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

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. Last years ‘Beast from the East’ 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.

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.

You can find lots of advice on the right kind of business insurance online, it can be tailored to your individual business needs.

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.

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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