So you’re about to go into business for yourself. If you’ve never been your own boss, it can be an exhilarating experience, but also a nerve-wracking one. There are so many things to remember, and then on top of that you’ll be worrying about the things you haven’t even thought of.
That’s where we come in. At The Greater, we’ve been helping our customers achieve their business goals for over 70 years. To ease your mind, I’ve put together a short hit-list which should serve to either jog your memory or relax your fears.
Go over your business plan one last time
Your business plan should be able to define your vision for your business’s future. It should outline your direction and should identify your target market andhow you plan to meet their needs, your competitors and how you plan to stand out from them, your promotional and marketing strategy, your profit & sales targets and any opportunities in your market you plan to exploit.
A good business plan gives confidence, and will help you securing finance. The more clearly defined your plan is, and the more you believe in it and are able to translate your passion for your idea into concise direction, the more confident investors and financial institutions will be to commit.
Do the math
Your business plan should have covered most of this off already, but be sure that your estimates are as accurate as possible when it comes to planning your costs, both one-off and ongoing.
While it’s common to budget for your ongoing costs once your business gets up and running, it’s important to remember that you’ll be out of pocket for a lot of one-off expenses straight away. These could include:
- Premises - design/planning, as well as modifications or fit-outs
- Compliance - any applicable licences, certificates, etc
- Marketing - will depend on your budget, but could range from logo design through to traditional mediums and online costs
- Staff - recruitment costs as well as uniforms
- Fees - operational necessities such as phone, internet connection fees
Proper peace of mind
Something often overlooked by start-ups, especially smaller traders, is the right protection for their business. A perception seems to exist that until the business is up and running, there’s nothing to insure, but this could be further from the truth. No business, no matter how big or small is immune from the unexpected. You should factor Insurance for your start-up into your business plan, try and identify any potential risks your business may face and then look around for the right package to suit your size and circumstances.
Choose partners carefully
Any business partnership you make will no doubt be carefully considered, so the same should apply when selecting your start-up’s financial services provider. Have a good think about the needs of your business. Will you just need the basics, or will you require more specialised business banking solutions?
The best way to determine which bank is best for your business is to get all the info you can, and the simplest way to do that is start an open, honest, frank conversation about your needs.
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