Get your business idea off the ground
Plan to succeed
A comprehensive and detailed business plan is crucial to unlocking your potential and ensuring on-going success, not to mention a requirement if you’re seeking a business loan. No matter how wild or disconnected your ideas are at the early stage, building a business plan allows you to focus your ideas into a structured framework. A good plan is not set in stone, but allows you to respond and adapt when opportunities or crises arrive.
Keep on the right side of the tax man
It can feel a little intimidating, and it’s certainly not the most interesting part of being an entrepreneur, but making sure your business has the right legal structure for your needs is extremely important if you want to avoid trouble with HM Revenue and Customs. There are several legal structures that may be suitable, each of them offering different benefits and disadvantages that can influence the way you do business. The most common are:
Find some workspace
Depending on your business type, you may need to branch out and take on additional premises. This can be costly in both time and money, but can be a fantastic long-term investment for the success of your company.
The first step is establishing what sort of workspace you will need.