One of the first things you need to consider is what type of business address you require. Can your business be sustained as an online only venture for instance? If the answer to this is yes, is this only a short term option until it is financially viable or is it a long term consideration to be an online only business?
You may be able to work from your own home or a small office, or you might require help with administration and financial issues and require a business mailing address or virtual address. Your business premises are an important consideration as it informs much of the rest of your business plan. You could be starting small and at home; looking for help from family and friends in a slightly larger business address or even buying into a franchise or existing company rather than starting from scratch and building from the bottom up. All of these considerations will lead into what type of business premises you require.
What Type Of Work/Life Balance Do You Desire?
This all depends on your reasoning behind wanting to start your own business in the first place. If you wish to give yourself more time for you and your family, and the product or service your business provides allows it, a part-time business might be right up your street. Even if you are looking for a full time business there are serious considerations concerning the administrative side of your affairs. Taking on all tasks without any help could have a serious impact on your spare time but with the help of business start up services you can find ways to ease the burden on your time, through services such as a professional telephone answering service, virtual offices and a virtual PA.
Finances – Part-Time or do you need full time wages from the off? Is a Seasonal Business Attractive to You?
This is very much linked to the previous point as it relates to your requirements and whether a part-time or full-time post is what you desire and more importantly require in a financial sense. You may be in a financial position that allows you to start a new business on a part-time basis and receive less wages; alternatively you might require your business start up to provide you with a full time wage from the outset. Ensure you have help figuring out accurate wage estimates so that you understand if it is possible to live off the available wage to you at the beginning of your business. You might be best suited to a part-time job at first, later evolving into a full time project when there is enough money to cover your wages and potential staff. Seasonal businesses are an attractive option to some people starting out a new business as a way of testing out part-time resources and allowing a more flexible long term approach.
Which Form Should Your Business Take?
The legal form of your business is a serious undertaking and one that you should put some thought into before you set-up a new business. Once you have chosen the right path all administrative costs and personal financial protection will be clear – the last thing you need is hidden charges and nasty financial surprises further down the line. As part ofbusiness start up packages, there are companies who can provide you with financial expertise and advice regarding your company’s entire financial framework. They can advise you on whether you should register as a sole trader, one part of a partnership, a limited liability partnership or as a limited company. Each has benefits and negative points as well as specific guidelines to follow. Don’t feel the pressure of information overload, let someone help you clear the muddied waters and provide a crystal clear answer to your business start up questions.
Take the time to read through our guides for start-up businesses. There is plenty of advice and help available so don’t be frightened to take the plunge.
Our Free Download section is also full of templates which will help you get started.