise what you can and can’t claim for in order to make your business viable and cost effective. You can find an  reputable accountant wherever you live. For example, if you are looking for accounting experts in Ft Lauderdale, Florida you can read reviews online and research accountants to make sure you find the right one for you and your business.

Make Use of the Internet

Even the smallest of businesses nowadays have an online presence, whether in the form of a basic website, a Facebook page or a Twitter or Insta account. Twitter, Facebook and Instagram are great forms of free advertising, reaching thousands of people every day, so it you are not up to date with social media, it is well worth brushing up your knowledge in order to get your new business ‘out there.’

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