Starting Your own Business

The Beginning

You’ve got an idea that you think will make money or at least earn you a living. There is quite a lot to do and often you’re not sure what order to do it in. That’s ok because many of the things can be done along side each other.

There is also plenty of advice available and sometimes the problem with that is there can be too much of it. However here are a few suggestions, well of course there is us Sherlocks we can help, but if you prefer to look around try the ICAEW or the Federation of Small Businesses or the local chamber of commerce like ours West Kent Chamber of Commerce. Whoever you use as a sounding board for your ideas, make sure you can get along with them, and they can at least challenge your thinking.

Alright so you decide to go it alone for a bit how hard can it be? Well here are a few things to consider in no particular order.

The name of your business.

This is important. Don’t be lazy. The name of your business may need to convey what you do, but it may not. What do you want to do with your business in the end. Should you wish to sell it then its best that the name doesn’t include yours, otherwise the brand that builds up around the name will be too attached to you and a prospective buyer maybe put off.

Remember too that the name of your business is going to be built into a brand, hopefully a successful one, so you are going to need some support to the name.

Try and think of a strap line that supports your business name too. This can help any designers when talking about your logo, which will form a big part of your presentation when you finally get your website underway.

Domain Names

When you are getting close to selecting your name check to see if the internet domain names are available or at least something that can resemble your name. It is quite easy to do there are quite a few domain name providers available 123-reg, Godaddy, 1and 1 and others do a search.

Finding whether there is a domain name available may also affect your choice of name in the end, because the way the internet works you need the name of your business to be reflected in your domain name.

Email

Make sure you look like a proper business. All of the domain providers will give you a business email address for not much money and they will host it for you. This puts your business on a proper footing. Using your personal email for your business does not give the right impression.

Business cards and design

It might be a good idea to get a few different names done up with strap lines and logos, and see what they look like on business cards or on a web page. There are plenty of designers out there who will be able to set you on the right path. They may even do you a good deal as you will be a customer for life potentially. At the risk of upsetting those left out by mistake here are some suggestions. Identity, Kent Social Media, Ditto, Heliocentrix, Holman Design, Creative POD well that’s me doomed, but over to you to find someone that you can work with in your area.

Keep your receipts

Don’t forget this is an accountants website, and for any costs you incur even at this early stage will be useful to keep the receipts, we can do things with them, potentially reducing your tax liability so keep them. Better still get that excel spreadsheet working that simply lists any costs you incur even during the germination stages of your business idea.

To be continued………

 

 

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  1. Pingback: Starting Your Business part 5- Starting to trade | Sherlocks Chartered Accountants

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