Setting up your new business

No matter the industry, it’s likely that competition with established businesses will be fierce. The key is to determine what makes you different from everyone else. Whether it’s your product, your prices or something else, it’s tough to get started if you’re simply offering what others are doing.

It can be tempting to go forward all guns blazing. We recommend a little caution and patience which will make long-term success more likely. Create a detailed business plan that includes a description of your business, thorough competitor analysis and important financial information.

One of the first things you’ll need to do is register your business and any relevant trademarks to ensure that your business is protected from any future copyright infringement. We recommend talking to a specialist lawyer in this instance to ensure that every ‘I’ is dotted, and ‘t’ is crossed.

You’ll need to create a business bank account, register for any business loans and think about payroll if you plan on hiring employees. As above, this can be a complicated process so it’s worth seeking an expert so that nothing is missed.

If you do plan on hiring, then it’s important to find the right people. The first year will be especially tough so you need a fantastic team around you. Place job advertisements on relevant sites, speak to industry-specific recruitment agencies and then conduct thorough interviews to identify the perfect candidates.

It’s never been easier to get started as a business online. Whether you’re building a new website or creating new social media profiles, you can get started in minutes. Don’t overcomplicate your website – make sure to keep things simple and straightforward so customers can find what they need.

Communication is key for any start-up. Even if you plan on using an instant messaging app like Slack, you’ll need a phone system that is simple, reliable and intuitive. Customer satisfaction is vital so you should ensure that your team is easily accessible to resolve any issues before they can escalate.

You aren’t the first person to walk this path. There is an enormous wealth of tips, advice and professional support available for new businesses. Don’t be afraid to reach out to the business community with questions and concerns. Avoid their mistakes and learn from their success.

The next day, week, month and year are all as important as one another. Think about both short- term wins and long-term goals to track your progress as you expand and grow. Don’t get caught looking too far ahead but remember it’s important to have targets to aim for.