Starting A Business? You Need To Read This! - Pt. 2

Entrepreneurship has become fashionable. The days when the working-class and the upper-class sneered at the man with a small barrow and big dreams are gone.

After the various 'Apprentice' and 'Dragon' program on the goggle-box, Mr. Pizza-Eater from Tiddle-Pottingdon now respects the Man With A Business Plan.

Here are tips 11 to 20 of 30 tips to help you, dear reader, to be that Man, to go from garden-shed to gilded-washroom glory!

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11. Social Media Accounts For The Company

Some businesses thrive on word-of-mouth alone. Some need all the publicity they can get.

Stake your claim to you company's name in social media like Facebook, Twitter and Linkedin so no one else can, even if you don't intend to use the accounts.

Just make the accounts look nice, and professional. You may not use Facebook, but a lot of your clients might, and they may be poking around to try to figure out what you're all about.

12. Start Generating Income ASAP

Get money into your business as soon as possible, so as to have a cushion against the lean times. A business primary purpose is to make money. Otherwise it's a hobby, a charity or a rest-home for the economically-challenged.

13. Get Your Contracts Drawn Up

It may be enough to download templates from the internet, if yours is a popular niche. Modify them to suit, if you have good command of English and an understanding of the fundamentals of legal jargon.

Otherwise, get a lawyer to do it. You want to be impervious to litigation.


14. Rent A Building ASAP, Or Not?

- Yes, if you're in retail. Getting a shop set up and ready to trade is not a small undertaking.

Only publish deadlines for the grand opening if you're reasonably sure you can meet them.

- No, if you're primarily digital. Office rental is dead money and startups can operate from the director's home, hot-desking facilities and virtual office addresses. >

15. Get A Business Bank Account

A dedicated business bank account that lets you download statements is a great way to do basic accounting. You can see and manipulate your outgoings and income.

Try not to use your personal account. This needlessly complicates your accounting, for you and your company. Also it creates confusion with your clients as to who the contract is with: you, or your company? This could become very important if there's a dispute.

Get A Bank Account ...

16. Formalise Your Accounting

Get a software, or at least a spreadsheet program, that lets you keep accurate track of income and expenditure, by category.

You don't want to be that guy who rolls up to his accountant's office with a box of paper receipts two weeks before his tax returns are due!

17. Formalise Roles, Especially Of Shareholders And Directors

Everyone should know, in writing, what they should, and should not do, within the company, and what they can and can not do.

This will help stop serious disagreements later on which could cripple or even blow up your company.




Go here to register a company ...

18. Some Bits You May Need

- A smartphone with business apps;

- The means to take credit-card payments (internet, credit card terminal);

- (Commercial) bin bags to get the office rubbish out of the building. You'll probably need an account with the local council;

- Printer: Something small cheap and reliable, even for a digital company. You will need to make paper copies, occasionally;

- Backup internet access (your main connection will go offline, sometime);

- Backup 'phone access (ditto);

- Storage: stuff needs to be put somewhere;

- Furniture: People need to sit on one thing and write on another.

- Art: Something to break up the monotony of four bare office walls!



19. Insurance, For the Above And For Your Personnel

We live in litigious times. Some clown may hurt himself while on your premises. Some court jockey may target you. Be prepared.

20. Consult With Wise Elders

Someone who's already successful can help you be so, too. You can save a lot of time if you can get successful entrepreneurs to take an interest in what you're doing.

There are also 'Bodies Which Advise Startups' near where you live, too. Some kind local businessmen contribute to these, with their time.

=> Get a business address today!

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