Setting Up Your First Business

For those who have set up their own businesses before, you know what to expect what you’re setting up the next one or assisting somebody else in getting one off the ground. However, if you’ve never had any experience with your own business before, it can be very daunting, and the idea of finances, employing staff and dealing with customers by yourself could be enough to put you off the idea altogether! Luckily, there are lots of things that you can do in order to make the task of setting up your own company a lot easier for yourself. Here are just a few things which will make a big difference to you and your business in the early days.Setting Up Your First Business

  1. Think about previous companies you’ve worked for

If you’ve been hired by somebody before, it’s most likely to have been a position in a business owned by somebody else. Think about the tasks you had to do throughout the day and how you had to carry them out. Think back to your interview, the training days, how you were told to behave with customers and the general behavior which employees needed while in the work place. It’s exactly the same thing, only this time, you’re on the other side of the fence. You’re the one employing the staff, training the staff and telling your employees how they should behave. If you had a boss who you particularly looked up to, mimic their style and use them as a good role model as you start up your own company.

  1. Sort out your own finances

It’s very difficult to manage the finances of your business if you haven’t got your own finances under control. Apart from the fact that you’ll need money to start the business off at the beginning, you may also need to fund the business in some way or another as you go along, for example, buying new furniture, covering extra costs or simply during a bad month when there aren’t enough profits. Having your own finances in order will also stand you in good stead for managing the business finances, since you’ll already have good experiencing keeping money in the right places and paying the bills on time. It’s no good setting up a business if you’re already dealing with debt relief problems of your own, since it’s not the best start for the company at all.

  1. Don’t hire people just because you know them

While you’re sure to trust the people you already know and you like the idea of them working in your business and having a stable job, you shouldn’t jump into hiring people just because they’re your friends or somebody you know has told you they’re a nice person. You should conduct proper interviews as if everybody applying for the job was a complete stranger to you, whether they are or not. You may also find that you will lose friendships if you have to speak to them about certain issues in the work place. People who know you may also feel that they can take advantage at work by wasting time, chatting to the other colleagues or not carrying out their duties as properly as they should.

  1. Advertise, advertise, advertise!

Eventually, people will talk about your business, read about your business and come across your business as they walk past or commute to work; however, when you first start out with your brand new company, it’s very unlikely that anybody will know about it, except for the people who have heard it first-hand from you. This is why it’s very important to advertise your business at any opportunity you get, so that by the time you officially open, lots of people will be interesting in buying the products or using the services. These days, there are many free and cheap ways to advertise businesses by using the internet. Social media is your best friend, and just think how many millions of users you can reach by setting up a Facebook page and promoting it. Flyers, posters, newspaper articles or advertisement, magazine features and radio broadcasts are also other ideas which you might like to consider for your business.

  1. Don’t refuse help

Yes, you might like to think that you can do it all yourself, but don’t refuse the help of family and friends who genuinely want to see you succeed. Be careful not to let them get too involved, however, since it is your business and it should be run exactly how you want it to be run. You can, however, save a lot of money by letting your parents help you with the DIY and décor side of things, and if you need an extra pair of hands to help you move some furniture or shelving around the offices, your big brother is your best friend! Depending on the type of business, you may be able to use the help of your friends and family more than other types, and you could even throw a grand event when it comes to the official opening day. Caterers, entertainers and musicians will all come in handy if you decide on something like this.

  1. Don’t overlook the legal side of things

Don’t rush to setting up your own business and forget about the important legal aspect of it. There will be certain things, for example, trademarks, copyright, ownership documents and financial things which may need to be sorted out with a lawyer. Other things, such as tax returns, should all be done legally too, and your business should be registered properly. If there are any grey areas which you’re not too sure about, make sure that you contact somebody in the legal business and get all of this clarified. Don’t be put off by any fees you have to pay, since this is something which is inevitable when it comes to setting up your own business, and you should have the money set aside for business costs such as these.