8 Points to check when starting a business

 

1. Are you adequately insured?  This area is so often missed off and not only a legal requirement but an area that also has huge financial implications!  The main types of insurance are Employers and Public Liability.  If you employ people then the first is a legal requirement and the other will protect against civil claims etc from clients and customers.  It is important to remember that many businesses will not even deal with you unless public liability is above 10 million pound!
2. Have you accessed available funding and grants?  I know this can be time consuming and sometimes even fruitless but lets be honest if there is some funding that you can access somewhere, surely it is worth the time!  Business link is the first stop that you should make; they have a wealth of knowledge and expertise that can assist you on your journey starting up your business.  Visit their website here.
3. Health & Safety is a huge area and has huge legal implications, depending on the nature of your business you should ensure that you have all of the necessary documentation in place and that all of your employees (if any) are adequately trained.  Try i-Hospitality for some free training resources.
4. Employment legislation can be a minefield and it is important to ensure that all employees are provided with the correct information i.e. employment contract, job description and it is also a very good idea to have an employee handbook in place so that all parties are aware of what is expected.
5. Financial support, this is meant with reference to an accountant or someone with such experience they can assist you in ensuring that your financial records are accurate and any obligations such as VAT returns and annual filing with companies house are met.  Many accountants will provide a free initial consultation to discuss your needs.
6. Your business plan was created for a reason, it is important to use it, it is surprisingly how many are simply forgot about and never looked at again once the business is up and running and this can be a costly mistake.  Things will never go exactly to plan but it is important to have awareness of where your business is going and how it is going to get there.  A regularly reviewed business plan can ensure that you have a clear understanding of where your business is now and the path to what you hope to achieve in the future.
7. A website is now pretty much a necessity for a new business with the majority of people researching a company online and via their website before completing a transaction.  The costs for this can greatly vary although is normally some financial support with this depending on the nature of your business.
8. Advertising, you may have the best service or product but if no one knows about it doesn’t really matter.  So many new businesses fail at the first hurdle through ineffective advertising.  You need to clearly identify your target audience to ensure you choose the most appropriate medium of advertising i.e. there is no point advertising on the internet if your target audience do not access the web on a regular basis.