Starting a company is never easy but can sometimes be the best thing you ever did. So spending countless hours researching and speaking to lawyers, accountants and other entrepreneurs is a must when trying to figure out the next step. To save yourself countless hours and headaches, here are 5 things to think about before you start…
- Do you own your name? Make sure that your company name is one that is an available trademark and internet domain name. To check if trademark is available, go online and check at gov.co.uk. Failure to properly obtain the trademark can cause problems further down the line and put your business at risk. Check, check and check again because this can land up costing a lot of money in wasted time and you may be forced to rebrand when you’re not ready.
- Understand the law! Understand regulations, licences and taxes that will apply to your business. After doing as much research as needed, consult with a lawyer and accountant to confirm your business structure is legal and in compliance with the law. There are a lot of things to think about, such as tax and licenses. So the last thing you want to worry about is technical legality or administrative problems, these are the things that can determine the success of your business.
- Can you afford it? A new business always needs a business plan but a lot of new business owners forget to factor in the most important thing! And that YOU! You need to take into account that you still have living costs, rent and mortgages to pay. You will most necessary cut out a lot of unnecessary costs but always be prepared for unforeseen costs and expenses by factoring in a little wiggle room. You might even want to take on a part time job to relieve the financial stresses that are associated with owning your own business.
- Is this the right time? Starting a new business takes a lot of courage, determination and endless hours of hard work. Owning your own company is very stressful and there is always work to be done. You will find yourself working 60 – 80 hours a week sometimes for the first few years until you are well established. So ask yourself, are you ready to give up your personal life for the next three years?
- Money makes the world go around and starting a business can be financially taxing on your family. You will find yourself having to budget on everything and only spend money when it’s necessary. Using technology, money saving programs and special apps you can eliminate any unnecessary costs which may add difficulties to the running of the business. As we all know “time is money”Medicine: A Catalyst For Cancer Treatment Change