Some Business Start Up Help
So you have a great idea for a business, you have done some research and found that there is a market out there for your product or service. What business start up help is out there for you when you are just beginning on your journey?
What are the next few stages and how do you go about getting that all important funding that will help set you up and on the path to success?
If you are setting up business yourself then the likelihood is that you will set yourself up as a Sole Trader. This is the simplest of set-ups and means you can more or less get started straight away. Examples of people who would set up as sole traders are hairdressers, photographers or standalone plumbers. If you are setting up with a friend then a partnership is the best structure. Other types of business set up include a Limited Company – where the exposure to personal finances is, as the name suggests, limited – or a Limited Liabilty Partnership.
Choosing a Business Name
Part of the fun with setting up your own business is picking out an appropriate name and working on a logo. The importance of picking out the correct name and logo can not be understated however. Like picking the name for a new born child, choosing poorly can have dire consequences for the future. Think of companies that have chosen really strong names such as Amazon – the biggest river in the world has become the biggest supplier and by including the letters A and Z in there is genius too. Add an arrow from the A to the Z and make it smile in the logo and you have a really great brand name and logo too.
Points to note when thinking of a company name is that it has to be memorable. Although having a family business is great incorporating your name into the business isn’t particularly inspiring – think Woodward Gardening Supplies and it doesn’t stand out. West End Gardening Supplies has a certain ring to it and conjours up an image in the mind of somewhere up-market.
As well as the name you have to come up with a good logo which should let potential customers what you do. If you take a look at the logo to Home Office Help you see a nice picture of a home office set up which clearly demonstrates what the website is there to do. I also try to incorporate this into my social media so that there is a continuity to the brand.
Your logo should also communicate your companies “personality”. Think of the difference between a soft play centre logo to that of a lawyer. One will be fun and have bright, bold colours (usually in a fun style font) whereas the lawyers’ logo will probably be traditional using formal typeset and be fairly traditional using muted colours.
Applying for Business Start Up Funding
One of the hardest parts of setting up a new business is funding. Should
you use your own funds for getting started or should you see if there are investors out there who can offer financial assistance depending on whether they “buy into” your idea.
The loneliness of setting up your own business (or with a partner) might also be daunting. Most people are good at a few things but not everything. That is why there are a number of companies out there who are able to help you, as they have been through the same things and have specialist personnel to help you One such company that provide this kind of service is Founderathome.
As well as providing consultation services they also have a number of really useful products to assist the entrepreneur. One of these products is an investor relationship management tool. Great for small business this tool allows you to maintain an overview of all the activities required on finding investors, researching, contacting, pitching your idea, diligence and through to eventual winning of funding.
Rather than having these things on pieces of paper this nifty software called Funding OS allows you to see at a glance where you are at in the process. As an even better deal this particular software is FREE. If you want to take a look at it take a look HERE. As an additional option they also have a paid version which already comes populated with 25,000 investor contacts – this includes email addresses, website details, social profiles and investments.
The data set that you receive also has filtering options for investment categories such as technology, childcare, outdoor as well as over 100 other categories. This is a really great option as it saves so much time trying to find potential investors as the information is already all populated for you. This option is available HERE – if you are at serious about setting up a business and looking for investment I would strongly recommend obtaining a copy of this as it is SO useful.
Unless you’re a whiz with numbers yourself then one consideration is to offload the finance side on to an accountant. As boring as its sounds having an accountant should free up a lot of your time tracking receipts and costs and submitting the correct paperwork into the authorities. Remember, the cost of having someone do this may seem like a waste of time but take that against the cost of not having one and suddenly find yourself being investigated or being sent a huge tax bill.
When it comes to choosing an accountant be sure to see what they are used to dealing with. There may be accounting companies that have a lot of experience with start-ups or with the legislation surrounding your business sector. Set up a meeting with them and ask what they are able to provide. They may be able to provide all your bookkeeping needs too so it may be worth it. Ask to speak to other clients of theirs if at all possible, if they’re unwilling that may tell you a lot!
It will depend on how you have set up your company in the first place. The accounts for a sole trader will be considerably cheaper to pull together than if you have set up a Limited Company for instance.
So there we are, just a few of the considerations to keep in mind when you decide to set up your own business. Although there is a lot to keep in mind the rewards are great if you succeed in making a go of it. As the saying goes – you don’t make a lot of money working for other people – which is so true.
Good luck with your venture whatever you decide to do – please let me know if you have any questions at all and I’ll be sure to get back to you.
Best wishes and take care,