Start with a business plan
Before you start, it is essential to have drawn up a solid business plan to lay out the details of your business and help you secure finance from your bank or other lender.
Your business plan should contain an overview of your business and other information, such as its objectives and how you plan to finance and market it.
Consider serviced offices
Many fledgling business start-ups launch from home and later move on to an office or other business premises, though this in itself can be a daunting process. Leasing a building often means a commitment for a number of years and doesn't leave much room for expansion or the sudden need to downsize.
A good compromise could be to rent a managed office for a short time or hire a unit in a serviced office complex. This is a fantastic cost saving measure, especially if you're operating a business that potentially doesn't require a lot of real estate space, like a home care healthcare business.
The top home care management software will handle rostering and document systems in a way that allows your staff to be either with a client or off the clock and still be able to access vital information remotely, removing the need for a physical office presence. Once your business is off the ground a bit more, there may be more justification to upsize your offices.
Don't forget insurance
Professional indemnity insurance is a must for many businesses, particularly if you offer advice or provide any form of consultancy. For some professions, it is a legal requirement.
Mistakes happen, and if you make an error during the course of your work, which results in a financial loss to your client, you could be hit by a compensation claim against you, for which you will need to be covered.
Consider outsourcing
Taking on staff brings responsibilities. Salaries will be paid each month, not to mention holiday pay, overtime, and deductions to calculate.
Outsourcing routine tasks such as personnel, accounting and payroll can free up your time so you can concentrate on the important stuff - growing your business!
Marketing matters
Marketing lies at the heart of business success and is one of the most important considerations when you are first starting out. It is up to you to introduce your product to new customers via your marketing strategy.
A good strategy will combine such elements as PR, advertising and digital marketing. Once the awareness is out, you can start to rely on word of mouth and a good reputation.
Starting a new business can be a daunting process, and there are a host of reasons why new businesses fail to get off the ground. Often, simple things such as inadequate market research or overspending can lead a business to financial ruin.
Failing to take out business insurance could also cost your business dearly and is something that is easily overlooked.
If you are launching a business, make sure you check out the professional indemnity insurance from Hensure.com, which can provide immediate quotes and cover for most businesses.
