For some people, taking control of their own career means steadily climbing the ladder of hierarchical responsibility within a prestigious and internationally, or at least nationally, recognised company.
For others, however, the dream of being their own boss and owning their own business is much more of an attractive prospect, and if this sounds like you, then you have definitely clicked on the right article.
Here is a selection of the most important things to know when considering launching your first business.
Research Different Methods of Financing Your Business
Unless you are fortunate enough to be an accountant yourself, or else are married or related to a financial expert, the most time-consuming component of your pre-launch plan will be takenup with finding the right methods of financing your new business.
As a way to simplify the search for an investor, or to apply for a business loan, remember the three crucial points each potential investor or lender will want to know:
- How long will you be requiring the loan to be for?
- How much money are you planning on borrowing?
- What are your plans for the exit strategy?
Look Into Office Spaces
Another important consideration is whether or not, especially in the first few months and initial year after having officially launched, what style of physical office space you need and moreover, whether a virtual office would be better.
Whether you are interested in learning more about virtual officesor need an office rental space in St Albans, make sure the company you choose to sign a rental agreement with is a reputable, renowned, and established one.
Secure Insurance Sooner Rather Than Later
You must also pay close attention to the level of insurance you invest in for your first company and, more importantly, the type of insurance you need. If you have any doubts as to the legal guidelines for insurance, make sure you find out the answers to any questions you have sooner rather than later and ensure that you are fully insured and compliant before you start trading.
In addition to ensuring you have taken out the right type of comprehensive business insurance, you should also be aware of the five other serious legal considerations relating to starting a new business:
- Protection of customer and company data
- Health and safety legislation
- Employment law
- Business structure
- Contracts & HR matters
Focus on Building Brand Awareness
As well as ensuring everything related to your new business is entirely legal compliant, it is also absolutely essential to focus your thoughts and efforts, as well as a little money too, on building brand awareness.
When running your business, you will need to ensure that your social media content is uniform across each channel and that your new company’s official website is professionally finished and regularly updated. If you struggle with information technology in general, it would be strongly advisable to take an evening or weekend course in website building and SEO optimisation to prepare yourself for the competitive world in which you are about to enter.